花旗维持新高教(2001.HK)评级“买入”目标价4.2港元
花旗发表的研究报告指,新高教集团(02001.HK)上半年盈利按年升34%至2.01亿元人民币,稍高于该行预期,认为盈利增长主要受惠公司自然增长稳健以及河南、东北及广西学校的整合,该行将公司2019-21年盈利预测分别上调7%、3%及8%,但目标价则由5.5港元降至4.2港元,预测市盈率13倍,较同业折让20%,因资产负债表较紧张,维持“买入”评级。

该行指出公司上半年收入按年增长101%,主要受惠学校整合及自然增长,毛利率收窄至53.6%主要因为新整合的学校毛利率较低,期内服务费收入跌43%至3,600万元人民币,主要因为学校整合,而销售、一般及行政开支与收入比例则由去年同期的9.6%改善至7.1%。
该行认为业绩表现不错,相信公司未来将聚焦於自然增长,而在并购方面则较保守,相信对经营而言属好消息,因为公司自上市以来已参与数宗并购,估计其2018-21年自然年复合增长可达26%,但管理层仍需要证明其盈利的稳定性。
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