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大行評級丨麥格理:下調新東方H股目標價至25.7港元 下調未來兩財年盈測
格隆匯 04-24 15:23

麥格理髮表報吿指,新東方2025財年第三財季收入按年跌2%,教育業務收入按年升21%,符合指引。剔除東方甄選的非公認會計准則經營溢利率按年跌1.8個百分點至13.3%,略勝於指引的下降2至2.5個百分點。報吿指,管理層預計現財季非公認會計准則經營溢利率按年至少擴張1個百分點。旅遊業務下財年將繼續錄得經營虧損,但虧損將從預期現財年的1.7億元縮窄。雖然公司預計成本控制支持下財年利潤率擴張,該行擔憂海外業務放緩導致的業務組合不利影響,利潤率可能面臨壓力。

麥格理上調新東方現財年非公認會計准則淨利潤預測10.7%,但下調下財年及2027財年預測1.4%及3.3%,H股目標價由31.9港元下調至25.7港元,美股目標價由41美元降至33美元,維持“跑輸大市”評級。

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