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Research Report

17/03/2021 11:09

{I-bank focus}Daiwa upgrades Koolearn (01797) to "buy"

[ET Net News Agency, 17 March 2021] Daiwa Research maintained its target price for
Koolearn Technology (01797) unchanged at HK$31 but upgraded its rating to "buy" from
The research house said Koolearn's share price has retreated by over 50% from its peak
in mid-2020, with its valuation also halving to a mere 6x PSR (price-to-sales) on FY2022
revenue amid concerns over competition in the online education market and the re-opening
of its offline learning centers.
After the college education adjustments in FY2021, Daiwa expects revenue growth to
reaccelerate from FY2022 and sees the current valuation as attractive given Koolearn's
long-term revenue growth potential in the K12 segment.
Daiwa raised its FY2022-23 revenue forecasts by 3-12% on likely stronger growth of the
K12 business and raised its loss estimates for FY2022-23 by 12-25% on headcount expansion.

Remark: Real time quote last updated: 07/05/2021 17:59
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