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《大行報告》麥格理升中教控股(00839.HK)目標價至18元 評級「跑贏大市」
阿思達克 06-16 10:27
麥格理發表報告,重申中教控股(00839.HK)「跑贏大市」的評級,指出中教為中國領先的教育集團,截至2月底擁有10所學校及18.2萬名學生,相信未來可通過收購及內生增長持續擴張,增加收入並提高新併購學校的利潤率。

該行指,中教集團上市至今已完成8項收購,上半財年毛利率受新收購學校拖累,下跌0.2個百分點至57.6%,但有信心未來新學校利潤水平可逐步提升至集團平均水平。

麥格理將2020財年盈利預測下調3.1%,以反映少數股東權益影響,但預期學生入學率增長,因此將2021及2022財年盈利預測分別上調12.2%及30.4%,將目標價由13.5元上調至18元,預計未來三年純利年複合增長率為32.3%。

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