《大行報告》摩通上調新東方-S(09901.HK)目標價至47元 評級「增持」
摩根大通發表研究報告指,根據內地教育股在非學術補習、電商等新業務,以及現存的高中課程及海外留學業務最新發展,為新東方-S(09901.HK)(EDU.US)及好未來(TAL.US)引入最新的估值模型。
該行解釋,內地教培行業發展現時已超越K-12補習的時代,5月底止季度錄得明顯按年增長,認為兩家公司都擁有產生可持續現金流的可行經營模式,但目前大部分價值仍然來自於資產,盈利可能尚未對估值產生太大影響。
因此該行以分類加總估值法(SOTP),將新東方(09901.HK)目標價從19元一舉升至47元,評級為「增持」;好未來(TAL.US)美股目標價則從5.4美元升至7美元,評級維持「中性」。
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