According to DBS Bank's April 23 research report, Zhonghui Group (0382.HK)'s performance for the first half of 2021 was in line with expectations, and core profit increased 32.5% year over year to 200 million yuan. DBS expects Zhonghui Group's revenue to grow 20-30% over the same period in the 2021-23 fiscal year as the number of students continues to grow, tuition fees steadily increase, and profits expand after the successful establishment of the China Business School. Furthermore, the newly acquired Sichuan University is on the right track, moving towards a revenue target of 360 million yuan in 2021. After two months of consolidation, Sichuan University contributed approximately RMB 48 million in revenue. The bank expects that as revenue from training services increases, there will be more room for growth in the second half of 2021.

DBS Bank also said that the market has underestimated the positive impact of the policy on higher education. The Guangdong Provincial Government provided 3,800 special upgrade places for China Business School under Zhonghui Group in 2021, compared to 2,000 in 2020. The bank expects that with further positive policy signals, the company's valuation will be highly evaluated. At the same time, with the improvement of newly acquired schools under good post-investment management, the company's stock price will also be further revalued. DBS gave Zhonghui Group a “buy” rating, and the target price was raised from HK$9.6 to HK$11.1.