《大行報告》大和下調新東方-S(09901.HK)目標價至24元 評級「買入」
大和發表研究報告指,新東方-S(09901.HK)在2023財年第一季的直播業務「東方甄選」(DFZX)盈利超過預期,新的K-12教育業務具有更好的利潤率,該行將其目標價由25元下調至24元,維持「買入」評級。
該行表示,STEAM業務的營業利潤率在2023財年第一季度已超過10%,意味著集團將迎來進一步的盈利潛力。由於關閉更多學習中心,大和將新東方高中和STEAM業務的收入預測降低,原因是產能減少。另該行估計新東方在線(01797.HK),於2023財年首財季錄得1.5億美元的收入和4,000萬美元的淨利潤。
由於產能下降,該行將集團2023至25財年的收入預測削減9%至10%。然而,由於STEAM和DFZX的利潤率更高,將集團2023至2025財年的每股盈測上調2%至39%。該行表示,集團仍然是中國教育行業股的首選,因為它擁多個業務的強勁盈利。
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