《大行報告》里昂上調中國新高教(02001.HK)目標價至5.14元 評級「買入」
里昂發表的研究報告指,新高教集團(02001.HK)於2017年宣布以1.83億元人民幣(下同)收購新疆財經大學商務學院,於2018年9月宣布中止交易,並於2019年4月公布在中止交易前已預先支付1.48億元,於2019年12月公司自新疆高等法院中獲正面裁決,容許公司領回已支付的款項,新高教公布已與對方就回款達成協議,1.37億元款項將分期繳付,而首筆1億元款項已收到,第二筆3,700萬元款項將在100日內繳付。
里昂認為公司將繼續聚焦於在原有的學校中尋求增長,同時亦會尋找潛在的併購目標,公司股價自去年3月以來跑輸同業,而事件告一段落相信有助重建投資者信心,並顯示出公司在尋找併購目標的時候有較強的盡職審查。該行指出,去除了上述事件的影響,加上在高等教育方面政策正面,考慮到公司市值較細,加上在併購方面往績不吸引,故估值仍低於中教控股(00839.HK),將新高教目標價由3.2港元升至5.14港元,評級「買入」。
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