《大行報告》麥格理削中教控股(00839.HK)目標價至13.1元 評級「跑贏大市」
麥格理髮表研究報告指,在學生入學率穩步增長及經營槓桿強勁等帶動下,中教控股(00839.HK)截至2月底止上半財年收入按年增長近29%,純利更升40.5%,超出該行及市場預期。
考慮到職業教育支持政策持續出臺,以及海外地區入境管制措施逐步放寬,麥格理預計中教集團將繼續在高等教育機構中鞏固地位。計及年內收購新學校的合併成本,麥格理將2022財年全年淨利潤預測下調1%,而基於強大的經營槓桿,將其2023至2024財年預測上調0.7%及1.5%。
由於集團未來併購策略將轉移至關注內生增長,該行將其目標價由23.5元大幅下調至13.1元,對應2022財年預測市盈率降至15倍,維持「跑贏大市」評級。
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