《大行报告》大和升新东方在线(01797.HK)评级至「买入」 目标价维持31元
大和发表研究报告,指新东方在线(01797.HK)股价自2020年中的高位回吐超过一半,2022年预测市销率目前已减至6倍,主因市场担心网上教育市场的竞争,以及线下教育中心重开。该行料,自2022年度收入会见增长加快,加上目前估值吸引,看好长远增长潜力,评级由「跑赢大市」升至「买入」,目标价维持31元。
该行指,东方优播业务有空间在内地扩张,因部份城市目前只有2-3科的课程,预期需时3年扩展至更全面的课程,相信收入年复合增长率可有90%。管理层指,目前正改善产品,并对长远成本控制和盈利持续增长感乐观。该行维持对产品质素及其教育品牌的信心,可令其相对同业有更高收入增长。
该行又指,在目前的监管情况下,相信公司对比同业的风险会较低,升2022至23年收入预期,亏损预期亦增长12-25%,以反映员工增长。
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