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東英金融:中滙集團(0382.HK)規模擴張將帶來估值重評,予目標價11.2港元,維持“買入”評級
格隆匯 04-23 09:10

東英金融發研報指,中滙集團(0382.HK)上半年收入與經調整淨利潤均同比增長32.5%,分別達到人民幣5.54億元及2億元,擬派中期息每股5.5港仙。公司的收購進程才剛剛開始,學生人數增長前景強勁。該行維持其“買入”評級,基於23.2倍/16.4倍的2021/22財年市盈率,給予目標價11.2港元,較4月21日的收盤價8.51港元有31.6%的潛在升幅。 

東英金融表示,中滙集團第一季業績達到預期主要得益於新收購的四川學校的貢獻(自今年1月21日以來貢獻淨利潤1140萬元)、華商學院的有機增長以及毛利率的改善。該行相信中滙集團今年下半年的收益同比增長幅度將超80%,並實現2021財年12.5億元的收入目標。

該行指出,中滙集團的學生人數增長前景強勁,其旗下華商學院的規模擴大以及收購四川的學校,將帶來2020-23財年34.3%的學生人數複合年增長率,這將是中滙集團的主要增長驅動力。該行還認為職業教育的優惠政策(包括放寬學位名額)亦會令行業受惠,據悉,華商學院SY21/22升學名額將達到3834人,同比增長113%。

此外,東英金融認為中滙集團的收購進程才剛剛開始,料未來幾年公司將擁有強勁的現金流以支持其收購更多的學校。該行調整了中滙集團的盈利預測,預計公司2020-23財年每股盈利的複合年增長率為32.4%,這得益於今年1月21日華商學院成功轉設帶來的有機增長和更高的利潤率。東英金融認為,鑑於明顯且規模可觀的擴張路徑,與中小型高等教育企業相比,中滙集團理應獲得較高的估值,並認為在不久的將來,公司將展開更多的併購,這將成為重新評級的催化劑。

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