大行評級|里昂:對中國教育行業持審慎看法 下調中教控股及新高教的目標價
里昂發表研究報吿指,考慮到有部分學校為滿足學位升級要求而進行招生控制、中職學位需求萎縮以及部分地區設有學費上限規定,預計中國教育機構收入增長將放緩。另外由於預計中教控股及新高教近期將增加投資,利潤率下行壓力更大,股息前景更為黯淡。里昂預計中教控股及新高教今年收入增幅將分別放緩至11%和9%,今明兩年盈利預測則下調15%至40%,預期未來幾年收入及盈利增長都會放緩。中教控股暫停未來幾年的股息支付,而期待已久的營利性民辦學校登記亦依然處於停滯狀態,里昂將其評級從“跑贏大市”下調至“持有”,目標價從5.8港元下調至2.6港元。至於新高教目標價則從2.9港元下調至1.17港元,評級亦由“跑贏大市”降至“持有”,建議投資者對中國教育行業持審慎看法。
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