大摩:重申宇華教育(6169.HK)“增持”評級 目標價大幅上調58.54%至6.5港元
大摩發佈報告稱,預計今年內地除了職業教育行業以外,學校運營商的監管壓力將更大,因此繼續傾向K12(學前教育至高中教育)教育行業,並在行業整合和轉向在線趨勢下,聚焦於行業領先的公司。該行重申對宇華教育(06169.HK)“增持”評級,目標價由4.1港元,大幅上調58.54%至6.5港元。
該行稱,內地教育行業將在今年繼續收緊監管,預計《民辦教育促進法》將於今年上半年推出,可能為學校經營者帶來重大的財務和經營阻力;課後輔導(AST)運營商的監管也將會繼續,但繼續偏愛以市場為導向的AST參與者,相信AST需求在內地長期存在,仍將以法規和競爭為導向進行整合,領先企業將從中受益最多。至於學校運營商,該行對它們持謹慎態度,認為在正式實施法規之後,義務教育學校(K9)必須註冊為非營利性學校,無法合併到上市公司中。
該行還稱,高等教育行業將產生額外的土地和税收成本,認為學費上漲幅度不會超過現時,而且政府也可能會加強對融資的監管,預計併購情況將在今年降温。

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