《大行报告》高盛下调枫叶教育(01317.HK)目标价至2.4元 评级「中性」
高盛发表研究报告指,枫叶教育(01317.HK)2020下半财年净收入按年下降11%,较预测低12%,主要由於停课期间向学生退还学费,以及疫情下夏令营和其他海外教育服务均取消所致。
期内经调整营业利润率为31%,较高盛预测的35.8%低。公司於2020年8月完成收购加拿大国际学校(CIS)的收购,但未为2020财年的收入贡献任何收入,并因收购而未有派发末期息。
该行将2021至2023财年收入预测下调7%至8%,预计在入学率增长放缓、疫情对海外学校的持续影响以及非学费收入下降,学费收入内生增长将放缓,但估计2021财年起CIS及Kingsley学校的收入将并表,2021财年收入可望按年增长50%。
高盛同时将2021至2023财年的经调整每股盈利预测下调6%至7%,目标价由2.7元下调至2.4元,评级「中性」。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.