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新高教集團 (2001.HK):柳暗花明又一村,維持“買入”評級,目標價4.9港元
格隆匯 04-21 08:48

機構:招商證券國際

評級:買入

目標價:4.9港元

新疆學校訴訟解決

新高教於2019年12月份獲得新疆高院有利於其索賠的判決,其後對手方與新高教接洽並訂立了清償協議。新高教宣佈已在此法律糾紛中與對手方達成和解,並將收回相關預付款1.37億元人民幣。新高教目前已經收到其中1億元人民幣,剩餘部分將於100天內由對手方償還。我們認為,這一公告宣告了新疆學校收購的終止,同時也使得新高教的股價擺脱了自18年10月份起因此事件受到的負面影響。我們認為此項和解協議的達成來得比預期更早,我們過去預計對手方很有能上訴,從而延長資金收回的時間至2020年末甚至到2021年,這可能會增加收回資金的不確定性。

為2021年“東山再起”邁出堅實一步

我們仍然認為新高教將於2021年東山再起,並隨着投資者的青睞,極有可能實現估值上調至與同業更為一致的水平。

重申對新高教的買入評級,目標價調升至4.9港元

鑑於以上積極的發展態勢,以及我們認為新高教向“東山再起”邁出了堅實的一步,我們將新高教的目標價上調至4.9港元,前瞻市盈率從10倍上調至12倍(基於未來12個月的盈利)。

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