原标题：新高教集团：Multiple drivers ahead for bright growth outlook 来源：同花顺金融研究中心
We remain bullish on New Higher, and we think company's valuation remains at steep discount to tier-1 players (43% discount vs. tier-1 peers’ avg. 20x FY21E P/E). We believe as company's execution progresses, such as MA and conversions, and earnings growth delivery, such discount will likely narrow. We revised down our FY21E/FY22E earnings by 7%/3%, but remains above Bloomberg consensus. Our TP is updated to HKD7.4 from HKD7.2 based on 15x next 12-mo P/E (unchanged). Our TP implies 17x/13x FY21/22E P/E.