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《大行報告》高盛:東方甄選(01797.HK)獲新東方及董事長承諾在場內增持股份 顯示前景信心
高盛發表報告指出,新東方-S(09901.HK)終止據特別授權認購東方甄選(01797.HK)股份。同時,新東方及新東方與東方甄選行政總裁俞敏洪承諾,未來6至12個月將在場內各增持6.6億元及4,000萬元東方甄選股份,共涉資7億元,顯示對東方甄選前景具信心。該行認為有關交易將使新東方進一步鞏固其在東方甄選的多數股權。 該行認為,在新東方品牌支持下,東方甄選成為領先的品牌及直播電商平台。該行對東方甄選持建設性看法,認為公司透過品牌知名度及內容驅動的銷售方式,具多平台擴張潛力;豐富自有品牌庫存單位(SKU)有利推動商品交易總額(GMV);持續高於同業的盈利能力。該行對東方甄選評級「中性」,目標價25元。 新東方方面,該行指公司為擁有30年歷史的教育品牌,在內地教育行業中具有韌性增長和份額持續增長。其全方位的教育服務以及教育以外的有效和具盈利的投資(如教育),令公司收入均衡。公司在2023財年完成業務調整後,仍處於多年規模擴張的早期階段,並預測2023至2026財年收入年均複合增長率為25%,每股盈利年均複合增長率達43%。予以「買入」評級,目標價71元。
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