《大行报告》高盛:枫叶教育(01317.HK)中期业绩较预期弱 下调目标价至2.1元
高盛发表报告,指由於海外学校的毛利率下降和财务成本上升,将枫叶教育(01317.HK)2021年度每股盈利预测下调20%以上,2022至2023年度每股盈利预测平均下调6%。目标价由2.4元下调至2.1元,较4月30日收市价2.04元有3%潜在上升空间。评级维持「中性」。
高盛指,枫叶教育中期业绩表现逊预期。由於其国内学校的学生入学率下降,因此将2021至2023年度的收入预测下调1至3%,但非学费收入增加部分抵消了这一部分影响,预计2021年度的收入将按年增长45%至22.1亿元人民币,主要是受收购的海外学校Kingsley International School(KIS)和Canadian International School(CIS)整合所推动。不过公司的海外学校毛利率较低,而且利息支出较高,对2021至2023年度的经调整税息折旧及摊销前利润预测分别下调9%、5%及4%。
对於中国的私立学校领域,该行仍然倾向於中国的私立高等教育机构,即是获买入评级的中教控股(00839.HK)和宇华教育(06169.HK),而非私立K-12学校运营商。
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