《大行報告》大摩升中教控股(00839.HK)及新高教(02001.HK)評級至「增持」 普降教育股目標價
摩根士丹利發表報告,指儘管未來幾年內地入學人數增長放緩,並且盈利性機構註冊存在不確定性,但優質教育股存在投資機會,看好中教控股(00839.HK)在本科職業教育方面的進步,看好新高教(02001.HK)股息率,將兩股評級由「與大市同步」上調至「增持」。
大摩下調教育股目標價,維持中彙集團(00382.HK)和中國科培(01890.HK)的「增持」評級;並將宇華教育(06169.HK)評級從「增持」下調至「與大市同步」,因爲儘管其學校質量良好,但對其低股息前景並不樂觀。另外大摩維持希望教育(01765.HK)和華夏視聽教育(01981.HK)「減持」評級。
大摩預計2021至2025年高等教育(本科及大專)的總入學人數將以2.9%的複合年增長率增長,本科職業入學貢獻約34%的增長,而大專入學人數增長將放緩至低單位數的複合年增長率,而銜接學位入學人數複合年增長率也將逐漸放緩至13%,因此擁有更多學士學位職業教育業務敞口的公司,將從這一趨勢中受益更多。
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