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《大行報告》麥格理升新東方-S(09901.HK)目標價至70.2元 上調盈測反映更高毛利率預測
麥格理髮表報告,上調對新東方-S(EDU.US)(09901.HK)現財年、下財年及2026財年非通用會計準則(Non-GAAP )淨利潤預測7%至13%,基於更高的毛利率預測。H股目標價由63.6元上調至70.2元,美股預託證券目標價由81.5美元上調至90美元,評級維持「跑贏大市」。 該行指,公司截至去年11月底止第二財季收入按年升36%至8.7億美元,高於管理層指引按年升23%至26%的上限,亦高於市場預期7%。管理層預期現財季收入按年升42%至45%,受益於需求復甦及市佔整合。 新東方上季度Non-GAAP 經營溢利率按年升3.3個百分點至5.9%。該行認爲是因爲學習中心使用率上升,教師與總部固定成本的經營槓桿,新業務盈利率在快速增長下擴張,以及海外業務與高校相關業務盈利率按年上升。基於學習中心上季度使用率僅爲三分之二,認爲盈利率仍有擴張空間。另一方面,新東方附屬東方甄選(01797.HK)經營溢利率在上半財年下跌20個百分點至11%,反映核心教育業務盈利率擴張幅度更大。
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