STREET SMART –

PART 1
(EDUCATION SECTOR)
- AUG’08 ISSUE

[ONLY FOR PAID SUBSCRIBERS]

 From the desk of Head, Equity Research Cell.
 Investment Idea which can change your destiny!
 Education Sector.
 Education: A solution to every problem.
 Five centuries old Indian Education System.
 India’s education sector: A $120 billion opportunity.
 Education: 2nd largest expenditure group.
 Scale of opportunity is very large.
 K-12 segments, Professional colleges, Franchise business & E-learning.
 Opportunities : Two major areas where the private sector are allowed.
 Opportunity# 1: Vocational training.
 No world class vocational training infrastructure.
 Public/Private Vocational training institutes.
 Opportunity# 1: Listed players in India.
 Opportunity# 2: Educational services & support.
• Ways to work around govt restrictions.
• Educational trusts need good content and infrastructure.
• Opportunity# 2: Listed players in India.
 Education : A missing pie in VC/PE action.
 Western world is ageing in next 10 years – Let’s not miss a big opportunity.
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“Make the rest follow your path” – HBJ Capital.

FROM THE DESK OF HEAD, EQUITY RESEARCH CELL.
Dear Investors,
Hello! Investors,
In this report we Our equity research team is presenting you a
will discuss all the
comprehensive study on “Indian Education Sector & its
opportunities in
opportunities”. The University system that we all follow
Indian Education
is about four to five centuries old, and it is what has been
Sector?
adopted from England. What is missing is
contextualization. If human context is missing in
education, we are missing the bus.

The scramble to study for degrees such as B.A., B.Com. or

B.Sc. - is it worth it? In India the scramble for college and
university education is a disaster for all concerned. It
seems, we are preparing the youth to become babus. The
Country does not only require babus; in fact we have too
many of them!

Following generic education system is just wastage of

scarce resources. “Like all good things in life, the education
system has to be transformed, so as to become relevant.“

“Rupees are lot like seeds, you can eat the seeds or sow them”. Choice is yours?
CONTD.
Education is one sector where you can bet your
money safely. Reason: the industry is standing on
solid fundamentals and appears ready for big action
this year.

What the potential in the real estate sector was four

years before is now in education sector. Based on
the current and future manpower requirements for
various sectors, there is a huge demand supply gap
in education space.

So, if you’re looking forward to invest in education

space it’s desirable that you should start with a
small exposure and build it up as the industry
matures.

We will be looking forward for a long term

Relationship with you in the journey of wealth
creation.

Yours faithfully,
Head, Equity Research Cell, HBJ Capital, India.

"Ideas are capital. The rest is just money."

Investment Idea which can
change your destiny!
 Education Sector.
[Just look for the symbol “Here, You, Go” : They are
referring to the wealth creator companies as per HBJ
Capital’s Research Team]

Only when the tide goes out do you discover who's been
swimming naked.
EDUCATION – A SOLUTION TO EVERY PROBLEM.

If you don't feel comfortable owning something for 10 years,

then don't own it for 10 minutes.
FIVE CENTURIES OLD INDIAN EDUCATION SYSTEM.

 The University system that we all follow is about four to five centuries old,
and this is what has been adopted from England.

 What is missing in our education system is “contextualization”. World has

changed a lot but we are still carrying the same old legacy system.

 If you can visualize, then see the CHANGE in our education system
has already started, and it gives you an opportunity to create
wealth!!!

I really like my life. I've arranged my life so that I can do what I want.
EDUCATION SECTOR : A $120 BILLION OPPORTUNITY
 An Overview

 Education is a new business opportunity

opening up in India that could become as
big and popular for investors as telecoms
and retailing. 

 40% of India’s 1.2 billion-population are

under the age of 18. There’s no benefit of
having one of the youngest populations in
the world if we are under-educated.

 Only 7% of young adults between the ages of 18 and 24 go to universities compared with 16% in
China and far more in the United States and Europe. Most of those who come out of the
colleges are ill-equipped for employment.

 The current private-education market is worth approx $30 to $40 billion a year, and it could
roughly triple to $110-120 billion in ten years’ time.

