《大行報告》大摩普遍下調教育股目標價 降希望教育(01765.HK)評級至「減持」
摩根士丹利發表研究報告指,今年內地高中學術輔導及考試準備職業輔導的監管仍然存在,預期正規職業教育將是主要支持領域,在新監管框架下各教育機構將繼續重組業務,當中看好中國東方教育(00667.HK)、科培教育(01890.HK)、宇華教育(06169.HK)及中彙集團(00382.HK),評級「增持」。
報告指,內地監管將繼續側重於令初中教育更加公平,減輕學生學習和家庭支出的負擔,提升高等教育質量,提高職業教育的規模和質量,並提供監管和財政支持。同時,內地當局預期將推出更多支持措施,例如職業高考及分數制度,提高技能培訓水平,但預期今年職業考試準備培訓業務監管會持續收緊,令競爭更加激烈。
大摩估計,教育機構2022財年盈利前景保持穩定,利潤增長約14%至30%,上半年併購活動較少,市場對營利性註冊情況較爲擔憂,但隨着對正規職業教育更多支持性措施實施,下半年或迎來行業重估機會,維持盈利預測不變,但將估值折讓10%以反映營利性註冊制度的不確定性。
大摩將希望教育(01765.HK)及好未來(TAL.US)的評級由「與大市同步」降至「減持」,目標價分別降至1.4港元及3.5美元。
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