大和:降新東方(9901.HK)評級至“持有” 目標價降至18港元
大和發表研究報吿指出,中共中央辦公廳及國務院辦公廳近期發佈《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》(“雙減”),鑑於K12業務網下學習中心規模縮減,或令現金流大減,因此決定將新東方(9901.HK)的投資評級由“買入”降至“持有”,而目標價亦大削至18港元。
大和預計,K12業務佔新東方2021年度收入約78%,考慮到新規影響後,該行已將新東方2022-23年度的收入預測下調42-64%,估計公司會經歷痛苦收縮期,在2022-24年間可能要關閉300-400家學習中心,以提高使用率並改善現金流。大和預期,新東方會將資源分配到非K12業務,以重新加快增長。

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