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花旗:下調中教控股(0839.HK)目標價至14港元 評級“買入”
格隆匯 11-28 13:22

花旗發表研究報告指,與中教控股(00839.HK)管理層會面後,知悉其現時現金水平應可支持公司於2020財年有兩宗或以上的收購,而位於松田、山東及重慶的大學特許使用費或有機會獲移除,而管理層亦估計未來政策應有利高等教育板塊,惟最終《民促法》最終稿仍未知何時推出。

該行指出截至2019財年,公司手頭上有42.5億元人民幣(下同)的現金,收購澳大利亞國王學院後,撇除資本開支應仍有大約20億元,管理層估計2020財年將再有約兩宗收購。

花旗認為現時松田、山東及重慶的大學均需要將18%、20%及8%的學費收入投放於公共大學內,但基於早前的修訂稿,相關費用有機會可獲移除,意味相關學校的利潤或有潛在改善空間。另一方面,管理層預期內地高等教育方面的政策展望料對行業有利,惟最終稿何時推出仍未知。此外管理層認為澳大利亞國王學院應可為其內地學校帶來協同效應,因為學分獲認許,故料本地學校亦具學費增長潛力。

由於利潤率較預期低,花旗將中教控股2020及2021財年的盈利預測分別下調7%,目標價由15港元降至14港元,認為考慮到利息開支及盈利的波動性,投資者憂慮或增加,但仍維持對公司“買入”的評級,認為屬行業領導者,同時具不錯的併購前景及經營往績。

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