《大行報告》招商證券上調新東方-S(09901.HK)目標價至54元 評級「增持」
招商證券國際發表報告,上調新東方-S(09901.HK)目標價至54元,維持「增持」評級,仍爲該行首選。
該行指,公司指引2024財年首財季(截至2023年8月底止季度)收入按年增速區間爲32%至35%,高於該行先前預測的22%,
主要由於需求旺盛,其中留學考培和新業務將成爲主要驅動力,管理層亦將教學點擴張節奏從先前的 10%提升到15至20%。該行預計新東方2024和2025財年收入將達到37億和44億美元。同時也看好新東方利潤率提升前景,預計2024和2025財年非GAAP淨利潤率達10.7%和11.8%。
招商證券國際指,新東方2023財年第四季(截至今年5月底止季度)業績收入勝預期。該行認爲公司的業績證明教育行業的增長前景向好,同時相信新東方作爲主要受惠者,將能夠抓住增長機遇。考慮到比同業更好的盈利增長前景和具有吸引力的估值,仍然保持對新東方的偏好。
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