招商证券(香港):给予宇华教育(06169.HK)“买入”评级 目标价8.60港元

2021-06-18 15:31:14 来源: 同花顺金融研究中心

  招商证券(香港)6月16日发布公告。Assuming successful conversion of the three K-9 campuses to vocational colleges, we lift FY21/22E core NP 2%/1.5%. For SOTP valuation, we maintained 21x next 12-mo P/E for higher education and 8x for K-12, while giving a 50% discount on K-12 segment due to the non-distributable K-9 earnings (K-9 accounts for c.50% of segment). We nudged TP to HKD8.6 from HKD8.4, maintain BUY. Our TP implies 19x/17x FY21/22E P/E. We see potential M&A to be key share price catalyst for Yuhua.

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