《大行報告》瑞銀削中教控股(00839.HK)目標價至8.4元 業績遜預期
瑞銀發表報告指,中教控股(00839.HK)今年8月底止下半財年業績遜預期。下半財年收入增長18%,低於瑞銀和市場預期分別4.5%和2.2%,主要原因是中職教育業務疲軟,而高等教育業務則進展順利。經調整淨利潤增長3%,低於瑞銀和市場預期各11.5%及6.7%,原因是教師工資增加、利息支出增加以及海南學校的少數股東權益增加。
雖然缺乏併購,但該行認為在現時業務管線下,中教控股15%的內生增長目標應能如期實現。該行預計,中教2024財年經調整淨利潤增長將放緩至12%,因為認為2023財年較高的成本可能會持續。目標價由15元大削至8.4元,維持「買入」評級。
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