You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
天立教育(01773.HK):華僑城減持完成,關注價值修復,維持“買入”評級
格隆匯 01-06 14:55

機構:天風證券

僑城(亞洲)於2019年11月7日至2020年1月3日通過二級市場及大宗交易合計減持天立教育所有股份,合計1億股,佔總股本4.8%,交易均價3.1-3.12港幣;具體來看,

2020年1月3日,華僑城(亞洲)公告,其全資子公司華昌國際於2020年1月3日在二級市場上進行交易及通過大宗交易出售合共4266.6萬股天立教育股份(佔總股本2.06%),平均售價為3.10港元,較1月2日收盤價無溢價。本次出售所得款項總額合共約為1.32億港元(不包括交易成本),本次出售後華僑城(亞洲)不再持有任何天立股份。

2019年12月20日,華僑城(亞洲)公告,其全資子公司華昌國際於2019年11月7日至12月20日,在二級市場上進行一連串交易及通過大宗交易出售合共5733.4萬股天立教育股份(佔總股本2.76%),平均售價為3.12港元,所得款項合計約為1.79億港元(不包括交易成本)。

華僑城(亞洲)主要業務活動為投資控股,主要從事綜合開發業務(包括開發和經營旅遊主題公園、開發及銷售住宅、建造合約、開發及管理物業以及物業投資)以及新型城鎮化產業生態圈投資業務。華僑城(亞洲)認為出售事項以市價進行,可以為其帶來投資收益以及增加流動資金。

我們認為本次華僑城(亞洲)減持完畢,一方面將釋放二級市場流動性,目前公司實控人羅實通過SkyEliteLimited持股41.6%;公司員工持股計劃通過SkyVistaLimited持股6.07%,兩者合計持股47.64%;另一方面無溢價減持體現投資者堅定信心。

維持盈利預測,給予買入評級。

天立快速開校一方面在於二三四線教育資源相對緊缺,天立憑藉自身辦學經驗有效豐富當地教育供給,藉助民辦特有靈活優勢提高運營效率;另一方面將有效減輕地方財政壓力,全國多數地方政府大都對民辦教育採取積極歡迎態度。我們始終堅定看好天立模式,認可其對優質教育資源經驗的異地輸出與複製。目前政策尚未最終落地,但因地制宜引導優質民辦教育發展或是長期方向,建議積極關注。我們預計天立FY19-20年淨利分別為2.85億、3.9億,對應PE分別為21xPE、16xPE。

風險提示:新籤校招生不及預期,民促法實施條例尚未落地。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.
uSMART
Wealth Growth Made Easy
Open Account