野村:維持新東方在線(1797.HK)目標價45港元 評級“買入”
野村發表研究報告指,新東方在線(1797.HK)管理層表示對公司線上業務充滿信心,指大規模網路直播上課模式在長遠將有利可圖,但相關業務的利潤率不一定高於線下業務,維持目標價45港元及重申“買入”評級。
野村表示,公司的市場推廣在同業中為最保守,管理層相信業務的健康增長應由內容及服務所推動,而藉著線下渠道,公司能把客户獲取成本降至同業的水平,並在2-3年內實現正利潤率,該行認為東方優播模式為公司最重要的資產,因競爭對手甚少及具有更佳的前景等因素。

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