《大行報告》富瑞上調新東方-S(09901.HK)目標價至42元 評級「買入」
富瑞發表研究報告指出,繼早前對內地教育股的不利政策後,相信新東方-S(09901.HK)表現將重回正軌,課後輔導(AST)業務將集中於高中生,料佔公司收入約20%;海外留學業務將重返公司收入最大貢獻的地位,約佔收入30%;包括素質教育在內的新業務正蓬勃發展,佔公司銷售約20%。該行預期公司素質教育業務貢獻上季總收入的15%。至於剩餘收入預期來自如在線教育及教材等其他業務。
該行引述新東方管理層指出,公司擬鞏固其在海外留學業務、研究院及教材等現有業務中的領導地位,同時探索如素質教育業務的新機會。
此外,富瑞對新東方2023財年收入預測上調94%,以反映對其剩餘的課後輔導及新業務的看法(此前原預測課後輔導業務並無貢獻收入),但基於公司對新業務的投資,將其毛利預測下調。對H股目標價由41元上調至42元,維持評級「買入」。
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