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大行評級|瑞銀:下調中教控股目標價至7.8港元 維持“買入”評級
瑞銀髮表研究報吿指,中教控股2024財年上半年的收入及經營溢利表現勝於預期,不過淨利潤表現卻略低於預期。該行表示,中教控股學生入學人數增長8.5%,及每位學生收入增加9%,推動公司今年上半年的營業收入按年增加18%,比該行及市場預期高3%;至於經營溢利增長16%,分別高於該行及市場預期5%及1%,不過亦意味着經營利潤率按年收縮100個基點。瑞銀亦預計,中教控股於未來將產生110億元的累計營業現金流,足以覆蓋公司的資本開支之餘,亦將有剩餘資金用於股息分派。鑑於中教控股今年上半年的業績表現增長及更多的產能擴張,該行將公司2024至2026財年收入預測上調1%至2%;將同期的經營溢利預測提升3%至5%,反映公司更好的營運槓桿及更高的政府補貼;亦將同期的淨利潤預測提高2%至4%,基於公司積極的經營發展,被較高的税收及少數股東權益所抵銷。基於上述因素,瑞銀將中教控股目標價由8.4港元下調至7.8港元,此相當預測今年市盈率9倍,維持“買入”評級。
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