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《大行報告》花旗下調楓葉教育(01317.HK)目標價至1.9元 評級「沽售」
阿思達克 05-04 09:44
花旗發表報告,指楓葉教育(01317.HK)中期經調整純利約3.15億元人民幣(下同),按年增長12%,遠低於收入按年增長38%至近11億元,主要是由於新收購海外學校KIS和CIS利潤率較低。由於受兩所收購學校的利潤率拖累,該行將2021至2023年度的盈利預測削減4%至8%,目標價由2元下調至1.9元,相當於未來十二個月預測市盈率7倍。評級維持「沽售」。

鑒於疫情和政府對K9學校的監管存在不確定因素的情況下,國際學校的需求面臨基本面下行風險。另外,雖然受疫情影響,管理層仍然保持原本的目標,即到2025年在全球約50個城市建立學校,

擁有11萬名學生,包括10萬名中國學生和1萬名海外學生。該行認為進一步的海外擴張亦可能會增加公司的財務負擔。

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