建銀國際:維持中匯集團(0382.HK)優於大市評級 升目標價至10.81港元
建銀國際發表研究報吿指出,中匯集團(0382.HK)首財季(去年9-11月)業績大致符合預期,上調公司2021/22年度盈利預測分別12%和19%,以反映首財季表現和新收購學校的影響,估計在今年收入增加43%支持下,集團核心純利按年可升41%,目標價調升60.6%,由6.73港元升至10.81港元,維持優於大市的評級。
建銀國際報吿指出,中匯首財季收入按年增加15.6%至2.44億元人民幣,入學學生增加10.1%,學費平均升約5%,毛利率按年擴闊0.4百分點至49.9%,反映因成本控制得宜,公司毛利率隨規模增加。
報吿提到,中匯上月收購四川新概念教育投資公司及成都育德後勤管理公司51%股權,估計本月起財務整固,預測至今年8月底,在校學生可增至60351人,業務強勁增長,加上成功控制成本,料有助中匯2021年度毛利率擴張0.9個百分點至50.5%,而EBIT利潤率料升5.2個百分點至43.2%。

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