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大摩Morgan Stanley:收購學校利於新高教集團(2001.HK)未來收入增長 上調評級至“增持” 目標價升至7.5港元
格隆匯 04-29 15:31

大摩發研報指,新高教集團(2001.HK)內生持續增長,新學校並表將貢獻22財年業績,併購學校投後管理效果顯現。上調新高教集團的評級至“增持”,目標價升至7.5港元。

該行認為公司2021財年上半年的收入在剔除財年年度結算日調整的影響後仍實現純內生同比增幅增長達16%,高於高等教育行業同期內生增長區間:10%-15%的上限。而已於4月份並表的甘肅學校和預計在2021年底的並表的鄭州學校也將為公司2022財年業績增加效益。

大摩指出,新高教的利潤率和資產負債表正逐步改善。得益於有效的成本控制、降低的融資成本和已收購的學校利潤情況的提高,公司2021財年中期經調整淨利潤率明顯提升。此外,新高教的資產負債表改善明顯,同時,加權平均利率較2018年底下降了130個基點。

同時,新高教學校收購後投後成果明顯。儘管受到新冠疫情影響,公司旗下學校畢業生的平均就業率依然從2019年的97%上升至2020年的98%。且年薪在8萬元以上、就讀研究生或入職公務員的畢業生比例仍較2020年度增長了一倍。

大摩認為,不考慮新高教未來外延的前提下,目前公司2022財年的市盈率為11倍,較中教控股的21倍和宇華教育的15倍有大幅提升空間,極具吸引力,上調新高教集團的評級至“增持”,目標價升至7.5港元。

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