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申萬宏源:上調新高教集團(2001.HK)目標價至7.91港元 維持買入評級
格隆匯 07-31 15:00

格隆匯7月31日丨申萬宏源發研報指,新高教集團於2020年7月29日宣佈以1.52億元人民幣的對價收購旗下廣西學校39%的少數股東權益,公司持股已佔到廣西學校總股本的90%。此次收購也將是新高教集團自2020年5月完成對河南學校45%少數股東權益後的第二次同類型併購。

申萬宏源認為新高教有出色的議價能力。新高教於2018年9月以人民幣1.47億元的價格收購了廣西學校51%的股份,在該併購完成的四個月後,廣西學校的舉辦者成功變更,並從那時起完成並表。此後,新高教集團一方面對學校實施嚴格的運營標準管控,另一方面通過擴張在校生人數以增加其收入。此次收購對價相當於11.9倍的20年預期市盈率,遠低於公司初次收購廣西學校時對應的14.4倍的18年市盈率。

申萬宏源認為,此次收購的標的學校已由新高教負責其日常運營,收購這所學校的少數股東權益也將是一張安全牌,與經營相關的風險將降至最低。此外,申萬宏源預計,新高教集團現金流的不斷改善將給予公司良好的資金狀況,並在未來用以重啟外延併購。隨着公司不斷增加在校生人數,提升學費並優化經營效益,2019年至2022年的公司自由現金流(FCFF)將以36.5%的三年複合增長率上升。申萬宏源相信,新高教出色的投資業績將協助公司發現有價值的標的,從而增加集團收益。

申萬宏源將新高教集團目標價從7.61港元上調至7.91港元,相對於7月30日收盤價5.28港元有50%的上升空間,維持買入評級。

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