《大行報告》麥格理上調中國新華教育(02779.HK)目標價至4元 評級「跑贏大市」
麥格理發表研究報告指,中國新華教育(02779.HK)去年度收入按年升9.4%,純利升20.2%,雖然收入較預測低1.2%,但盈利則較預測高出10.5%,加上收生人數及學費水平趨升,維持「跑贏大市」評級。
報告指出,截至去年底止集團在校生人數4.64萬人,其中全日制在校生人數達4.25萬人,校區擴建預期於2021年9月前完成,2021至2022學年總收生人數預期維持按年增長9%至10%,2021財年底學生人數料增長至約5萬人。
麥格理表示,去年度教師薪金下跌,令毛利率提升至65%,預期今年度疫情影響消褪,毛利率將回落至約60%水平。該行將2021至2022財年盈測上調5.4%及1.3%,目標價由3.5元升至4元。
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