中期業績印證增長趨勢 招商證券國際上調新高教集團(2001.HK)目標價至7.6港元 維持“買入”評級
招商證券國際發研報指出,新高教集團(2001.HK)2020年中期收入同比強勁增長28%,調整後淨利潤增幅高於預期。
該行稱,新高教年初至今一直專注於內部學生人數增長和收購現有學校餘下股權(例如河南學校和廣西學校)所帶來的內部增長。未來收購仍然是公司增長戰略中重要的一環,也有興趣關注海外併購機會。該行指出,新高教新學年將增加約14億元人民幣現金(新學年學費收入),淨負債水平極有可能顯著下降,以支持新高教進行未來的潛在併購。隨着近期達成的合作和對雲南培訓學校的收購,新高教還將在繼續教育/職業教育/培訓賽道中發力,以豐富其收入。
招商證券國際表示,公司現金儲備充足,預期未來有更多併購機會;增長前景好,估值較低,將新高教集團2020/2021年核心淨利潤上調3.8%/3.4%。並將目標價從7.1港元上調至7.6港元,維持“買入”評級。
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