野村:料監管機構將持續規管線上教育行業,首選新東方(9901.HK)
野村發表研究報吿指,北京市教委微信公眾號日前表示,經調查後部分線上培訓機構,包括好未來、猿輔導等,涉以明顯低於成本價格售賣課程及以不當用語誤導學生報名繳費等問題,相關機構需停止違規行為,野村相信未來中國監管機構將會持續規管K12線上教育行業。
野村認為,有關當局舉動將對上述公司的營運造成部分短期阻礙,公司需要把相關的廣吿從它們的渠道中移除,但指重製廣吿及重新定價夏季課程只是一次性並僅造成短暫影響,但解除組合銷將造成更大痛苦,因現時組合銷售現成行業的主流,亦會加重公司的營運負擔。
野村表示,從正面來看,監管機構正避免各龍頭教育機構進行價格戰所造成的流動性風險,認為相關規管將使中國教育行業健康及可持續發展,料未來1-3個月官方機構將會作出更多舉動,但野村對此並不過分憂慮,教育行業首選新東方(9901.HK),目標價149港元,評級為買入;而新東方在線(1797.HK)亦獲買入評級,目標價35港元。
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