[营销星球]瑞信-中国K12教育行业监管过度-亚太地区-教育服务业-2018.8.24-57页

DISCLOSUREAPPENDIXATTHEBACKOFTHISREPORTCONTAINSIMPORTANTDISCLOSURES,ANALYSTCERTIFICATIONS,LEGALENTITYDISCLOSUREANDTHESTATUSOFNON-USANALYSTS.USDisclosure:CreditSuissedoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethattheFirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.24August2018AsiaPacific/ChinaEquityResearchEducationServicesChinaK12EducationSectorINITIATIONResearchAnalystsAlexXie85221017462alex.xie@credit-suisse.comThomasChong85221016164thomas.chong@credit-suisse.comRegulationconcernsoverplayedFigure1:PrivateK12schools’studentenrolmentisexpectedtorisewithahigherpenetrationratetomeetstrongdemand24.425.727.529.631.834.57.68.18.58.99.39.75.35.86.16.56.857.22.83.1