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.