《大行報告》美銀證券上調新東方-S(09901.HK)目標價至37.1元 評級「買入」
美銀證券發表研究報告指,由於新東方-S(09901.HK)2023年第二季穩健的業務勢頭,重申「買入」評級。集團截至去年11月底止2023財年第二財季收入按年下降3%至6.382億美元,超出指引上限3%。
由於更高的收入增長和更好的利潤率假設,該行將新東方2023至2025財年的每股盈利預測上調7到11%,並將目標價小幅上調,由36.5元升至37.1元。該行認為,新東方股價未反映在剩餘業務復甦和新業務發展的情況下未來的快速盈利增長。
美銀證券表示,新東方於第二財季受到疫情的部分影響,預計增長勢頭將在重新開放後加快。2023財年的非GAAP營運利潤率可能會恢復到8%以上,具有潛在的上行空間。此外,公司若進行股份回購等可增加股東回報的措施,應會繼續支撐其股價。
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