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《大行報告》大摩上調中教控股(00839.HK)目標價至15.9元 評級「與大市同步」
阿思達克 12-01 10:15
摩根士丹利發表研究報告指出,中教控股(00839.HK)的高等教育收入按年升58%,2021財年上半年自然增長約20%,主要由於招生人數增長所推動。基於2021/22學年的招生人數按年增長24%(按年有機增長9%),加上與四川錦城學院的併購和學位收生的驅動下,該行預期公司的高等教育業務繼續按年增長約35%,並指該業務具防禦性。 該行指出,雖然中教控股的中等職業教育收入及招生人數分別按年跌5%及10%,但僅佔公司總收入的19%,另估計公司2022財年中等職業教育收入將持續按年跌約5%。 此外,該行預期中教控股2022財年收入按年增長26%至46.5億元人民幣。假設學校利潤率穩定,該行對其2022財年的經調整溢利維持按年增長16%至18億元人民幣的預測不變。目標價由15.3元上調至15.9元,維持「與大市同步」評級。
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