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Alamak, hwang dbs downgrade MEGB
HwangDBS Vickers has maintained a "buy" call recommendation on Masterskill Education Group with a lower target price of RM2.50 from RM3.25 previously due to earnings pressure and a lower student intake. The research house said factors such as tighter financing loan from the National Higher Education Fund Corporation and higher nursing entry requirements had somewhat affected the number of students enrolling in the diploma programmes. Industry statistics showed that the total intake of diploma-level students in the health, health sciences and welfare field by private higher education institutions last year, declined to 30,000 against 38,000 in 2009. In comparison, the number of new students registered by MASEG was 5,500 last year versus 6,600 in 2009. HwangDBS said to encounter the challenging environment, Masterskill, which has more than 95 per cent of its students currently enrolled in diploma programmes, will take several initiatives to broaden the group's earnings. "Masterskill is expected to step up its student recruitment drives, offer more degree programmes, branch out to provide non-healthcare related courses, collaborate with established foreign institutions and venture overseas to diversify its income streams," added HwangDBS. -- Bernama
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