You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
希望教育(1765.HK):20年業績增長動力十足
格隆匯 04-06 13:01

來源:安信國際

希望教育(1765.HK)2019年淨利潤大幅上漲193%,超預期。2019 年公司收入13.31 億元,同比增長29%;淨利潤4.90 億元,同比增長193%;經調整淨利潤5.01 億元,同比增長57%。2019年業績增長超預期。

主要內容

2020年業績增長動力十足。截至2019年底公司運營14 所學校,包含5所本科、7所大專、2所技師學校。總的在校生人數為14萬人,同比增長62%,是港股第二大高教集團。

我們認為2020年公司業績仍會繼續保持快速增長,主要因為

1、政策利好,高職擴招百萬、專升本擴招等有利於優質民辦高教招生。目前公司的學校整體利用率為82%,可容納能力強。

2、2019年新併購4所學校貴州大學科技學院、蘇州託普信息職業學院、鶴壁汽車工程職業學院、銀川能源學院,四季度完成並表,對2019年業績貢獻小,2020年將產生全年業績貢獻。公司預期銀川能源學院、崑山託普學院、鶴壁汽車學院未來三年複合增長分別達到60%、88.6%、89%。未來原有學校和新併購學校都將成為公司的增長引擎。

3、2020年2月公佈收購馬來西亞英迪學校,完成海外擴張第一步。預計2020下半年可以並表。

現金充裕,未來仍有併購及自建計劃。截至2019年底公司現金及現金等價物16.9 億元,結構性存款10.0 億元,計息銀行及其他借款26.0 億元,較上年增加4.65 億元,資產負債率57.9%,較上年增加8.1 個百分點。除去併購外,公司計劃自建重慶數字產業職業技術學院、江西樟樹中醫藥職業學院等多所學校。

目標價2.4港元,買入評級。我們維持公司目標價2.4港元,較現價有30%上漲空間,對應20-21年預測市盈率分別為21倍和17.6倍,維持買入評級。

風險提示:政策風險;併購風險

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account