《大行報告》中金升宇華教育(06169.HK)目標價至5.2元 指高教領域收購成收入增長動力
中金發表報告表示,將宇華教育(06169.HK)2020財年的收入預測上調28%,主要考慮到其新收購學校併表,相應將調整後淨利潤預測上調19%。該行同時引入2021財年預測:收入按年增長6%至25.66億人民幣;調整後淨利潤按年增長12%至10.97億人民幣,維持「中性」評級,並將該行基於2020財年分部加總估值的目標價,上調37%至5.2元(相當預測2020財年市盈率16倍),目標價較當前股價有8%的上漲空間。
該行指,宇華教育高等教育及K-12業務增長勢頭較幼兒園板塊更為強勁,收入分別按年增長58%和13%,主要得益於報告期內兩所民辦高校和一所高中併表。截至2019財年末,高等教育業務貢獻收入佔比,已從去年同期的51%提升至62%。考慮到K-9板塊的不確定性,公司將外延擴張重點放在高等教育板塊,並已展示出良好的高校整合管理能力。
根據管理層數據,併表後的山東英才學院和泰國斯坦福國際大學2019/20學年學費分別上漲了1,500元人民幣和15%。在擴招和學費上漲的雙重推動下,中金預計宇華教育於2020財年公司內生收入將按年增長41%。
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