港股異動 | 部分教育股反彈 瑞信稱板塊估值跌至新低 監管清晰化有助市場恢復信心
格隆匯1月28日丨部分教育股反彈,其中民生教育漲9%,華南職業教育,神通機器人教育漲超5%,中教控股漲近5%,21世紀教育、嘉宏教育漲3%,中彙集團跟漲。瑞信發表報吿指,較早前有未經核實的文件提到監管機構要求禁止VIE結構,收緊併購擴張並遏制學費加價。對於學費價格,該行認為職業教育公司將提高質量放在首位,同時淡化市場對加價的預期,目標是保持中低單位數增長。該行見到目前投資者對併購放緩的擔憂,加上隨着監管機構提高教育質量標準,收購後的管理可能會是另一個問題。不過,瑞信認為,公佈的法規目的是促進職業教育的高質量發展,料中國對人才的需求將繼續增加,積極的基調不太可能迅速改變。該行業估值已降至相當於2022年預測市盈率介於約5至10倍到歷史低位,預計監管方面的清晰度提高將有助於恢復市場信心。

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