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新高教集團(02001.HK)中期業績維持強勁增長,獲多家大行紛紛提升目標價
格隆匯 09-08 11:30

近期,中國新高教集團(02001.HK)公佈2020年上半年業績,公司在「內生+外延」雙輪驅動的發展策略之下,收入及利潤指標均維持強勁增長,維持派息。花旗、中信里昂、中金、招商國際、銀河國際、工銀國際、凱基證券、第一上海和中泰國際等投行第一時間刊發研究報告及簡評,紛紛上調目標價並重申“買入”/“增持”評級,看好新高教集團發展,未來增長潛力十足。目前新高教最高目標價8.07港元。

研究報告認為,除了業績增長強勁,新高教旗下兩所獨立學院也已申請轉設,目前進展順利,且已與大校進行商議,預計“分手費”會低於市場平均水平,預期於2020年底或2021年上半年完成轉設。此外,公司2020年上半年亦收購了雲南職業學校,預期公司的其他收入將因此提升。

新高教目前在校生逾11.87萬人,在港股高教行業排名第三, 2020/2021學年學生人數增長穩健,預計在10%以上,內生增長行業領先。公司併購經驗豐富,且於2020年進一步收購河南學校餘下45%股權及廣西學校39%少數股權,兩所學校的進一步收購PE均為13.7倍,均低於首次收購,且遠低於目前市場平均水平。公司資金貯備充足,新的外延併購可期。同時新高教派息穩定,積極回饋股東。未來公司在內生+外延的同步發展下,高速增長將繼續保持。

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