星展銀行:政策利好和投後管理促估值重評 上調中滙集團(0382.HK)目標價至11.1港元 評級“買入”
星展銀行4月23日發研報指,中滙集團(0382.HK)2021年上半年業績符合預期,核心利潤同比增長32.5%至2億元人民幣。星展預計,在華商學院成功轉設後,憑藉學生人數持續增長、學費的穩步提高以及利潤的擴張,預期中滙集團的收益在2021-23財年將實現同比20-30%的內生增長。此外,新收購的四川學院發展步入正軌,向着2021年3.6億元人民幣的收入目標推進。經過兩個月的整合,四川學院貢獻了約4,800萬元人民幣的收入,該行預計,隨着培訓服務帶來的收入增加,其在2021年下半年將有更多的上升空間。
星展銀行還稱,市場低估了政策對高等教育的積極影響,廣東省政府2021年為中滙集團旗下的華商學院提供3,800個專升本名額,而2020年為2,000個。該行預計,隨着進一步的積極政策信號,公司估值將獲重評。同時,隨着良好的投後管理下新收購學校的改善,公司股價亦將進一步重估。星展銀行給予中滙集團“買入”評級,目標價由9.6港元上調至11.1港元。
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