You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
野村:首予新東方在線(1797.HK)“買入”評級 目標價42港元
格隆匯 04-15 13:56

野村發表研究報告指,新東方在線(1797.HK)在本年度的重大重組後,將會錄得重大增長,預期K12課後輔導(AST)可在2020-2022財年為收入增長超過80%。該行預期,K12的課程及其旗下的教育平台東方優播(DFUB)能帶來超過100%的複合年收入增長,並在2020-2022財年獲得3倍的年收入。該行首予其“買入”投資評級,目標價42港元。

野村表示,新東方在線是早期發展小班線上教學(DFUB)的公司,不似其他公司只專注大班教學,該行料新東方在線的業務在2021財年及2022財年分別增加覆蓋80及50個城市。

野村指,新東方在線有20%的轉化率和60-70%的保留率,一所DFUB店能吸引約7000名六年級學生,並能為三年級帶來500-600萬元人民幣收入及正面毛利率。該行指,由於擴充課程及增加利用率,料新東方在線毛利率可達到60%。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account