《大行報告》中金上調新東方(EDU.US)目標價至60美元 上季業績強勁
中金發表研報指,新東方(09901.HK)(EDU.US)日前公布,截至2023年5月31日止2023財年第四季收入按年增長64%,超出市場預期。非通用會計準則下經營利潤達7,860萬美元,大致符合市場及該行預測。
該行指出,第四財季毛利潤達到54.5%,按年提升15個百分點,而非通用會計準則下經營利潤率則為9.1%,按季下跌2個百分點,相信是由於旗下教育業務及東方甄選(01797.HK)業務擴張開銷較高所致,有部分已被成本控制措施抵銷。剔除直播業務的經營利潤貢獻,中金預計期內教育業務非通用會計準則下淨利潤率為約7%。
該行指出,留學業務持續復甦,同時預期新業務亦持續增長,因此將公司2024至2025財年收入預測分別上調6%,達至37.5億及43億美元,非通用會計準則淨利潤預測維持不變,並維持「跑贏大市」評級,美股目標價上調18%至60美元。
中金又指,公司2024財年首季收入指引超出預期,預測按美元計算2024財年收入將按年增長25%,非通用會計準則經營利潤率可望達到雙位數。
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