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《大行報告》花旗上調新東方-S(09901.HK)目標價至25元 評級「買入」
花旗發表研究報告,指與新東方-S(09901.HK)管理層近日進行了交流,管理層反映地方政府對素質素養教育(STEAM)及高中課後輔導(AST)的政策實施相對穩定。 該行估計,高中AST業務將為2023財年收入貢獻20%至30%,經營利潤率達到20%以上;內地備考業務則預期錄得可觀的雙位數增長。至於新業務(貢獻總收入逾20%)方面,該行預期STEAM及智能硬件業務貢獻當中逾半收入,學生留存率亦有進一步上升空間。另外,海外教育業務預期將為2023財年收入貢獻約30%,收入增長穩定,經營利潤率料達到十數個百分點。 花旗表示,新東方在手淨現金達到超過40億美元,認為若釋放淨現金價值,將成為推動股價的下一個催化劑,重申「買入」評級,目標價由18.1元上調至25元。 該行在行業板塊喜好依次為新東方ADR(EDU.US)及H股、中教控股(00839.HK)、希望教育(01765.HK),最後為中國東方教育(00667.HK)。
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