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《大行报告》中金升宇华教育(06169.HK)目标价至5.2元 指高教领域收购成收入增长动力
阿思达克 12-04 11:17

中金发表报告表示,将宇华教育(06169.HK)2020财年的收入预测上调28%,主要考虑到其新收购学校并表,相应将调整後净利润预测上调19%。该行同时引入2021财年预测:收入按年增长6%至25.66亿人民币;调整後净利润按年增长12%至10.97亿人民币,维持「中性」评级,并将该行基於2020财年分部加总估值的目标价,上调37%至5.2元(相当预测2020财年市盈率16倍),目标价较当前股价有8%的上涨空间。

该行指,宇华教育高等教育及K-12业务增长势头较幼儿园板块更为强劲,收入分别按年增长58%和13%,主要得益於报告期内两所民办高校和一所高中并表。截至2019财年末,高等教育业务贡献收入占比,已从去年同期的51%提升至62%。考虑到K-9板块的不确定性,公司将外延扩张重点放在高等教育板块,并已展示出良好的高校整合管理能力。

根据管理层数据,并表後的山东英才学院和泰国斯坦福国际大学2019/20学年学费分别上涨了1,500元人民币和15%。在扩招和学费上涨的双重推动下,中金预计宇华教育於2020财年公司内生收入将按年增长41%。

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