 Indian government regulations, restrict Indian and foreign private-sector companies to make
profitable investment in schools and universities, but it is allowed by charitable trusts, which
run more than 50,000 schools. For e.g. The family-controlled Amity University, has 50,000
students across the country, similarly Manipal Education group which is also called “Reliance”
of Indian education sector.
Never fall in love with a stock; always have an open mind.
EDUCATION: 2ND LARGEST EXPENDITURE GROUP.
 Education is the second largest item of
middle-class household expenditure in
India, after food.

 While a middle class household spends

around 25% of monthly budget on food,
around 9% goes to education,
compared to 3% on healthcare.

 Today even poor families spend 20% of

their disposable income on private
schools and universities, they expose
their children to 950,000 mostly ill-
equipped and under-staffed
government schools.

 Indian has expensive education

(accessible to only higher middle class
and above) or cheap education
facilities (for lower middle class and
below), what we need is affordable and
quality education system & facilities
for the mass market.

Never invest in a company without understanding its finances.

SCALE OF OPPORTUNITY IS VERY LARGE.

 In spite of being the 2nd largest expenditure item in the list of middle class, the largest
listed player in education sector i.e. Educomp Solutions is just $1.5bn which is less
than 5% of total opportunity today i.e. $40bn.

 There is lots of room for further growth of all education companies listed or unlisted.

There is always something to worry about. Avoid weekend thinking and ignore
the market predictions.
K-12 SEGMENTS
 Related Companies:
(No listed payers from this segments……)
 Roots to Wings (R2W) – Educomp Solution’s pre-schooling
venture.
 Tree House Education- They claim to be the largest non-
franchised, branded pre-school educator in the country and
currently operates more than 45 pre-schools in Mumbai.
 Kidzee - Backed by Zee’s Subhash Chandra, it is Asia's No.1 Chain
of Preschools.
 Eurokids International - With more than 350 franchised Pre
Schools across India, EuroKids is rapidly gaining popularity as the
first and the most sought after Pre School
 Shemrock Schools - Delhi's No. 1 Preparatory School, India's No.
1 Nursery school , Play school, Kindergarten from Delhi.
 K-12 segments:  SHEMROCK Schools with a total of 90 branches, are now
one of the leaders in kindergarten education in India.
 SHEMROCK Schools in India are the brainchild of Dr.
 Sum of primary and secondary education i.e. from
(Mrs.) B. Arora and Dr. D.R. Arora.
Kindergarten to Grade 12 is estimated to be at US $
20bn and thus considered to be as one of the largest
segments of the total private education market.

 According to a market survey it is found that there is

14% growth in this segment and it is going to be 90000
more K-12 schools in 2012 as compared to 75000 in 2008.

 Kindergarten to Grade 12 is India’s Core Education

sector.

Over the long term, it’s better to buy stocks in small cap companies.
PROFESSIONAL COLLEGES
 Professional Colleges:

 After K-12 segment , Private Engineering Colleges

form the single biggest category in Indian
Education. At present there are more than 1200
private Engineering Colleges, 300 Business schools
and more than 140 Medical Colleges in India,
representing a US $ 7 bn market.

 By 2012 there would be more 800 private

engineering colleges , 60 medical colleges and 300
MBA colleges are expected.

 It seems higher education in India will be opened to

the private sector as there is a huge demand supply
gap and if one just looks at the number of Indian
students who go overseas there could be an
 Manipal Education and Medical opportunity in providing higher education like
Group (MEMG). University of Phoenix.
 Manipal Education and Medical Group (MEMG)
International India Pvt., Ltd. operates educational and
healthcare institutions in India and internationally.
 ICICI Ventures and Actis are looking to acquire five to
eight percent of ManipalU through private placement
for Rs 300 crores. This would make the company's
valuations between Rs 5,000-Rs 6,000 crore.
 One can expect IPO in near future, watch out!!!

