《大行报告》野村下调新东方-S(09901.HK)目标价至149元 评级「买入」
野村发表的研究报告指,预期新东方(09901.HK)首三财季收入将按年增25%,较市场预期高1%,并为公司指引的上端,主要因为K12市场复苏强劲,预期收入将按年增33%,而海外业务收入跌幅亦收窄至20%。该行相信公司按非通用会计准则计算,经营利润率将为6%,按年收窄8.6个百分点,主要因为教师补偿增加及在线上线下合并方面的前期投资。
该行估计公司第四财季收入指引将符合或微逊预期,认为需视乎线下扩张及线上线下合并的步伐,在监管层面亦存在不确定性。现时市场估计第四财季公司收入将增39%,而该行则料收入将增38%,相信管理层将提供2022财年线下扩张及线上线下合并进展的指引。
该行指出公司股价自3月29日以来走低,主要受政策因素影响,不过该行看法较正面,认为市场已反映最差的情况,将公司目标价由174元降至149元,评级「买入」。(el/k) ~
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