《大行報告》花旗升新東方在線(01797.HK)評級至「中性」 目標價上調至51.3元
花旗發表報告,將新東方在線(01797.HK)投資評級由「沽售」升至「中性」,目標價由3元大升至51.3元,指對其估值方法由原先綜合方式轉為按現金流折現率計,反映旗下東方甄選商品交易趨升素。
花旗認為,新東方在線的商業轉型已步入正軌,並相信「雙減」的負面影響正逐步消除,傳統的教育業務將在2023財年後有穩定增長。
不過該行指,在目前估值下,新東方在線相當預測2023至2024年綜合市率34倍,認為其風險回報不吸引。根據其保守的商品成交額估計,該股在2024和2025財年盈利按年增長為17至19%(high teens)。如果新東方在線股價回落,估值水平若降至相當於未來12個月預測市盈率25倍,即與內地直播電商同行持平,或其商品成交額增長好過預期,該行對新東方在線的看法將會變得更積極。
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