《大行報告》大和升新東方-S(09901.HK)目標價至40元 評級「買入」
大和發表報告指出,預期新東方-S(09901.HK)截至5月底止上財年第四季收入按年增長57%,達公司指引的上限。如剔除東方甄選對集團收入的25%貢獻,該行料公司教育業務收入按年增長22%,主要受新業務(STEAM及智能學習系統),以及海外相關服務復甦的推動。該行維持對公司非通用會計準則下末財季經營利潤率預測10.7%不變,季度淨利潤預期達7,800萬美元。
該行預期,截至8月底止新東方2024財年首季收入按年增長24%,2024財年以美元計收入預測按年增長17%,以人民幣計料增長21%。基於人民幣貶值,該行略為下調公司2024至2025財年的收入預測1%至2%,同時將2024財年盈利預測下調5%,以反映線下擴張對毛利率的影響。該行重申對公司的「買入」評級,目標價由39元上調至40元。
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