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《大行報告》匯豐研究上調中教控股(00839.HK)目標價至11元 評級「買入」
阿思達克 12-01 10:35
匯豐環球研究發表報告指,中教控股(00839.HK)2022財年的有機收入增長符合預期,但毛利率略有下降。該行指,高等教育行業已被市場下調估值水平,並自去年中以來一直處於低位水平附近。該行指雖然不期望中教股價能在政策不確定性下急劇反彈,但相信營利性註冊的進展可能有助於恢復市場信心。 該行表示,保持對中教控股收入預測基本不變,但將明年和後年的毛利率假設下調2.1至2.5個百分點,以反映該集團的最新成本結構,預計毛利率將穩定在57%左右。該行指對中教明年的核心收益預測提高6%,對2024年預測則降低2%。 匯豐研究表示,將中教控股目標價由9元上調至11元,相當於預測2023財年市盈率13倍,維持「買入」評級。
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