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《大行報告》瑞銀下調中教控股(00839.HK)目標價至22元 評級「買入」
阿思達克 11-26 09:59
瑞銀發表研究報告指中教控股(00839.HK)2021年盈利表現勝預期,主因其他收入和較低稅款帶動。收入增38%,受惠海口經濟學院(HUE)的貢獻以及其他現有學校的自然增長。 該行指,雖然因疫情關係,河南實施限制措施,令旗下職業學校新學生人數受影響,收入仍較該行預期高2%;經營溢利則遜預期,相信是基於HUE的邊際利潤較低,但被其他收入和低稅項支出所抵銷。 該行相信公司自然增長率維持健康,雖然管理層重申其目標每年作2至3項收購,但該行基於近期交易的估值昂貴,調低對未來收購活動預期,並調降2022至23年收入預期分別2%及7%,經調整盈利預期則分別上調3%及下調2%,維持「買入」評級,目標價由24元降至22元。
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