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瑞銀:新高教集團(2001.HK)2019財年業績超預期 資產負債表顯著改善 予“買入”評級
格隆匯 03-30 13:51

瑞銀髮表了對新高教集團(2001.HK)的研究報告,稱該公司2019財年營收及利潤超預期,同時資產負債表也得以快速改善,給予其12個月內“買入”評級,目標價4.6港元,較3月24日2.35港元的收盤價有95.75%的上行空間。

報告稱,2018至2019年,隨着四所學校的並表,加上得益於學費單價提升,公司在2019財年的營收同比實現94%的增長,分別超瑞銀及市場預期5%及3%。得益於銷售管理和行政費用以及融資成本的減少,公司全年調整後淨利潤同比增長41%,符合瑞銀此前預期,同時好於市場普遍預期7%。

值得注意的是,投資者此前所擔憂的資產負債表情況也獲得了顯著的改善,該公司淨負債率已從2019年6月份的43%下降至12月份的18%,好於瑞銀預期的21%及市場一致預期的29%。

瑞銀表示,看到管理層在未來舉措及發展前景積極的一面,包括在民辦高等教育行業監管趨向支持的推動下,更加專注於公司的有機增長,以及實施更為謹慎的併購策略。

在公司業績超預期表現以及資產負債表的改善下,瑞銀預計市場將會對這一結果做出積極的反應。

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