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里昂:下調楓葉教育(1317.HK)目標價至3.69港元 維持“買入”評級
格隆匯 11-29 16:42

里昂發表報告稱,楓葉教育(01317.HK)2019年度業績增長,但有大部分盈利增長是來源於非經營性項目。考慮到公司繼續在低等教育領域發展,影響學費收入及業績表現,將目標價從5.1港元下調至3.69港元。

該行表示,公司收入增長17.1%,差過預期,原因是學校整體使用率68.3%,較里昂預測的71.5%更低,以及平均學費水平較低所致。該行指出,由於過去一直在擴大利潤率較低的低年級教育業務規模,使得學費連續三年累積下降10%,預計業務佈局短期內將繼續限制利潤率的增長;基於股價潛在上升空間達41%,該行相信公司未來發展前景可期,而股價受監管方面消息過度打擊,維持“買入”評級。

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