大行評級|花旗:下調新東方目標價至83港元 指其估值吸引並重申“買入”評級
花旗研究報吿指,近日舉辦了新東方業績後發佈會,吸引逾130家機構投資者參與,反映市場對該公司有濃厚興趣。該行繼將新東方美股目標價調整至106美元后,亦將港股目標價由99港元下調至83港元,此舉反映了該行對公司核心教育業務的正面展望,一致的估值原則及最新的預測。該行認為新東方估值吸引,重申“買入”評級,就K12課後補習行業而言,偏好新東方多於好未來。花旗認為,新東方在2024財年第四季容量加速擴張,學習中心增加37%,超過指引目標,是受到經濟改善的支持。新中心目前可在5至6個月內達到收支平衡,與政策實施前相比有顯著改善,反映出競爭格局和經營效率的提升。該行歸納出投資者在公司業績後活動上提出的十大關心領域,包括2024財年第四季支出超支因素、表現獎金結構、學習中心擴充控制、新中心盈利能力軌跡、教育業務利潤表現及展望、與前高管和解的7,600萬美元、2025財年員工激勵與人員編制、海外學習業務的抗逆能力、文化旅遊的前景,以及股票回購和資本回報計劃。
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