《大行報告》花旗:內地續收緊課後補習行業監管 維持新東方在線(01797.HK)「沽售」評級
國家發改委昨日(6日)發布關於加強義務教育階段學科類校外培訓收費監管的通知,教育部亦發行《中小學生校外培訓材料管理辦法》。花旗發表研究報告,指即使課後補習行業已轉型至非盈利性質,料最新舉措反映內地政府收緊行業監管的決心,維持對好未來(TAL.US)、高途(GOTU.US)及新東方在線(01797.HK)的「沽售」評級。
通知指出需實行政府指導價管理,義務教育階段線上和線下學科類校外培訓收費屬於非營利性機構收費,依法實行政府指導價管理,由政府制定基準收費標準和浮動幅度,並按程序納入地方定價目錄,各地制定的浮動幅度,上浮不得超過10%,下浮可不限。
另外各地要於2021年底前出台義務教育階段學科類校外培訓收費政府指導價管理政策,明確基準收費標準和浮動幅度,以及具體實施時間,並做好政策銜接,加強預期引導和宣傳解讀,及時回應社會關切,確保政策平穩落地。
花旗稱,最新舉措強化該行看法,即政府維持對課後補習行業嚴厲立場,突顯其公益及非營利性性質。因此,該行料課後補習服務商的定價及盈利能力受到重大限制,維持對行業板塊審慎看法。
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