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《大行報告》瑞信相信新東方(EDU.US)及好未來(TAL.US)將需分拆K12課後輔導業務 削減成本及投資新業務
據《新華社》上週六(24日)報道,中共中央辦公廳、國務院辦公廳印發《關於進一步減輕義務教育階段學生作業負擔和校外培訓負擔的意見》。瑞信發表研究報告,指當中令市場感意外的,包括K9教育機構須註冊成非牟利機構;外資不能投資學術補習機構,包括可變利益實體(VIE)投資;針對高中教學的校外補習機構,須遵守義務教育階段課後輔導(AST)的相關法規。

該行指出,相信新東方(EDU.US)及好未來(TAL.US)需分拆其K12業務,降低成本,以及投資新業務,同時過程極具不確定性,仍取決於更多監管指引。

在業務轉型有更高可見度前,瑞信相信,淨現金與非K12業務將爲教育股提供短期估值底部基礎,其中新東方持有39億美元現金(每股2.3美元),瑞信對其非K12業務估值爲13億美元(每股0.8美元);而好未來持有淨現金37億美元(每股5.6美元)。

該行建議投資者將焦點由K12輔導轉向職業教育機構,其中中教控股(00839.HK)爲首選,因其政策風險較低、盈利可見度較高,以及執行力強。

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