According to the CCB International report, the target price of China Education Holdings was lowered by 5.1%, from HK$9.8 to HK$9.3 to maintain the “outperform the market” rating; the company's profit forecast for the 2023 and 2024 fiscal years was lowered by 2% and 1%, reflecting the faster depreciation rate of the company's new campus. The compound annual growth rate of core net profit for the 2024-2025 fiscal year is expected to be 13%. As of the end of February 2023, the company had net cash of RMB 5 billion. CCB International believes this is sufficient to maintain its high dividend payment rate of 40-50% for fiscal years 2023 and 20242, thus supporting its valuation. The bank expects the company's revenue to grow at a compound annual rate of 14% for the 2024-2025 fiscal year, mainly because before FY2025, the compound annual growth rate of student enrollment was about 10%, to 401,000.