Financials China East Education Holdings Limited

Equities

667

KYG2120T1004

Professional & Business Education

Market Closed - Hong Kong S.E. 04:08:20 2024-04-26 am EDT 5-day change 1st Jan Change
2.33 HKD +3.10% Intraday chart for China East Education Holdings Limited +4.95% -13.06%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 31,956 34,438 8,647 11,975 4,699 4,699 -
Enterprise Value (EV) 1 26,182 30,157 5,373 11,975 5,307 1,807 1,758
P/E ratio 36.6 x 139 x 29.9 x 32.4 x 20 x 12.7 x 7.87 x
Yield 1.27% 1.44% 5.04% 3.7% 6.37% 6.05% 10%
Capitalization / Revenue 8.18 x 9.44 x 2.09 x 3.14 x 1.33 x 1.08 x 0.95 x
EV / Revenue 8.18 x 9.44 x 2.09 x 3.14 x 1.33 x 1.08 x 0.95 x
EV / EBITDA 20.6 x 29.4 x 7.38 x 10.1 x 4.67 x 3.37 x 2.77 x
EV / FCF 26.1 x 44.2 x 40.3 x 83.8 x -36.4 x - -
FCF Yield 3.83% 2.26% 2.48% 1.19% -2.75% - -
Price to Book 5.35 x 5.94 x 1.51 x 2.07 x 0.76 x 0.81 x 0.74 x
Nbr of stocks (in thousands) 2,191,092 2,195,104 2,174,682 2,176,466 2,178,851 2,178,851 -
Reference price 2 16.32 18.64 4.880 6.230 2.330 2.330 2.330
Announcement Date 3/30/20 3/25/21 3/24/22 3/23/23 3/27/24 - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net sales 1 3,265 3,905 3,649 4,140 3,819 3,979 4,355 4,972
EBITDA 1 - 1,549 1,173 1,172 1,189 1,136 1,393 1,698
EBIT 1 - 1,006 570 551.3 411 324.7 521.4 866.1
Operating Margin - 25.75% 15.62% 13.32% 10.76% 8.16% 11.97% 17.42%
Earnings before Tax (EBT) 1 - 1,070 443.7 468.8 498 368 479.4 775.2
Net income 1 - 847.8 257.6 302.2 366.6 272.6 372.4 578.4
Net margin - 21.71% 7.06% 7.3% 9.6% 6.85% 8.55% 11.63%
EPS 2 - 0.4461 0.1339 0.1632 0.1921 0.1339 0.1840 0.2960
Free Cash Flow 1 - 1,225 779.4 214.8 142.8 -129 - -
FCF margin - 31.36% 21.36% 5.19% 3.74% -3.05% - -
FCF Conversion (EBITDA) - 79.07% 66.43% 18.33% 12.02% - - -
FCF Conversion (Net income) - 144.46% 302.56% 71.08% 38.97% - - -
Dividend per Share 2 - 0.2075 0.2682 0.2457 0.2302 0.1483 0.1410 0.2330
Announcement Date 5/26/19 3/30/20 3/25/21 3/24/22 3/23/23 3/27/24 - -
1CNY in Million2HKD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S1 2020 S1 2021 S1 2022 S1 2022 S2 2023 S1 2023 S2 2024 S1 2024 S2 2025 S1 2025 S2
Net sales 1 1,821 1,517 2,001 1,879 1,940 - 2,026 2,129 2,168 2,385 2,397
EBITDA - - - - - - - 766.8 640.1 907.1 748.7
EBIT 507.4 - 376.3 408.4 - - - - - - -
Operating Margin 27.86% - 18.81% 21.74% - - - - - - -
Earnings before Tax (EBT) 1 445.6 - - 326 172.1 - 93.05 345 218.3 453.9 295.5
Net income 1 312.5 243 - 236.1 130.5 203.8 68.79 258.7 163.7 340.4 221.6
Net margin 17.16% 16.02% - 12.57% 6.73% - 3.4% 12.15% 7.55% 14.27% 9.25%
EPS - - - - 0.0685 0.0986 - - - - -
Dividend per Share - - - - - - - - - - -
Announcement Date 8/28/19 8/19/20 8/25/21 8/24/22 3/23/23 9/12/23 3/27/24 - - - -
1CNY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net Debt - - - - - - - -
Net Cash position - 5,775 4,281 3,275 - - 2,893 2,942
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 - 1,225 779 215 143 -129 - -
ROE (net income / shareholders' equity) - 25.7% 4.24% 5.13% 6.41% 6.95% 6.61% 8.62%
ROA (Net income/ Total Assets) - 14.4% 2.64% 3.11% 3.84% 3.95% 4% 4.81%
Assets 1 - 5,885 9,750 9,728 9,555 10,714 9,317 12,025
Book Value Per Share 2 - 3.050 3.140 3.240 3.020 3.050 2.860 3.170
Cash Flow per Share 2 - 0.8400 0.5900 0.5300 0.3200 0.6200 0.9000 0.9100
Capex 1 - 371 332 763 479 1,141 953 945
Capex / Sales - 9.51% 9.11% 18.43% 12.54% 27% 21.88% 19%
Announcement Date 5/26/19 3/30/20 3/25/21 3/24/22 3/23/23 3/27/24 - -
1CNY in Million2HKD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
8
Last Close Price
2.33 HKD
Average target price
4.295 HKD
Spread / Average Target
+84.33%
Consensus

Quarterly revenue - Rate of surprise

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