建銀國際:中滙集團(0382.HK)具有多重可持續增長力 維持其“跑贏大市”評級 目標價10.81港元
建銀國際發研報指,維持中滙集團(0382.HK)“跑贏大市”評級,預計公司2021/22財年經調整淨利潤同比增長38%/34%,給予目標價10.81港元,對應22倍2021年市盈率。
建銀國際表示,中滙集團2021財年上半年(2020年9月至2021年2月)的經調整淨利潤同比增長32.5%,與其3月初發布的盈喜“經調整淨利潤同比增幅不低於30%”預期一致。期內,中滙集團的營收同比增長32%至5.54億元人民幣,主要受益於招生人數、平均學費的有機增長,以及收購兩所四川學校今年1月並表後2個月的貢獻。此外,中滙集團宣派中期息每股5.5港仙,維持了公司30%的派息政策。
建銀國際還表示,中滙集團具有多重可持續的增長驅動力。受益於持續擴張的學校規模和在大灣區的良好聲譽,公司的有機增長保持不變。中滙集團旗下華商學院四會校區一期(248畝)已於2020年9月投入使用,二期(234畝)仍在建設中。同時,江門市新會區的新校區一期(683畝)預計將於2021年9月投入運營,再加上增城現有校區,預計在全面建成後,學生總人數將達到8萬人,支持公司未來三年的發展。建銀國際維持中滙集團於廣東的華商學院2所學校在2021財年收入增長17%-19%以及邊際擴張的預期,並預計在收購後,學校的盈利能力將逐步改善,因為公司可能會重新評估學費水平並提高運營效率。
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