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《大行报告》麦格理上调华夏视听教育(01981.HK)目标价至9.2元 评级「跑赢大市」
阿思达克 01-29 10:41
麦格理发表研究报告指,华夏视听教育(01981.HK)去年12月收购美术培训品牌水木源,与自营的儿童艺术培训业务同步发展,教育业务不断扩张至新城市,预期随着学费上升及入学人数增加,未来两年高等教育业务可以实现复合年增长率35%。

报告指出,水木园旗下5个校区共有3,100名学生,武汉和广州的新校区将於夏季前投入运营。华夏视听目标未来两年学生总数增长至1万人,预期至2022年收生人数可达5,000人,任何非自然增长可进一步提高相关预测。

另外,集团旗下南京传媒学院已於2020年获转换批准,该行预计2021至2022年学生总入学率持续提高至16%及14%,学费亦会相应提高,2021年起无须再支付许可费,预计2021至2022年利润将分别增长37%和35%。

麦格理表示,截至2020年底华夏视听拥有约7.5亿元人民币现金,有足够资本作收并购及扩张现有学校,目标价由6.1元上调至9.2元,重申「跑赢大市」评级。

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