《大行報告》麥格理下調民生教育(01569.HK)目標價至1.6元 評級「跑贏大市」
麥格理發表研究報告指,民生教育(01569.HK)學生入學人數增長表現強勁,2021/22學年學費有所提升,加上近期併購都學網絡60%股權,有助發展線上學習平台,重申「跑贏大市」評級。
報告指出,截至2020年6月30日集團在校入學人數按年增長13.9%,線上教育學生人數達12.8萬人,預計隨著兩所學校未來完成合併後,由於學生增加、學費上漲,將推動集團於2022年實現高收入增長。該行料其經合併後學生總數按年增7.4%至92,190人。該行將民生教育2020至2022年盈利預測下調58.4%、13.3%及20.5%,基於2021年預測市盈率約12倍,將目標價由1.8元下調至1.6元。
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