瑞银:新高教集团(2001.HK)2019财年业绩超预期 资产负债表显著改善 予“买入”评级
瑞银发表了对新高教集团(2001.HK)的研究报告,称该公司2019财年营收及利润超预期,同时资产负债表也得以快速改善,给予其12个月内“买入”评级,目标价4.6港元,较3月24日2.35港元的收盘价有95.75%的上行空间。
报告称,2018至2019年,随着四所学校的并表,加上得益于学费单价提升,公司在2019财年的营收同比实现94%的增长,分别超瑞银及市场预期5%及3%。得益于销售管理和行政费用以及融资成本的减少,公司全年调整后净利润同比增长41%,符合瑞银此前预期,同时好于市场普遍预期7%。
值得注意的是,投资者此前所担忧的资产负债表情况也获得了显著的改善,该公司净负债率已从2019年6月份的43%下降至12月份的18%,好于瑞银预期的21%及市场一致预期的29%。
瑞银表示,看到管理层在未来举措及发展前景积极的一面,包括在民办高等教育行业监管趋向支持的推动下,更加专注于公司的有机增长,以及实施更为谨慎的并购策略。
在公司业绩超预期表现以及资产负债表的改善下,瑞银预计市场将会对这一结果做出积极的反应。
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