尚乘集團:中滙集團(0382.HK)上半年業績符合指引,予其”買入“評級,目標價13.72港元
尚乘集團發研報指,中滙集團(0382.HK)上半年業績符合指引,收購和有機增長將繼續成為公司學生人數增加的雙引擎。尚乘料公司2021財年淨利潤有望實現同比43%的增長,其現價對應約18.6倍2021財年市盈率,該行給予公司”買入“評級,基於DCF模型給予其13.72港元的目標價(對應約30倍2021財年市盈率),較4月20日的收盤價8.63港元有59%的潛在升幅。
尚乘集團表示,中滙集團的2021上半年收入為5.54億元人民幣(同比增長32.5%);淨利潤為1.65億元人民幣(同比增長12%);經調整淨利潤為人民幣2億元,同比增長32.5%,相當於該行全年預測的48%。毛利潤率維持在50%的高水平,而調整後的淨利潤率為36%,均符合預期。公司宣佈派發中期股息0.055港元/股,同比增長12%,與其淨利潤增幅一致。
尚乘集團還稱,中滙集團收購了城市職業學院和城市技術學院之後,截至2021年2月底,新生入學人數同比增長77%至62404人。這兩所新學校現在佔中滙集團學生總數的33%。公司旗下華商學院和華商職業學院的學生人數也分別同比增長3.7%和25%;學費則分別實現了9.6%和5.1%的有機增長。該行相信江門校區未來的容量增長將是中滙集團的下一個主要增長動力,預期新校區可容納12000名學生。尚乘集團還預計在公司2021財年下半年收到學費的現金流入後,其資產負債表的將在年底前恢復到淨現金狀態。
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