华泰金融(HK):给予思考乐教育(01769.HK)“买入”评级 目标价8.68港元

2024-10-08 18:31:03 来源: 同花顺金融研究中心

  华泰金融(HK)10月7日发布公告。Established in 2012 by Mr. Chen Qiyuan, Scholar Education (Scholar) is a K12 after-school education leader in South China. Scholar has adjusted business strategies since 2022, pivoting to non-academic tutoring. Owing to its efforts to increase outlets in Shenzhen supported by its sound reputation and high-quality services, its revenue and profit have continued to grow. We expect 2024/2025/2026 revenue of RMB825/1,113/1,393mn and attributable net profit of RMB170/232/ 307mn. While Scholar is a mid-to-small cap H-share company, we see great profit upside potential as it benefits from supply clearance in the Shenzhen market. We thus value the stock at 19x 2025E PE, only a slight discount to its peers’average of 20.30x on Wind consensus. Our target price is HKD8.68. Initiate at BUY.

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