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《大行报告》瑞信下调新东方-S(09901.HK)美股目标价至14美元 评级「跑赢大市」
阿思达克 05-24 14:45
瑞信发表报告指,根据《人民日报》报道,国家主席习近平已批准K12补习行业的最终政策,但详情仍未公布。在基础情境下,该行估计新政策容许较慢的容量扩张,及温和的费用增加以抵销通胀。

该行下调新东方-S(09901.HK)(EDU.US)美股目标价,由18.7美元降至14美元,评级维持「跑赢大市」,并调低集团2022财年容量扩张预测,由原来的20%降至10%。至於2023财年收入预测亦下调7%,盈利预测则调低9%,以反映假设规管出台後集团的扩张会放慢。

瑞信预计,虽然增长减慢,但料新东方长远可受惠於规管推出後行业整合。

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