招商证券(香港):市场对希望教育(01765)收购世纪鼎利反应过度 建议逢低买入

智通财经 · 2020-10-18
智通财经 APP 获悉,招商证券(香港)发布研究报告,称收购世纪鼎利对希望 21 财年预测盈利增长前景的影响有限,在收购世纪鼎利之后, 希望的股价回调是过度的。建议逢低买入,将目标价从 4.1 港元略微上调至 4.2 港元,目标倍数为 29 倍未来 12 个月前瞻市盈率保持不变。 近日,希望教育发布了 2020/21 学年的学生人数数据显示,总学生人数达 194,554 人,同比增长 39%, 现有学校(不包括新收购的马来西亚英迪国际大学)总学生人数达 180,076 人, 内生同比增长 29%。 总新入学人数达 71,746 人,同比增长 47%(现有学校内生新入学人数同比增长 36%)。 报告指出,希望的总学生人数达 194,554 人,仅次于中教控股(00839 )的约 24.7 万人,最新的学生人数再次印证了该行乐观的 21 财年前景。受益于政策利好带来强劲的学生人数增长,预期 20-22 财年收入复合增速将达 35%;核心净利润复合增速达 40%。由于学生人数增长强劲,招商将 21 财年的核心盈利上调 3.9%。 报告还称,希望当前估值为 18 倍的 21 财年前瞻市盈率, PEG 为 0.51 倍,而行业平均 PEG 为 0.58 倍,估值依然具有吸引力。

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