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【券商聚焦】中信证券:予中国新华教育(02779)买入评级 料两校区转设后有望增厚业绩

[brokerage focus] CITIC: buy rating for China Xinhua Education (02779). It is expected that the performance of the two campuses will be thickened after the conversion of the two campuses.

鳳凰網港股 ·  Sep 7, 2021 13:47

Phoenix New Media Hong Kong stocks |CITICResearch report indexXinhua Education in China (02779)In the first half of the year, income / profit was 14% higher than that of the same period last year, which exceeded expectations, mainly due to significant growth in continuing education & an increase in full-time students and tuition fees. With the smooth construction of Hongshan-Clinical Medical College campus, it is expected that the performance will be thickened after the conversion.

The bank continued to point out that, taking into account the company's better-than-expected first-half performance growth, the company raised its core net profit forecast for 2021-23 to 0.25 PE 0.29 pound 0.34 yuan (the original forecast was 0.24 pound 0.27 pound 0.31 yuan), with reference to the company's historical valuation center and the average valuation level of the higher education industry (10 times PE), giving the company 8 times PE in 2021, corresponding to a target price of HK $2.30, maintaining a "buy" rating.

Risk factors: the change of industry policy, the slower-than-expected progress of transfer, and the lower-than-expected increase in the number of school places.

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