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瑞銀:維持中教(0839.HK)“買入”評級 目標價15.39港元
格隆匯 09-24 16:43

瑞銀髮報告指,中教控股(0839.HK)以總代價1.34億澳元收購澳洲國王學院全部股權,其作價相當於國王學院2019財年預測EV/EBITDA(企業價值倍數)約9.4倍,較中教EV/EBITDA的17倍及平均高等教育機構的11倍便宜,維持公司“買入”投資評級,目標價為15.39港元。

瑞銀指,國王學院為悉尼一所高等教育機構,主要提供商業、會計及資訊科技等學士和碩士學位課程,目前擁有2455名學生。考慮到國王學院業務規模大且具上升空間、有良好學術聲譽及學校位置吸引,認為本次收購屬優質資產。

該行續稱,公司管理層亦相信,本次收購將會為中教國內業務帶來協同效應,包括較高均價的國際課程可進一步提升現有學生的收費,擴大學生羣及學士及碩士學位課程等。此外,收購國際學校亦可減低公司VIE架構的潛在政策規管風險。

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