大行評級丨摩通:降新東方(9901.HK)目標價至38港元 評級維持“中性”
摩根大通發研報指,基於管理層可能會給予保守的指引,因此將新東方-S(9901.HK)第三財季預測進行預防性下調,是該行在過去12個月內的第四次下調新東方的盈測,目前預測核心教育業務收入將按年增長21%至12.66億美元,增幅較上季的31%減慢,東方甄選(1797.HK)收入減幅料擴大至35%,對比次財季爲23%,非通用會計準則下東方甄選預期錄得經營利潤,令整體非通用會計準則經營利潤按年增長3%至1.45億美元。摩通目前維持對新東方的“中性”評級,目標價從40港元降至38港元,預期集團或連續四個季度錄得令人失望的業績,屆時管理層將藉此機會大幅下調2026財年經營指引,爲日後的“業績勝預期”鋪路。現時該行預測新東方2026財年核心教育業務收入將增長15%,整體收入料增長12%,當中已計及宏觀風險加劇及人民幣匯價走弱的潛在影響。
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