Ride on policy wind to develop vocational education

  • Solid FY21 results with core net profit increasing 48.7% yo-y to c.Rmb460m
  • Expect FY22/23F to see 25-40% y-o-y earnings growth, backed by high-teen student enrolment growth
  • Expect non-degree vocational education to be a new fastgrowing segment
  • Reiterate BUY with TP revised up to HK$7.3 to reflect positive policy impact on vocational education