《大行报告》麦格理下调新东方在线(01797.HK)目标价至33.5元 评级「跑赢大市」
麦格理发表研究报告,指出新东方在线(01797.HK)2021财年上半年的收入按年增长19.2%。由於在教师方面作出大量投资,经营利润率下跌33.2个百分点至22.6%。该行相信,公司在教学质量及内容的投资上正处於正轨,而随着品牌的知名度提升将会令其取得成果。
在销售费用方面而言,有纪律的市场竞争对公司而言是正面,因为它可以透过高质量课程来提升其转化率及保留率。重申公司「跑赢大市」投资评级,目标价由原来的34.4元下调至33.5元,因为该行下调了公司的收入增长预测,将其2021至2023财年的盈利预测分别下调至蚀11.95亿、9.12亿及3.32亿元人民币。
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