【汇丰下调中教控股目标价25% 评级降至持有】金十数据11月28日讯，汇丰发报告指，下调中教控股(00839.HK)目标价25%，从6港元降至4.5港元，评级从买入降至持有。汇丰指，该股现在2025财年0.8倍市净率交易，股息率8%，未来减值风险已在股价中反映。报告指，中教控股依然保持按核心盈利40%比率作派息，预计2025年财年股息率8%。不过，该公司全日制和非全日制高等院校学生增长同比下降至5%和10%，过去两年分别为增长8—9%及13%。宏观环境的疲软仍然影响该公司的收入增长，不过公司仍然承诺，通过投资加强教育质量。因此汇丰下调对该公司2025—2026年盈利预测5%，主要基于4—7%的收入预测下调，保持利润率预测大体不变。近期并无催化剂，因为收入放缓、利润率仍存压力。针对减值损失，该行表示，除上述提到的损失外，目前公司仍拥有66亿元人民币的商誉及无形资产；如果最初的并购预期未能达到，可能会出现更多的减值损失。
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