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國泰君安:校外培訓監管司設立 短期內對行業估值造成波動 長遠利於頭部企業發展
格隆匯 06-16 16:12

內地教育部週二(15日)宣佈成立校外教育培訓監管司,主要負責幼兒園至中小學生的校外教育培訓管理工作,及制訂校外教育的培訓規範政策,藉此及時反映及處理校外教育培訓的問題。

國泰君安發表報吿認為,校外教育培訓監管司的成立體現中央對校外教培行業改革的決心,與其早前關於未來將出現更加嚴厲的行業整頓措施的預期一致,預計未來會出台關於校外教培行業的新政策,行業的發展將迎來改變。

報吿相信,行業內虛假宣傳、過度宣傳等行業亂象長遠能被有效根除,相關的企業將被引導走向正確的發展方向。因此,從長遠來看會有利於頭部企業的業務發展,但在短期內會對企業的業務拓展造成一定的約束。

目前校外教培行業面臨改革可能出台的新政策有不確定性,因此短期內會進一步對教培行業的估值造成波動。國泰君安維持對新東方在線(1797.HK)的“買入評級,每股目標價為31.28港元,並在下一份公司報吿中下調目標價。

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