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《大行報告》高盛:楓葉教育(01317.HK)中期業績較預期弱 下調目標價至2.1元
阿思達克 05-04 14:36
高盛發表報告,指由於海外學校的毛利率下降和財務成本上升,將楓葉教育(01317.HK)2021年度每股盈利預測下調20%以上,2022至2023年度每股盈利預測平均下調6%。目標價由2.4元下調至2.1元,較4月30日收市價2.04元有3%潛在上升空間。評級維持「中性」。

高盛指,楓葉教育中期業績表現遜預期。由於其國內學校的學生入學率下降,因此將2021至2023年度的收入預測下調1至3%,但非學費收入增加部分抵消了這一部分影響,預計2021年度的收入將按年增長45%至22.1億元人民幣,主要是受收購的海外學校Kingsley International School(KIS)和Canadian International School(CIS)整合所推動。不過公司的海外學校毛利率較低,而且利息支出較高,對2021至2023年度的經調整稅息折舊及攤銷前利潤預測分別下調9%、5%及4%。

對於中國的私立學校領域,該行仍然傾向於中國的私立高等教育機構,即是獲買入評級的中教控股(00839.HK)和宇華教育(06169.HK),而非私立K-12學校運營商。

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