Core Viewpoint - The report from Credit Lyonnais maintains a "Hold" rating on China Education Group (00839), primarily due to a projected 1% year-on-year decline in contract liabilities by the end of fiscal year 2025 [1] Financial Performance - For fiscal year 2025, the company's revenue and profit are expected to grow by 11.9% and 0.8% year-on-year, respectively, aligning with the company's guidance and previous profit forecasts [1] - The revenue forecasts for 2026 and 2027 have been reduced by 3.6% and 5.9%, while profit forecasts have been cut by 12.1% and 10.5% [1] Target Price Adjustment - The target price for China Education Group has been raised from HKD 2.6 to HKD 2.8, reflecting expectations of reduced capital expenditures [1] Impairment Losses - The revenue growth is primarily attributed to impairment losses recognized for schools in Hainan, and the decision not to distribute dividends is in line with expectations [1]
里昂：维持中教控股(00839)“持有”评级 上调目标价至2.8港元 资本开支减少