《大行报告》瑞银上调新东方在线(01797.HK)目标价至51元 评级「买入」
瑞银发表报告指,新东方在线(01797.HK)近期公布了2020财年全年业绩,该行认为是集团调整和准备的一年,包括重组表现差的产品;持续扩展东方优播的离线网络;及在疫情期间通过主动推广提升在线流量。
该行表示,虽然有关举措未能很好地於2020财年的业绩中反映,但相信集团为K12教育业务的组合打下基础。瑞银维持对集团的收入预测大致不变,但预计其组合会更快地向K12教育转移。
由於K12教育业务仍处投资阶段,且没有足够的营运杠杆,该行预期新东方在线2021及2022财年的亏损会扩大,但可被K12教育细分市场业务提升令中期盈利增加所抵销。
瑞银上调新东方在线股份目标价,由49元升至51元,评级维持「买入」,并调低2023财年每股盈测27%。
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