《大行報告》交銀國際升新東方-S(09901.HK)目標價至75元 季績超預期
交銀國際發表研究報告指,新東方-S(09901.HK)於2024財年第二季受到教學服務及東方甄選全部業務線增長所帶動,收入按年增36%至8.7億美元,分別超出該行及市場預期6%和7%。經調整營運利潤為5,100萬美元,營運利潤率5.9%,而去年同期則為2.6%;經調整淨利潤達5,000萬美元。受惠於收入增長帶來經營槓桿提升,集團相應的淨利率為5.8%,
該行表示,新東方的管理階層下季收入指引(增42-45%)優於先前市場預期約15%。營運利潤方面,東方甄選在擴張過程中利潤率或呈現下行趨勢,但料第三季營運利潤率按年增1個百分點至12.7%。
該行分別上調集團2024及25財年的收入預測8%和10%,而利潤預期則升6%和8%,目標價由70元上調至75元,維持「買入」評級。
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