新高教集團(02001.HK)獲東英金融首次覆蓋，評級“買入”目標價7.20港元
據悉，中國新高教集團(02001.HK)近日獲東英金融首次覆蓋並給予“買入”評級，目標價為7.20港元。東英金融表示，中國新高教集團2020新財年內生增長十分強勁，現有學校的未來發展可持續，且新一輪增長指日可待。
學生人數及學費增長可期
中國新高教集團在無新學校併入的情況下，2020/2021學年的學生人數仍能夠實現雙位數增長。另外，因其旗下學校多位於高等教育毛入學率相對較低的省份，未來將持續受益於地方政府發展民辦高等教育的激勵政策。
東英金融指出，中國新高教集團平均學費正呈上升趨勢。考慮到高於同業的就業率水平，東英金融相信中國新高教集團未來學費進一步提高的空間巨大。
外延計劃清晰，執行能力強
在外延方面，東英金融對中國新高教集團的執行能力極具信心，因其2020年先內後外併購，進一步收購河南及廣西學校少數股權，並已於2018-2019年完成大多數併購交易，以及於2020年收回新疆學校的預付款。東英金融認為,中國新高教集團有能力通過優化課程設置及培養畢業生在就業市場上的競爭力來釋放新學校的價值，併購後河南學校及廣西學校的淨利潤分別增長361%和41%。
東英金融指出，中國新高教集團未來外延計劃清晰，在粵港澳大灣區、成渝地區等國家政策重點支持的區域新建及收購學校，同時，華中學校及甘肅學院的轉設也在有序進展中。新財年業績發佈時在手現金達人民幣33億元，東英金融認為強勁的現金儲備將能夠確保其在未來有能力執行外延計劃。
新一輪增長指日可待，評級“買入”目標價7.20港元
考慮到中國新高教集團正通過豐富其服務拓寬收入來源，加之強勁的內生增長及外延能力，東英金融首次覆蓋即給予中國新高教集團“買入”評級，基於2021財年預計的17.9倍市盈率給予目標價7.20港元。東英金融相信，中國新高教集團有能力完成核心淨利潤年複合增長率的預期指引，並表示隨着資產負債進一步改善，其與其他頭部同業的估值差距也將逐漸縮小。東英金融強調，中國新高教集團新一輪增長指日可待，將成為推動其股價上漲的催化劑。
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