新高教集團(2001.HK)：2020財年內生外延增長路徑清晰 獲多家大型國際機構看好 花旗目標價7.9港元
新高教集團(2001.HK)公佈2020財年業績稱，期內主營收入 12.9 億元，同比增長 77.8%；歸母淨利潤4.3億元，同比增長127.3%。績後，花旗、大摩、新加坡星展DBS等多家國際券商發研報給出最新目標價及評級，紛紛表示看好新高教集團2020財年業績及管理層對未來的展望指引。花旗、大摩及新加坡星展DBS均重申“買入”評級，其中最高目標價7.9港元，較現價有72%上漲空間。
花旗：盈利增長強勁，現金狀況進一步改善，維持 “買入”評級及目標價7.9港元
花旗指出，新高教集團2020財年的業績表現亮眼，盈利增長強勁，得益於強勁的內生增長和新併購學校的加持。展望未來，隨着2021財年學生人數的增長和學費的上漲，該行預計集團業務強勁增長將持續。考慮到9月發行可轉債和新學年收取學費與住宿費，花旗認為其現金狀況進一步改善，併購能力增強，未來不排除進一步收購的可能性。基於集團強勁的內生增長和低估值，花旗維持新高教“買入”評級並予以目標價7.9港元。
大摩：以內生外延增長為目標，三年利潤複合年增長率料達30%，予“增持”評級，目標價6.4港元
大摩指出，新高教集團在提高現有學校質量和提高平均學費的基礎上，在2021財年開始自建學校並同時推進併購，三年利潤複合年增長率達到30%。此外，公司資金儲備充沛，其中包括9月份通過可轉債和配股籌集的約人民幣8.8億元資金，以及新學年收取的人民幣14億元學費和住宿費。大摩預計，經調整後的淨利潤將在2021財年同比增長33%至人民幣5.72億元，給予其“增持”評級，目標價6.4港元。
新加坡星展DBS：優質教學服務提高定價能力，內生增長戰略積極，重申
“買入”評級，目標價7港元
新加坡星展DBS指出，新高教集團採取通過提供優質教學服務來提高定價能力的戰略，預計在2021-23財年期間，集團的學費將能夠保持複合增長10%。此外，在實現內生增長的基礎上，集團還在積極尋找合適的收購目標。DBS看好新高教集團的內生增長優勢，該行稱，新高教集團目前21財年的預測市盈率為10倍，低於同行平均水平，認為市場低估了公司的內生增長潛力。星展重申新高教“買入”評級，目標價7港元。
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