Overseas Education - Back To School In 2H14 With Fee Hike And New Competitors

VALUATION ■ Maintain HOLD and target price of S$ 0.98, based on DCF model. The implied 2014F PE is 16x, vs peers’ average of 23x. We have adjusted our model to account for capitalised interest costs in 2Q14 until 1H15. Entry price is S$ 0.85.Read more »


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