楓葉教育 (1317.HK): 盈利高速增長 ,前景可期 February 7, 2018

投資概要

  • 受益於教育消費升級,學生人數及學費仍有較大上升空間;
  • 以輕資產模式加速學校規模擴張,複製性強;

7 feb

投資評級

教育消費升級帶來的入讀學生人數持續增加以及學費較大的上漲空間,為未來業績增長提供強大驅動力。此外,配股融資將加快公司於全球範圍內學校規模的擴張,雖帶來股份稀釋但影響較小。我們預計公司 18~19 年歸母凈利潤爲 5.15/6.52億元,配股稀釋後對應的每股收益分別爲 0.35/0.44 元/股,對應的 PE 分別 22/17倍,給與 F18 財年 26 倍 PE,對應目標價 11.3 港元 ,爲增持評級。(現價截至 2 月5 日)輕資

About the author

Profile photo of Wang Yannan

Wang Yannan
Phillip Securities (HK)

Graduated from the University of Science and Technology of China with a Masters degree in Management and major in Financial accounting and Economics throughout her academic study.

Currently Covering Environmental Protection and New Energy sectors as an analyst in Phillip Securities and focus on the macro policy,industry and fundamentals to explore the investment value.

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