《大行報告》大摩下調宇華教育(06169.HK)目標價至1.3元 評級「與大市同步」
大摩發表評級報告指,宇華教育(06169.HK)截至2月底上半財年收入按年增5%至12億元人民幣,低於該行的12.8億元人民幣。由於教師工資、學生培訓及獎學金等投資增加,以致其毛利潤下跌10.6個百分點至56.6%。
該行表示,營運支出佔公司整體收入9.7%,亦稍高於預期,因此調整後淨利潤按年下跌7個百分點至5.759億元人民幣,較該行預期低19%,較之前指引(按年增長20%)低27%。
該行將其目標價由1.8元下調至1.3元,相當於公司明年預測市盈率4倍,符合目前水平,並維持其「與大市同步」評級。(ca/u)
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