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新高教集團(2001.HK)追加投資廣西學校獲摩根士丹利等多家機構看好 目標價最高上調至7.1港元
格隆匯 07-31 09:50

7月29日收盤後,新高教集團(2001.HK)發佈公告,稱進一步收購嵩明新巨(廣西學校舉辦者唯一股東)39%股權,對價為人民幣1.52億元。進一步收購廣西學校事項完成後,新高教集團將持有廣西學校90%股份。

 

新高教集團(2001.HK)7月30日盤中一度大漲近9%,最終收報5.28港元,最新總市值81.4億港元。

 

公告發布後,多家境內外券商紛紛唱好公司,對新高教集團給出了最新評級。其中:

招銀國際:上調目標價至7.1港元 重申“買入”評級

摩根士丹利:上調目標價至6.4港元 予“增持”評級

凱基證券:上調目標價至6.3港元 維持“增持”評級

 

招銀國際:上調目標價至7.1港元 重申“買入”評級

 

招銀國際發研報指,預計進一步收購的廣西學校股權會使新高教20/21財年歸母淨利潤增厚。從2017年至2019年,廣西學校收入增長54.7%,學生人數增長21.8%。廣西學校2017年(12月年結)未經審計的淨利潤為1,840萬元人民幣,2018年增加到2,020萬元(同比增加10%),2019年增加到2,840萬元(同比增加41%)。

 

集團看好廣西學校長期發展前景:1)廣西GDP增速高於全國平均水平;2)廣西高考人數在過去幾年增速約為12%,今年報考人數超過50萬;3)廣西毛入學率僅有39%,比全國平均低9個百分點;4)廣西地理位置上與東南亞相連,並且可以招收國際留學生。

 

招銀國際將新高教集團目標價從6.3港元上調至7.1港元,重申買入評級。

 

摩根士丹利:上調目標價至6.4港元 予“增持”評級

 

摩根士丹利發研報指,新高教宣佈,以對應13.7倍2019年市盈率的價格收購了其廣西學校39%的股份,目前持有廣西學校90%的股份,生均收購成本與2018年收購51%股份時基本持平。該校現有超過1萬名學生。大摩認為,此次收購符合公司以內生增長為核心、外延併購為輔的戰略,將新高教目標價從5.6港元上調至6.4港元,給予“增持”評級。

 

凱基證券:上調目標價至6.3港元 維持“增持”評級

 

凱基證券發研報指看好新高教進一步收購廣西學校股份,公司持續利用學校營運集團化的優點,專注於內生增長,並以收購為輔。另外,公司仍着眼於各區域具成長潛力的收購目標。

 

凱基證券認為此次收購價格便宜,且可完全反映廣西學校營運效率及獲利能力改善。公司股價自3月底1.85港元強勁反彈208%至7月20日5.71港元,為52周新高。鑑於產業評價提高,凱基證券將目標價由5.2港元上調21.2%至6.3港元,維持“增持”評級。

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