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《大行報告》大和升新東方在線(01797.HK)評級至「買入」 目標價維持31元
阿思達克 03-17 09:27
大和發表研究報告,指新東方在線(01797.HK)股價自2020年中的高位回吐超過一半,2022年預測市銷率目前已減至6倍,主因市場擔心網上教育市場的競爭,以及線下教育中心重開。該行料,自2022年度收入會見增長加快,加上目前估值吸引,看好長遠增長潛力,評級由「跑贏大市」升至「買入」,目標價維持31元。

該行指,東方優播業務有空間在內地擴張,因部份城市目前只有2-3科的課程,預期需時3年擴展至更全面的課程,相信收入年複合增長率可有90%。管理層指,目前正改善產品,並對長遠成本控制和盈利持續增長感樂觀。該行維持對產品質素及其教育品牌的信心,可令其相對同業有更高收入增長。

該行又指,在目前的監管情況下,相信公司對比同業的風險會較低,升2022至23年收入預期,虧損預期亦增長12-25%,以反映員工增長。

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