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《大行報告》瑞銀料K12課後輔導佔新東方(EDU.US)2021財年收入約八成 佔好未來(TAL.US)近全部收入
瑞銀髮表的研究報告指,據報內地針對課後補習監管文件出臺,認爲假如全面落實,內地補習股爲順應上市的監管,未來K12課後輔導將全面退場,並轉至非學術課後輔導,例如是藝術、科學、體育等,以應對監管要求及維持上市。不過該行指出未見課後輔導方面有退市情況,即使是自2018年以來被嚴格管控的幼稚園行業亦未有相似情況,估計K12課後輔導佔新東方(EDU.US)2021財年的八成收入,並佔好未來(TAL.US)近全部收入,而新東方餘下業務方面,不確定其K12學生海外應試準備業務會否違反使用海外教科書的禁令。

考慮到潛在影響,將重新審視好未來、新東方及新東方在線(01797.HK)的投資評級及目標價。

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