《大行報告》麥格理下調新東方在線(01797.HK)目標價至33.5元 評級「跑贏大市」
麥格理發表研究報告,指出新東方在線(01797.HK)2021財年上半年的收入按年增長19.2%。由於在教師方面作出大量投資,經營利潤率下跌33.2個百分點至22.6%。該行相信,公司在教學質量及內容的投資上正處於正軌,而隨著品牌的知名度提升將會令其取得成果。
在銷售費用方面而言,有紀律的市場競爭對公司而言是正面,因為它可以透過高質量課程來提升其轉化率及保留率。重申公司「跑贏大市」投資評級,目標價由原來的34.4元下調至33.5元,因為該行下調了公司的收入增長預測,將其2021至2023財年的盈利預測分別下調至蝕11.95億、9.12億及3.32億元人民幣。
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