大行評級丨高盛:上調新東方目標價至42港元 上調核心業務盈利預測
高盛發表研究報告指,新東方管理層在最近一次業績電話會議中強調對成本控制和提升營運效率的重視,並預計核心教育業務在截至5月底止第四財季及2026財年經營利潤率將擴張。該行指,新東方第四財季及2026財年收入增長指引符合預期,分別爲按年增長12%至15%,以及14%至15%,憧憬成本控制得宜,加上發展成熟的學習中心佔比不斷提升,預期可抵銷海外考試培訓和諮詢業務對利潤率的拖累,因此將2025至2027財年核心業務non-GAAP下的經營利潤預測上調介乎7%至14%,H股目標價由40港元上調至42港元,維持“買入”評級。高盛預期,若公司可在第四財季實現利潤率擴張,屆時投資者信心將得到改善,估值可望提升。
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