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《大行報告》富瑞上調新東方-S(09901.HK)目標價至50元 評級「買入」
阿思達克 01-19 09:59
富瑞發表報告指,質素教育(EQO)產品是教育行業的重要新驅動力。隨著今年冬季學期真正開始EQO,相信產品週期正剛剛開始。該行預計,EQO將擁有比課後輔導(AST)更好的競爭環境。該行將新東方-S(09901.HK)目標價由上調至42元上調至50元,評級為「買入」。 該行表示,削弱AST行業的是在線上大型課堂產品。這些課程可容納600至1,000名學生上課,並讓TMT公司進入教育行業。由於大班很容易擴大規模,TMT公司在廣告和提供免費試用上投入了大量資金,最終導致行業的投入資本回報率崩潰。 富瑞相信,EQO的本質不是講座,而是教師和學生之間的雙向互動,根據估計,逾90%的教育機構的EQO以線下小班形式進行。
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