《大行報告》花旗上調中教控股(00839.HK)目標價至24元 評級「買入」
花旗發表報告指參與了中教控股(00839.HK)半年度業績後分析員會議,核心盈利按年上升50%至7.38億元人民幣,比該行及市場預期分別高出14%和15%。
花旗指,由於學生入學率強勁增長和更好的利潤率,將2021至2023年度的盈利預測提高15%至17%。考慮到其自然增長穩固,加上強大的併購能力,包括併購項目庫中有77個充足的潛在項目,維持「買入」評級,目標價由20元上調至24元。
報告引述管理層的業務指引,料公司每年將進行二至三項併購,目前有7個目標學校;又指公司短期現金充裕,融資需求不高;至於自然增長方面管理層目標未來三年做到年均複合增長15%。
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