Research Extract - Core Pacific Yamaichi Int’l（H.K.）Ltd

1 May is Hong Kong public holiday and Hong Kong securities market will be closed. For trading arrangement details, please refer to HKEx website.

Alert and Clarification Notice: Fake online customer service and Core Pacific-Yamaichi Does Not Operate Any Online Customer Service. We have recently become aware of reports from clients regarding fraudulent activities conducted by individuals impersonating Core Pacific-Yamaichi online customer service representatives on online platforms such as WeChat and providing fraudulent Apps. We hereby solemnly declare that Core Pacific-Yamaichi does not operate any online customer service, including WeChat customer service. We will not organize any kind of investment advisory activities or provide investment advice through any instant messaging software such as WeChat, WhatsApp, Telegram, etc. To avoid any financial loss, please do not trust anyone claiming to be our customer service representative. If you have any questions or require assistance, please contact us directly through the following official channels: • Customer Service Hotline: (852) 2166 3888 • Email: info@cpy.com.hk We strongly recommend that you use the above official channels for inquiries to ensure the security of your funds and information. Thank you for your understanding and cooperation.

Alert and Clarification Notice: Fake online customer service and Core Pacific-Yamaichi Does Not Operate Any Online Customer Service. We have recently become aware of reports from clients regarding fraudulent activities conducted by individuals impersonating Core Pacific-Yamaichi online customer service representatives on online platforms such as WeChat and providing fraudulent Apps. We hereby solemnly declare that Core Pacific-Yamaichi does not operate any online customer service, including WeChat customer service. We will not organize any kind of investment advisory activities or provide investment advice through any instant messaging software such as WeChat, WhatsApp, Telegram, etc. To avoid any financial loss, please do not trust anyone claiming to be our customer service representative. If you have any questions or require assistance, please contact us directly through the following official channels:
• Customer Service Hotline: (852) 2166 3888
• Email: info@cpy.com.hk
We strongly recommend that you use the above official channels for inquiries to ensure the security of your funds and information. Thank you for your understanding and cooperation.

CPY Group would like to alert its customers and the general public that fraudulent Apps / trading platforms / links that falsely purporting to CPY Group. If you have provided any personal information or conducted any financial transactions through fraudulent Apps / trading platforms, you should immediately report the case to the police for investigation. If customers have any doubts about the authenticity of CPY's website address or any suspected mobile application, please call our customer service hotline (852) 2166 3888 for enquiry. CPY reminds customers to access our online services through CPY's homepage at https://www.cpy.com.hk/hk/, and/or iPhone users can access it from the Apple App Store; Android phone users can Download CPY’s mobile app safely and securely from Google Play. Customers and the public are advised not to download and use fraudulent mobile applications downloaded from unofficial sources.

Please note that starting from June 26 (Monday), customers must have sufficient RMB in their accounts to trade RMB-denominated products of HKEX, including RMB Dual Counter securities. In order to trade smoothly, please exchange enough RMB before trading RMB-denominated products. For enquiries, please feel free to contact your account executive or call the customer service hotline.

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Research Extract

Aug

Stop Updates

China East Edu (667 HK): Maintain BUY John Siah 謝俊鵬

We maintained BUY rating for CEE and we tune up TP to HK$20.00 from HK$15.50, representing FY21F/22F PER of 33x/25x and PEG of 0.75x to FY21F. We argue that CEE deserves the above valuation given that (1) CEE’s practice-oriented vocational courses with high recommended employment rate will be especially attractive to unskilled workers/students under the sluggish labor market in China, and (2) CEE has strong business replication capabilities to develop new brands and new areas of vocational training.

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Notes: The information above is for reference only. Investment involves risk, please seek for professional advice before making investment decisions.