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《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」

DAM Broadly Lowers Education Stock Target Price Drop Hope Education (01765.HK) to “Underweight”

即市頭條 ·  Jan 10, 2022 11:10

Regulation of academic and exam-preparation career counselling in mainland China remains this year, according to Morgan Stanley research report. Regular vocational education is expected to be a major supporting area. Institutions will continue to reorganize their business under the new regulatory framework. Pui Education (01890.HK), Yuhua Education (06169.HK) and Zhonghui Group (00382.HK), rated “Overweight”.

Mainland regulation will continue to focus on equitable junior secondary education, reduce the burden on student learning and family expenditure, enhance the quality of tertiary education, enhance the scale and quality of vocational education, and provide regulatory and financial support, according to the report. At the same time, more support measures, such as the vocational college entrance examination and scoring system, are expected to enhance skills training, but it is expected that the regulation of vocational examination preparation training will continue to tighten this year to enhance competition.

Big Mo estimated that educational institutions maintain stable profit outlook for FY2022, profit growth of about 14% to 30%, fewer mergers and acquisitions in the first half, the market is more worried about profitability registration, but with the implementation of more supportive measures for formal vocational education, the second half of the industry or usher in revaluation opportunities, maintain profit forecast change, but 10% off the valuation to reflect the uncertainty of the for-profit registration system.

Big Moore lowered Hope Education (01765.HK) and Good Future (TAL.US) ratings from “Synchronized” to “Underweight” with target prices to HK$1.4 and US$3.5 respectively.

The translation is provided by third-party software.


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