大華繼顯丨首次覆蓋中滙集團(00382.HK)給予買入評級,目標價5.83港元
中滙集團(00382.HK)憑藉其聞名的學校品牌,較高的教學品質和在商科課程領域的獨特優勢,在大灣區日益增長的高等教育服務需求下處於絕佳有利地位。該行將中滙集團視為高防守型增長股:從防守角度來看,中滙具有較低的監管風險和穩定的財務狀況;從增長的角度來看,校區擴張和學費上漲將持續推動中滙的有機增長;
華商學院四會新校區的投入運營時間未因疫情而延期,將如期於2020年9月投入運營,四會新校區可容納學生約1.6萬人,自2020/21學年開始預計在校學生人數每年將淨增不少於3,000人;該行亦預測中滙集團旗下院校的學費在2019-2022財年將以3-7%的複合年增長率增長;
中滙集團的整體業務營運並未受到COVID-19疫情的影響,旗下院校於3月初開學進行網路授課。同時,中滙集團開發的華商E家APP在疫情期間為教職工及學生管理及生活方面提供了眾多便捷的服務;該行認為,中滙集團所屬的高等教育是強現金流行業,因為整年學費是於新學年開始之前就已收齊,故疫情之下中滙集團的全年學費收入不受疫情影響,從而充分反映了其業務及財務的高防守性;
大華繼顯基於PEG0.5和2019-2022財年淨利潤複合年增長率29%給出目標價5.83港元,基於品牌優/政策東風/防守型高增長/紅綢架構穩健及監管風險小等優秀的基本面給予中滙集團買入評級。
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