Core Viewpoint - Credit Suisse maintains a "Hold" rating on China Education Group (00839), primarily due to a 1% year-on-year decline in contract liabilities expected by the end of fiscal year 2025 [1] Financial Performance - For fiscal year 2025, China Education Group's revenue and profit are projected 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 revised down by 3.6% and 5.9%, while profit forecasts have been reduced 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] Dividend and Impairment - The impairment loss related to Hainan schools has been accounted for, and the decision not to distribute dividends is in line with expectations [1]
里昂：维持中教控股“持有”评级 上调目标价至2.8港元 资本开支减少