《大行报告》花旗降枫叶教育(01317.HK)目标价至2.8元评级「沽售」
花旗发表研究报告指,国务院宣布关於深化教育教学改革全面提高义务教育质量的意见後,留意到两个对枫叶教育(01317.HK)的重要影响,包括:义务教育学校不得引进境外课程及使用境外教材,以及私立义务教育学校学生招聘,将由地区政府管理同时亦会与公立学校同步进行。
报告指,禁止境外课程及教材,对於枫叶教育的义务教育营运有负面影响,而失去了独立学生的招聘权,亦不利其扩大所有K12学校经营者。现时难以将基本面数量化,但义务教育占枫叶教育2019年度上半年收入高达约45%。
该行更指出,自公布新政策後,已对枫叶教育展开30日的负面催化剂观察期,并将其2019年、2020年及2021年盈利预测调低7%、7%及5%,达到6.5亿元人民币、7.89亿元人民币及9.41亿元人民币。同时,将枫业教育目标价由3.3元降至2.8元,重申评级「沽售」。
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