中金:維持中教控股(0839.HK)“跑贏行業”評級 目標價14港元
中金髮布報告稱,中教控股(00839.HK)發佈公告擬收購澳大利亞國王學院100%股權,並計劃於2019年10月完成並表。國王學院位於悉尼核心商業區,以 2018年在校人數計,是澳大利亞最大的私立商科大學。
澳大利亞教育部數據顯示,2018 年澳大利亞高等教育在校生中留學生佔比約達30%。作為最受歡迎的留學目的地之一,澳大利亞 2014-2017年高等教育留學生人數複合年增長率高達 12%,快於整體市場增速。受益於一系列利好政策,預計澳大利亞國際教育市場將維持穩健增長。國王學院是澳大利亞領先的私立高等教育機構,2019 年留學生佔比高達 99%。
公司預計國王學院將於10月完成並表。並表後,中教控股 FY2020 備考國際教育收入佔比將達到9%左右。預計 2020 財年國王學院將貢獻 2.88 億元收入,同比增長 28%,主要受益於新校區帶來的學校容量提升。憑藉龐大的學生基數和高質量的學校網絡,中教控股計劃通過雙學位項目、課程共享、學分互認等增值項目提振協同效應。
該行表示,維持“跑贏行業”評級和目標價14港元。
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