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《大行》匯研升中教控股(00839.HK)目標價至3.5元 續籲「持有」
匯豐研究報告指,中教控股(00839.HK)股價近日上漲,因同業宇華教育(06169.HK)旗下學校獲批轉型為牟利學校。該行認為有關情況反映牟利學校轉型的審批程序可能加快,但有關程序複雜耗時,牽涉及多個政府部門,而且個別地區的進展並不代表其他地區會同步加速,因各地審批進度存在差異。而目前中教控股旗下學校尚未有實質進展。 該行對宇華教育的學校轉型進展持樂觀態度,令行業前景略有改善。經過近期股價上漲後,中教控股估值仍處於低位,應能阻止股價下行。不過,短期利潤率承壓,加上收入增長可能放緩以及暫停派息,或限制股價進一步上行;維持「持有」評級,目標價由原先2.75元升至3.5元。
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