“The achievement of the private sector in higher education is best illustrated by

Manipal,
FRANCHISE BUSINESS
 Franchise Business:
 Distance Learning Programme
 Distance Learning in India will focus on the
universities in India that are providing
various correspondence courses through the
distance learning mode. For e.g.
 Indira Gandhi National Open University
(IGNOU),
 Karnataka State Open University
 Nalanda Open University
 Kota Open University
 Tamil Nadu Open University

 Vocational Training Programme

 IT training
 Retail training
 Frankfinn Institute of Air Hostess  Aviation & Hospitality training
Training  Media Schools
 Frankfinn Institute of Air Hostess Training and Air
Hostess Academy (AHA) are planning to raise funds
through an initial public offer in 2008-09.

 Frankfinn has currently a total of 117 centers across 95

cities and is planning to open its first international centre
in Dubai. It is also planning to open 8-10 more
international centers in 2008.

Nobody can predict interest rates, the future direction of the economy, or the stock
market.
E-LEARNING
 Electronic learning or e-Learning
 Teaching Studios
 Technology is moving Higher Education from
traditional campus of “ Brick and Mortar “ to
the electronic classroom of” wire and Chip” .
Teaching studios are blend of both traditional
face to face instructions, supplemented with
asynchronous and /or synchronous
communications via internet.
 Online Tutorials
 Online Tutoring, One-on-one teaching, or
Virtual Learning; by whatever name you call
it, Educational Tutoring through internet has
now emerged as a new medium of instruction
 CORE Projects & Technologies Ltd utilizing the infinite scope of information and
communication technology that has
 Basically an IT company & leading provider of best of breed end-to-
end solutions in the education domain worldwide and named The transformed today's approach to education and
Fastest Growing IT Company in the State of Maharashtra, India. teaching.
 Education domain includes School Management Systems,  In India , online tutoring is estimated to
Assessment Systems, Accountability Systems and IT Infrastructure be US $ 5 bn market.
Systems. It’s not a pure play e-learning.
 CORE has recently acquired companies in the US and UK, thus
consolidating its position as a dominant player in the education
sector.
 It is one of the BSE listed education sector player. Core Projects was
selected by Business Today magazine as 'India's most investor
friendly company“.

In the long run, a portfolio of well chosen stocks always outperform all other
investment avenues.
OPPORTUNITIES IN EDUCATION SECTOR

Time is on your side when you own shares of superior companies.

LET US FOCUS ON THESE TWO OPPORTUNITIES.

The Stock Market is designed to transfer money from the Active to the Passive.
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Everyone has the brainpower to make money in the stocks.

Not everyone has the stomach.
 NO WORLD CLASS VOCATIONAL TRAINING INFRA.
 We do not have world class
 Public Sector in Vocational Training
 Industrial Training Institute (ITI's) - The objective of opening
of ITI is to provide technical manpower to industries.
 Asian Academy of Film & TV, has been imparting education and
training in the art & craft of film making in television presentation.
 Many unorganized players who provide trainings in Typewriting
, Stenography , Secretarial Practices, Computer Operator &
Programme Assistant, Architectural Draughtsman ship, Desktop
Publishing , Electrical Technician , Electronics (Radio/TV/Tape
Recorder Mechanic) , Refrigeration & Air Conditioning, Plumbing ,
Library Assistant , Cutting/Tailoring & Dress Making, Hair &
Skin Care, Fruit & Vegetable Preservation Programs etc.
In the stock market there is no room for error and
carelessness.
vocational training infrastructure,
even after 60 years of India's
Independence?
 While IT training is world class in India, we also
produce world class engineers, doctors,
accountants, etc. In the manufacturing and
service sectors there are hundreds of skills and
vocations for which there is a worldwide
shortage.
 We need millions of trained people in the area of
services for agriculture, floriculture,
horticulture, sericulture, fisheries, healthcare,
tourism and hundreds of skills for the
manufacturing sector.
 Vocational education in India aims to develop
skilled manpower through diversified courses to
meet the requirements of mainly the
unorganized sector and to instill self-
employment skills in people through a large
number of self employment oriented courses.
Vocational education is imparted through
Industrial Training Institutes (ITIs) and
polytechnics.
PUBLIC/PRIVATE VOCATIONAL TRAINING INSTITUTES.
 Industrial Training Institute (ITI's)
 ITI Limited is India's pioneering venture in the field of
telecommunications. Born in 1948, this premier PSU
has contributed to 50% of the present national telecom
network.
 Company offers a complete range of telecom products
and total solutions covering the whole spectrum of
Switching, Transmission, Access and Subscriber
Premises equipment. 
 It is one of the listed company at BSE with Mcap of Rs
1000Cr.

