I watched it for about 4 minutes.
A few days ago, the Hong Kong stock market ushered in two new shares.
One is China Tobacco Hongkong (06055. HK), its annual profit has exceeded 1 trillion yuan, and the other is 00667.HK, New Oriental-China Oriental Education, which is known as the first blue-collar mechanic training.
However, human life is different.
On the day of listing, China Tobacco Hong Kong rose 9.63% against the market, while China Oriental Education fell 1 1.82%, "breaking". ...
On June 3rd/kloc-0, China Oriental Education rose nearly 3% against the market, but it was 9.33% lower than the issue price of 1 1.25 yuan.
1
The market value has reached more than 20 billion Hong Kong dollars.
"I studied as a chef and went to New Oriental".
You may not expect that this vocational school will go public one day, but its market value is not high.
20 18 12.6, China oriental education formally submitted its prospectus.
After waiting for more than five months, the company was listed on the Hong Kong Stock Exchange in May this year, and the IPO price was set at HK$ 1 1 .25 per share in June.
The opening price on June 12 10.36 HK dollars, and the market value is close to HK$ 22.5 billion.
Even if it breaks on the same day, according to the latest closing price, the market value of China Oriental Education is HK$ 22.487 billion.
Compared with similar education stocks listed in Hong Kong, Shicheng Foreign Teacher (0 1565. HK), Yuhua Education (06 169. HK) and manned world hunting (06 100. HK) is 1000 billion HK dollars!
2
Valuation is too high and investors are under-subscribed.
The market value is as high as HK$ 22.5 billion, but in the subscription process of 1 1 in June, the subscription situation of China Oriental Education was very bad.
According to industry insiders, the information on setting the ceiling price appeared before the IPO, which may be the main reason.
According to the announcement, the inquiry range of China Oriental Education IPO is 9.80- 12.26 Hong Kong dollars, and the final issue price is determined to be 1 1.25 Hong Kong dollars.
As a result, very few people placed orders that day, which was less than 1/20 in Hong Kong.
Investors seem to have a good idea. Recently, several education stocks listed in Hong Kong are not very good.
After China Oriental Education broke its listing, Guotai Junan Securities released a research report saying that the company's valuation was on the high side.
Guotai Junan predicts that the company's net profit in 20 19 and 2020 will be 789 1087 billion yuan respectively, up 54.6% and 37.8% year-on-year. The company's share price is 9.8- 12.26 Hong Kong dollars, and the price-earnings ratio of 20 19 is about 23.8205438.
The P/E ratio of Zhonggong Education (002607)20 19 is 45.4 times, and that of Zhongjiao Holdings (00839)20 19 is 26.3 times. The company's issue price 16.8 times is higher than the average level of private higher vocational education industry.
three
Can teaching cooking support the market price of $20 billion?
China Oriental Education Group was established in 1988, and is known as the largest provider of vocational skills education in China.
The group's vocational skills education mainly covers three fields: cooking technology, information and network technology and automobile service, and it has five well-known school brands: New Oriental Cuisine, Omic, Xinhua Computer, Wantong Automobile and Huaxin Zhiyuan.
However, according to the prospectus, New Oriental cuisine contributed the most to the company's income, reaching 60% from 20 15 to 20 18, while Xinhua Computer and Vantone Automobile only contributed about 20% and 14%.
In New Oriental Vocational and Technical School, teaching cooking can be said to be the most profitable.
However, from the perspective of relative income growth, as the core brand school of China Oriental Education, the income growth rate of New Oriental Cuisine dropped like a cliff from 20 16 to 20 18.
In 20 16, the income of new oriental cuisine increased by 35.46%, but decreased to 2 1.4 1% in 20 17, and only increased 1 digit in 20 18, which was 9.28%.
(The picture shows CITIC Securities Research Report)
The reason behind this is that some young people speculate that tuition fees are too high!
20 18 the high-end tuition fee for the long package of New Oriental cuisine is 76,000 yuan/year, and there is also a threshold for learning chefs.
Compared with other listed universities, the average tuition fee of Oriental Education in China is also much higher than that of its peers.
Take 20 18 as an example, the national average tuition fee of Oriental Education reaches 26,000, which is more than double that of China Education Holdings, Xinhua Education and Hope Education!
Blue-collar workers have said, who gave you courage, and the tuition is so expensive?
(The picture shows CITIC Securities Research Report)
This has also affected the interests of oriental education in China.
In 20 18, the company's operating income, operating profit and net profit were 3.266 billion yuan, 597 million yuan and 565.438+0 billion yuan respectively. Revenue increased by 14.54%, but operating profit and net profit decreased by 19.58% and 20.50% respectively.
So, in the face of a market value of more than HK$ 20 billion, can China Oriental Education really survive without enough reservations?
Editor | Comment by Chen Mei | Yao Ruyan
This article comes from | Financial Investment News jrtzb028 (micro signal) |
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