《大行報告》麥格理上調華夏視聽教育(01981.HK)目標價至9.2元 評級「跑贏大市」
麥格理發表研究報告指,華夏視聽教育(01981.HK)去年12月收購美術培訓品牌水木源,與自營的兒童藝術培訓業務同步發展,教育業務不斷擴張至新城市,預期隨著學費上升及入學人數增加,未來兩年高等教育業務可以實現複合年增長率35%。
報告指出,水木園旗下5個校區共有3,100名學生,武漢和廣州的新校區將於夏季前投入運營。華夏視聽目標未來兩年學生總數增長至1萬人,預期至2022年收生人數可達5,000人,任何非自然增長可進一步提高相關預測。
另外,集團旗下南京傳媒學院已於2020年獲轉換批准,該行預計2021至2022年學生總入學率持續提高至16%及14%,學費亦會相應提高,2021年起無須再支付許可費,預計2021至2022年利潤將分別增長37%和35%。
麥格理表示,截至2020年底華夏視聽擁有約7.5億元人民幣現金,有足夠資本作收併購及擴張現有學校,目標價由6.1元上調至9.2元,重申「跑贏大市」評級。
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