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《大行報告》瑞銀上調中教控股(00839.HK)目標價至21元 評級「買入」
阿思達克 08-14 10:16
瑞銀發表報告指,中教控股(00839.HK)早前公布收購海口經濟學院,為集團歷史上最大一次收購,亦為中國私立高等教育行業有史以來最大。

該行對是次交易看法正面,因學校質素好,學生規模達4.4萬人,且今年仍有24%的註冊人數上升空間;而學院有強大的電影和藝術主科,海南亦有支持的監管環境。另外,該學院過去四年入學配額年均複合增長率達17%,為近期的入學人數增長提供了高能見度。

瑞銀上調中教控股股份目標價,由16元升至21元,評級維持「買入」。該行表示,是次收購海口經濟學院後,估計明年開始為集團帶來實際的財務增長,因此上調其明年至2023年盈利預測22%至31%。經過最近的估值重估後,中教股價仍較上市以來的市盈率平均數低0.3個標準差,瑞銀認為是有吸引力。

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