德银-中国-教育行业-“二孩”政策惠及K12教育市场-20180126-10页.pdfVIP

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德银-中国-教育行业-“二孩”政策惠及K12教育市场-20180126-10页.pdf

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China Education Deutsche Bank Markets Research Asia Industry Date China China Education 26 January 2018 Consumer Hotels / Leisure / Gaming Industry Update Two-child policy beneﬁts K12 education market ; Expert call on Jan 29 Tallan Zhou Whats new? Newborns in China shifted to second-child in 2017 National Bureau of Statistics (NBS) recently reported that a total of 17.23m babies Research Analyst were born in 2017, a slight decrease of 0.63m over the total in 2016 (17.86m +852-2203 6464 newborns). In addition, there were 8.83m second-child births in 2017, an increase of 1.62m over 2016. Top picks New Oriental (EDU.N),USD101.69 Buy TAL Education (TAL.N),USD28.99 Buy DBs view - Increased newborns in 2016/17 beneﬁt K12 education market in the long term Source: Deutsche Bank Although there was a slight yoy drop of newborns and birth rate, these two Companies featured numbers in 2017 recorded the second highest since 2003. After the two-child New Oriental (EDU.N),USD101.69 Buy policy started to take eﬀect in 2016, newborn growth was mainly driven by the 2017A 2018E 2019E second-child births. More than half of Chinese newborns (51.2%) in 2017 are P/E (x)