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大行評級|大和:下調新東方目標價至50港元 下調收入及每股盈利預測
格隆匯 03-28 13:28

大和發表報告,預測新東方2025財年第三財季核心收入按年升21%,低於此前預期的25%,總收入料按年跌2%。雖然K12小班課程需求穩定,但預計現財年下半年高端海外考試準備和諮詢服務收入將低於管理層預期,導致期內海外相關收入按年增長進一步放緩至11%至12%。因消費者對高端旅遊服務支出謹慎,寒假期間的文化旅遊收入增長亦未達公司預期。

該行預計公司下財年收入增長放緩14%,原因是海外業務前景具挑戰性,且公司加強效率管理可能減緩產能擴張。該行下調對公司現財年及2027財年收入預測1%至6%,以及每股盈利預測5%至16%。該行重申對新東方“買入”評級,目標價從58港元下調至50港元。

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