《大行報告》高盛下調新東方-S(09901.HK)目標價至144元 評級「買入」
高盛發表研究報告指,新東方(09901.HK)將於月內發表首三季業績,預期公司專注發展在線上線下融合(OMO)模式及線下佈局拓展,季績表現將穩健,收入料增長23%至11.4億美元,接近管理層增長指引上限11.45億美元。
該行預期,新東方的線下課後輔導(AST)業務回暖,收入復甦以及退款率低於預期,預期非國際會計準則下經營溢利率可達8%,美股每股盈利可達0.08美元。
但考慮到教師薪酬較高及對OMO的投資令成本壓力增加,該行稍微降低AST收入預測,相應下調2022至2025年收入預測約1%至2%,目標價由150.2元降至144元,維持「買入」評級(處於確信買入名單)。
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