《大行報告》瑞銀上調中教控股(00839.HK)目標價至16元 評級「買入」
瑞銀髮表報告指出,中教控股(00839.HK)管理層預期公司未來幾年在招生名額和每個學生收入有所增長的情況下,將維持良好的自然增長勢頭,而相對於該行預期公司2023至2025財年的年均複合增長率爲15%。
此外,該行引述中教控股管理層補充,併購或重新成爲公司增長動力,主要由於私立大學在一級和二級市場的估值變得合理;公司是市場上爲數不多擁有充足現金的公司之一。公司自2021年9月收購成都錦城學院以來再無併購交易,該行認爲潛在的新併購可能有助於提高市場對公司增長前景及估值恢復至2021年水平的預期。
假設中教控股2024財年纔開始併購,該行對公司截至今年8月底止現財年的預測保持不變。另上調2024及2025財年收入預測4%及8%,純利預測則分別上調5%及9%,料公司盈利增長由今財年的8%,加速至下財年的19%。對其目標價由9.68元上調至16元,維持「買入」評級。
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