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《大行報告》中金:新東方-S(09901.HK)本財年首財季收入指引強 擬回購顯示對業績修復信心
中金發表報告表示,新東方-S(09901.HK)(EDU.US)公司預計2023財年首財季收入指引介於6.413億美元至6.806億美元,按年下降在51%到48%之間,收入降幅較2022財年第四財季進一步縮窄。公司董事會授權了對於新東方普通股的股份回購計劃,期限為自今年7月28日至明年5月31日,回購金額最多為4億美元。該行認為回購計劃反映了公司對於業務發展、利潤修復的信心。 該行指,考慮到新東方留存業務恢復,新業務貢獻收入逐漸增加,加之成本較去年同期大幅下降,預計2023財年公司非美國公認會計原則(Non-GAAP)經營利潤能夠實現小幅盈利,第一財季度通常為公司留學備考業務旺季,首季度利潤水平或高於其他季度,公司利潤修復早於市場預期。 中金指,考慮到新東方留存業務恢復,新業務快速發展,分別上調對新東方2023財年及2024財年收入預測各7.5%和7.9%,分別至23.27億美元和26.04億美元;分別上調公司Non-GAAP歸母淨利潤81.8%和3.7%,各至8,900萬美元和1.86億美元。基於對留存業務、新業務收入預測上調,該行上調新東方(EDU.US)目標價10.7%至31美元,維持公司「跑贏行業」評級。
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