《大行報告》高盛下調楓葉教育(01317.HK)目標價至2.4元 評級「中性」
高盛發表研究報告指,楓葉教育(01317.HK)2020下半財年淨收入按年下降11%,較預測低12%,主要由於停課期間向學生退還學費,以及疫情下夏令營和其他海外教育服務均取消所致。
期內經調整營業利潤率為31%,較高盛預測的35.8%低。公司於2020年8月完成收購加拿大國際學校(CIS)的收購,但未為2020財年的收入貢獻任何收入,並因收購而未有派發末期息。
該行將2021至2023財年收入預測下調7%至8%,預計在入學率增長放緩、疫情對海外學校的持續影響以及非學費收入下降,學費收入內生增長將放緩,但估計2021財年起CIS及Kingsley學校的收入將併表,2021財年收入可望按年增長50%。
高盛同時將2021至2023財年的經調整每股盈利預測下調6%至7%,目標價由2.7元下調至2.4元,評級「中性」。
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