《大行報告》大和下調新東方在線(01797.HK)目標價至35元 評級「跑贏大市」
大和發表研究報告指,有別於同行以營銷策略減輕獲取客戶的成本(CAC)壓力,新東方在線(01797.HK)主張以差異化內容質量在教育行業競爭,以旗下教育平台東方優播(DFUB)及新東方的品牌,於開始在100個低線城市發展K12線下業務,目前於冬季學期收生約6萬人。
報告引述管理層表示,線下營銷可能會將CAC由今年的200至300元人民幣,降低至未來的100元人民幣,有計劃將業務擴展到另外120至130個城市,預期轉化率及學生留存率亦較夏季及秋季學期有所提高。
大和表示,考慮到K12業務的增長動力可能強於預期,將2022至2023年收入預測提高,僅有部分被高校教育課程表現疲弱所抵銷,並根據行業CAC上升,預期公司2021至2023財年的虧損將增加,將目標價由38元下調至35元,但重申「跑贏大市」評級。
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.