Avoid hot stocks in hot industries. Great companies in cold, non

growth industries are consistent big winners.
LISTED PLAYERS IN THE FIELD OF VOCATIONAL
EDUCATION.  Aptech Computer Education

 It has built a reputation as a top global provider for

quality computer education. Aptech offers its
globally-accepted Aptech Certified Computer
Professional (ACCP) programme across the world.

Jetking Infotrain  Aptech’s courses are translated into Chinese,

Russian, Turkish, Vietnamese and Spanish!
 India’s No. 1 Computer-Hardware and
Networking Institute, well-known for their Smartlab  Aptech captures 32 % market share in China
training techniques. Ranked Number 1 in Chinese IT Training market for
the 5th consecutive year.
 Jetking has established more than 100
operational centers and 2500 faculties across the
country and has trained over 3,00,000 students who  Avalon Aviation Academy, which is part of leading
have moved on to carve a successful career for IT training institute chain operator Aptech Ltd, also
themselves, it has international academic has huge expansion plans.
partnerships and ISO 9001:2000 certification since
2003.

 Jetking’s core competency lies in providing

complete training and developing hardware
engineers and professionals with sound technical
knowledge. It focuses on the overall development of
the personality of an individual , presentation and
communication skills, leadership skills etc.

 The Opportunity size is huge and Jetking has

developed a very strong franchise.

If you can’t find any companies that you think are attractive, put
your money in the bank until you discover some.
 2 :
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You have to know what you own, and why you own it.
WAYS TO WORK AROUND WITH GOVT RESTRICTIONS.
 Ways to work around with govt
restrictions
 India has a growth rate of 8-9% across most sectors.
We don’t think we are running a demand side
challenge, but there are concerns on the supply side.
The requirement of talent is 200 million over the next
six years.

 This robust demand data, points to a great potential

 Regulatory Framework for Indian
Education System.
 There are ways to work around these
 National Council of Educational Research and
Training (NCERT)
 National Knowledge Commission (NKC)
 University Grants Commission (UGC)
 Even outside of the formal schooling and graduation
 Medical Council of India (MCI)
 All India Council for Technical Education (AICTE)
All of them owns the responsibility of ensuring adherence
to minimum guidelines set to the educational institutions.
of education to throw up large businesses. One
problem with education is that while private
enterprises are there in basic schooling, and post
secondary courses like engineering or management,
most of these have been registered as trusts because
govt regulation prohibits profit making corporate to
run an educational institution.
restrictions – like for example, forming an
operating company which the trust outsources
or contracts out activities to.
system, there could be number of opportunities in
tuitions, assessments, vocational courses, e-enabling
education, remote delivery, continuing education to
name a few possibilities. So, opportunities are huge,
and ready to explode.

If you don't know jewelry, know the jeweler.

