《大行報告》里昂上調新東方(EDU.US)目標價至30美元 評級「跑贏大市」
里昂發表研究報告指,新東方(09901.HK)(EDU.US)2022財年第四季業績受政策影響,收入按年下跌57%,淨虧損擴大至1.89億美元,但淨現金仍保持在42億美元的強勁水平,預期新業務及線上教育平台Koolearn都發展良好,將為公司帶來更高收入貢獻。
里昂指,管理層透露新業務正在穩步改善,非學術輔導、智能學習系統及設備將是未來發展重點,預計2023年新業務佔總收入貢獻達18%至20%,而平台Koolearn則保持強勁增長勢頭,預計明年收入達3.24億美元,為總收入貢獻約13%。
新東方恢復公布收入增長指引,預期2023財年首季收入達到6.41億至6.81億美元。因此里昂調高2023至2024財年收入預測至25.53億及31.63億美元,盈利預測上調至1.27億及2.62億美元,美股目標價由19美元上調至30美元,維持「跑贏大市」評級。
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