招商期貨 |  招商致遠資本 |  招商投資 |  招商證券香港 |  English 官方微博 軟件下載 登錄web交易 專家在線 財管計劃 理財超市 網上招聘 營業網點實時行情

China New Higher (2001 HK) - Value / Growth proposition intact

作者: Tommy WONG,Crystal LI
時間: 2019年11月13日
重要性: 一般報告
行業評級:
公司評級:
相關股票代碼:
閱讀權限:   該文章鉆石卡、金卡、銀卡客戶可閱讀全文
摘要: Report title:China New Higher (2001 HK) - Value / Growth proposition intact
Analyst:Tommy WONG,Crystal LI
Report type:Company
Date:20191113
[Summary]

■ FY20E outlook positive thanks to robust earnings growth, improving balance sheet, and diminished headwinds
■ 2019/20 school year enrollment and tuition growth on-track, with growth driven by new consolidations and organic growth
■ Recent share price correction from major investor exit provides entry opportunity. Longer term re-rating, reiterate BUY
FY20E robust growth with improving balance sheet
We forecast New Higher to deliver 29% revenue growth and 32% core earnings growth in FY20E, mainly driven by: 1) organic growth from Yunnan school (contributing 21% of total incremental revenue) and Hubei school (contributing 47%, due to only 4-mo revenue consolidated in FY19E group revenue vs. 12-mo to be consolidated in FY20E); 2) expected half-year consolidation of newly acquired Gansu school in FY20E to contribute 19% incremental revenue in FY20E. New Higher has been substituting ST debt by LT debt, to reduce interest cost and improve liquidity stability. Barring any new major acquisitions, we forecast New Higher to see a net cash balance sheet of RMB368mn in FY20E from previous net debt position.
Recent price faltered, but we maintain positive view
On 6 Nov, 2019, New Higher’s share price dropped by near 8% as a result of Ping An Insurance sold its holdings of c.98mn shares, which account for c.6.3% of New Higher’s total outstanding shares. Ping An also had a board seat as Non-executive director. We believe the stock sales led correction provides entry opportunity for investors based on New Higher’s growth outlook and attractive valuation.
Reiterate BUY with near-term catalysts
We revised our FY19E core EPS forecast by -8% and mainly adjustments are from higher SG&A and minority interest expectations. Our FY20E core EPS forecast unchanged. We maintain BUY and TP of HKD4.0, on next-12-mo 12x P/E, implying FY19/20E P/E of 15x and 12x. We remain positive on New Higher given: 1) its decent earnings growth; and 2) that we expect positive result from first instance (一審) decision of Xinjiang school lawsuit. At 8x forward P/E, New Higher trades at the lowest valuation among its peers, and we believe continued earnings delivery and a resolution of Xinjiang school to help it re-rate closer to its peer average levels of c.13x.

全文: 該研究報告需要相應權限才能閱讀,請在此處 
如果您不能打開pdf格式的文件,請您先下載PDF閱讀器
  - 鉆石卡用戶可閱讀全文    - 鉆石卡、金卡用戶可閱讀全文    - 鉆石卡、金卡、銀卡用戶可閱讀全文 
新彊福利彩票时时彩开奖结果96 2k16球队怎么赚钱 知乎怎样回答问题赚钱 代理哪个棋牌游戏能赚钱 今日头条作者怎们赚钱 辽宁35选7历史中奖号码 快乐12胆拖查询表 做棋牌彩票赚钱吗 梦幻西游五开赚钱怎么选门派 棋牌游戏可以提现的 棋牌 下载福建快3开奖结果 11选5开始奖结果 如何使用互联网赚钱 在农村做美甲赚钱嘛 微信赚钱靠谱的方法是真的吗 梦幻手艺考古赚钱不 迅雷赚钱宝收益降低