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《大行報告》富瑞上調新東方-S(09901.HK)目標價至55元 評級「買入」
阿思達克 04-20 11:32
富瑞發表研究報告指,新東方-S(09901.HK)截至今年2月底止第三財季業績表現超出預期,利潤率強勁復甦,季度非通用會計準則下經營利潤率達到11.7%,是過去兩年以來最好表現。 該行預期截至2024年5月底止財政年度公司非通用會計準則下經營利潤率將進一步回升至13.1%,即恢復至2018財年市場出現價格戰及監管政策影響之前的水平。 富瑞指出,公司新業務擴張進度良好,料至2024財年收入貢獻可提升至20%,同時旗下學習中心的效率和利用率亦有所提高,預期至2024財年學習中心網絡將擴張約一成。經檢討後,該行將新東方2024至2025財年的盈利預測分別上調16%及2%,目標價從50元調升至55元,評級「買入」。
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