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《大行報告》瑞銀下調新東方在線(01797.HK)目標價至18元 評級「買入」
阿思達克 06-02 10:03
瑞銀發表研究報告指,新東方在線(01797.HK)的股價年初至今已累計下跌57%,較主要課後輔導同業累跌47%稍微跑輸,相信主要是由於政策對課後輔導產品宣傳的潛在限制加強、線上大班教學增長較慢,以及旗下在線課程平台「東方優播」表現遜預期的影響。

該行考慮到行業趨勢發展,將2021至2025財年收入預測下調9%至42%,2021至2023年虧損預測相應擴大,並下調每股盈測。

瑞銀預期行業競爭將加劇,將新東方在線2021至2023年收入複合增長預測,由98%降至88%,目標價由34元降至18元,但維持「買入」評級。

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