EDUCATION TRUSTS NEED GOOD CONTENT AND
INFRASTRUCTURE.
 Integrated learning delivery
framework by Private Companies.
 Private institutes can provide integrated learning
delivery framework for the entire school ecosystem.
Every classroom can be digitally empowered with
computers, plasma screens and individual assessment
systems for each child.
 Each level of the child ranging from the cognitive,
affective and psychomotor perspectives is addressed in
detail.
 Every lesson has the best teaching methodology
interwoven into the lesson. Lesson is accompanied
with creative lesson plans with fun and challenging
activities.
Your investor’s edge is not something you get from Wall Street experts. It’s
something you already have.
Education trusts need good content
and infrastructure.
There are ways to get around the trust and non-profit
structure laid out by govt. There are companies such as
Educomp, Everonn etc which cater to universities, system
& support services.
The education trusts would still need good
content and infrastructure, which would be
provided by other companies that do not follow a
trust structure.
Many organizations are moving toward the software as a
service (SaaS) model. This can provide efficiency for a
resource constrained organization like Trust.
The use of a SaaS model for software delivery in schools
and colleges are very effective except risk of performance,
availability and security.
The company participates in large-scale education
infrastructure projects to bridge the digital divide and
research into newer ways of reaching out to learners and
educators.
The revenue model varies depending on the project and
the funding structure and various models are currently
under implementation across the states.
OPPORTUNITY# 2: LISTED PLAYERS IN INDIA.
Educomp Solution:
 Delhi based Educomp is India’s number one K-
12 education company. It provides online
education and e-learning solutions provider.
 The company provides end to end solutions in
the technology driven education segment through
licensing of digital content , solutions for bridging
the digital divide, professional development and
retail sale of education related CD ROMs and
other tutorial products.
 Everonn Systems India Limited
 Everonn is a fully integrated Knowledge Management,
Education and Training Company.
 Chennai-based Everonn systems, a learning solutions
company mainly focused on the K-12 (kindergarten to
12th standard) segment, is gravitating towards
vocational education through its ‘learning for earning’
strategy.
 Everonn has experience in bringing management
programs from premier institutions like IIMs, XLRI,
IIT, LIBA, MICS, MAHE, to the working professionals
and students all over the country.
 Everonn Systems India buys into Toppers Tutorial Pvt
Ltd to enter the market of IIT —JEE & AIEEE
coaching .
 With Mcap of $200mn, Everonn is the second largest
educational system and support listed company in
India.

 It has bought Learning.com in the United

States, which gives it access to two million
American students, and has expanded in Asia,
including China, through a link-up with Raffles
Education Corp of Singapore.

 With Mcap of $1.5bn and scale of opportunity

as large as 10-20 times of its Mcap, there is enough
space to expand further.

Long shots almost miss the mark.

EDUCATION - A MISSING PIE IN VC/PE ACTION

 PE investment in education  PE deals in unlisted entities.

sector is less than even 1% of
total investments.
 While current sector allocation of VC/PE investment
reflects India’s needs, education is one big sector to
have missed out so far.
 When PE investment peaks up, opportunity goes out of
the sector, so it is the right time to invest in the
education sector before it is too late.
 As on today real estate attracts 30% of the
money, 3-4 years back this figure was less than
5%, so education sector now, is what real estate
was 3-4 year back.
 After infrastructure, IT and telecom, private equity
(PE) players appear to have shifted their focus to
education firms and the hospitality sector.
 The investment activity earlier centered on export
focused-education companies, the focus has shifted to
training institutes that target the domestic market.
 There are many private companies willing to go public
in near future like Manipal Education, Career
Launcher, Frankfinn Institute etc.
 Private equity deals although at nascent stage in
education sector, has already been started and will
attract more money.

Behind every stock is a company. Find out what it’s doing.

WESTERN WORLD IS AGEING IN NEXT 10 YEARS
 What do we need to do?

 FDI in education sector is the need of hour. We

need foreign investment & VC/PE deals in
education sector.

 Private sector should come forward & focus

more on our primary education.

 It’s always better to have a single regulatory

body with responsibility of ensuring adherence to
minimum guidelines set to the educational
institutions.

 We need better facilities and perks to our

teaching staffs and faculties in professional
colleges.
 Challenges to face?
 There are around 280 million school dropouts in the country and unless these youngsters were imparted skill-
based knowledge, 'we will face a disaster'. Only vocational training to this section of our young generation will
help.

 The western world is ageing in next 10 years and they will be looking forward to India. Here, if we don't
have enough manpower, we will miss a big opportunity. Remember this opportunity is much larger than
Software, Telecom & Media, almost at par with Retail.

 Only 11 percent of Indians pursue higher education as against 43 percent in South Korea and 85 percent in the US.
As we move forward from services to solution and then to consultancy, we need folks with higher education and
better competency.

 Indian education system needed a huge pull of teachers and the existing salary structure is too poor. 'There is a
huge mismatch in their salary and that of their counterparts abroad.'"
Investing is fun, exciting, and dangerous if you don’t do any work.
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