KUALA LUMPUR (Nov 8): CIMB Research is maintaining its Neutral outlook on Masterskill Education Group Bhd.
It said on Tuesday that the National Higher Education Fund Corporation’s (PTPTN) decision to stop giving student loans for expenses come 2013 will hit Masterskill’s student intake, which was already at a historical low in July-September 2011.
“Brace for poorer 3Q results. We cut our EPS after revising our assumptions for student numbers. Though we roll over our valuation horizon, our target price falls as we now apply a target P/E of 7.6 times (8.7 times previously), based on an unchanged 40% discount to our revised target market P/E. Maintain NEUTRAL,” it said.
It said on Tuesday that the National Higher Education Fund Corporation’s (PTPTN) decision to stop giving student loans for expenses come 2013 will hit Masterskill’s student intake, which was already at a historical low in July-September 2011.
“Brace for poorer 3Q results. We cut our EPS after revising our assumptions for student numbers. Though we roll over our valuation horizon, our target price falls as we now apply a target P/E of 7.6 times (8.7 times previously), based on an unchanged 40% discount to our revised target market P/E. Maintain NEUTRAL,” it said.
