星展银行:政策利好和投后管理促估值重评 上调中滙集团(0382.HK)目标价至11.1港元 评级“买入”
星展银行4月23日发研报指,中滙集团(0382.HK)2021年上半年业绩符合预期,核心利润同比增长32.5%至2亿元人民币。星展预计,在华商学院成功转设后,凭借学生人数持续增长、学费的稳步提高以及利润的扩张,预期中滙集团的收益在2021-23财年将实现同比20-30%的内生增长。此外,新收购的四川学院发展步入正轨,向着2021年3.6亿元人民币的收入目标推进。经过两个月的整合,四川学院贡献了约4,800万元人民币的收入,该行预计,随着培训服务带来的收入增加,其在2021年下半年将有更多的上升空间。
星展银行还称,市场低估了政策对高等教育的积极影响,广东省政府2021年为中滙集团旗下的华商学院提供3,800个专升本名额,而2020年为2,000个。该行预计,随着进一步的积极政策信号,公司估值将获重评。同时,随着良好的投后管理下新收购学校的改善,公司股价亦将进一步重估。星展银行给予中滙集团“买入”评级,目标价由9.6港元上调至11.1港元。
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