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《大行報告》大和上調新東方-S(09901.HK)目標價至23元 評級「買入」
大和發表研究報告指,新東方-S(09901.HK)將公布第四財季業績,預期由於貢獻總收入達60%的K-9課後輔導業務中止,第四財季收入料按年跌50%至6億美元,但部分將被海外和國內備考業務的復甦所抵銷,估計營運虧損達到1億美元。 該行估計,新東方近期戰略重點將放在面向大學生及研究生的備考業務上,而國內備考業務料成為2023財年主要收入增長動力。雖然海外諮詢需求持續上升,但大和認為其對收入的帶動仍未明顯。 至於高中學科輔導,大和預計短期內當局不會再進一步收緊監管,但認為仍是業績主要下行風險;非學術培訓課程預期2023財年首財季實現收支平衡。該行又指,若疫情防控措施持續,或影響家長們報讀STEAM暑期課程的意向,從而延長STEAM業務的發展時間,預計STEAM課程對2023財年收入貢獻約為15%。 新東方的股價自6月初以來累升60%,主要來自附屬新東方在線(01979.HK)直播電商業務的帶動。大和預計直播表現將直接導致公司股價波動,考慮到STEAM課程較高的盈利能力,升2023財年每股盈測78%,目標價相應由20元上調至23元,重申「買入」評級。
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