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《大行報告》花旗上調宇華教育(06169.HK)目標價至10元 評級「買入」
阿思達克 05-03 12:07
花旗發表的研究報告指,與宇華教育(06169.HK)管理層召開了投資者會議,維持「買入」評級,認為公司學校有穩健表現,加上聚焦於教育,而潛在併購亦有機會帶來上行,將公司2021-23年核心盈利預測升7-8%,目標價由9.4元升至10元。

該行指出上半財年公司經調整溢利為6.91億元人民幣(下同),按年增長40%,期內收入升8%至14億元,主要受惠大學收入升11%至10億元,學生報讀提升及成本管控等帶動毛利率擴闊4.5個百分點至62.6%,期內銷售及行政開支均有下跌,帶動經調整淨利潤率改善11.4個百分點至50.6%。

花旗指出公司重點學校鄭州工商學院已建立新校園,今年可容納4萬名學生,學費加幅亦有機會超越之前限制的1.8萬元;湖南涉外經濟學院已有3.4萬名學生,其學費達2.4萬元,但今年仍有機會上升;山東英才學院亦有3.4萬名學生,料學費將自現時1.9萬元水平提升。該行對公司核心學校維持增長勢頭感樂觀,同時亦相信管理層正積極留意潛在併購,相信將針對內地有質素的本科學校,學生人數逾1萬人。(el/a) ~

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