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《大行報告》中金升新東方(EDU.US)評級至「跑贏行業」 目標價上調至28美元
中金髮表報告,指新東方(EDU.US)將公佈截至5月底止2022財年業績,預計公司營運調整已完成,現時發展方向明確,現有業務及新業務具長期盈利前景,將提供穩健經營及流動性。 該行指出,新東方現時市值低於其手頭現金,未能反映其現有或新業務的價值,因此將評級上調至「跑贏行業」,建議關注業務持續盈利能力的恢復和新業務的發展,預期2023財年公司將專注於開發新業務及現有業務的復甦,估計現有業務將爲2023財年貢獻約65%至70%收入,新業務及新東方在線(01797.HK)平臺則貢獻剩餘的30%至35%。 中金指,新東方將加快關閉多餘的學校和學習中心,或爲本財年帶來的一次性費用,因此將2022財年非通用會計準則下淨虧損預測從9.84億美元上調至10.9億美元。 考慮到新業務發展順利及新東方在線收入貢獻增加,將2023財年收入預測上調至21.7億美元,料2024財年收入達24.1億美元。中金預測非通用會計準則下2023及2024財年淨利潤將達到4,900萬美元及1.79億美元,美股目標價上調至28美元。
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