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大行評級丨里昂:小幅上調新東方目標價至66.6美元 第三財季利潤略勝預期
里昂發表研究報告,指新東方2月底止第三財季利潤略勝預期,並預期K-12業務的強勁勢頭將會持續。該行預計撇除東方甄選後,今年5月底止第四財季的收入將按年增長13%至10.39億美元,又料海外業務的收入按年增長將放緩至6%。對於2026財年,該行預計其海外業務收入將進一步放緩至2%,而K-9新業務應保持強勁,料按年增長25%。該行又預期,由於集團自今年1月起實施成本控制措施,加上基數較低,第四財季非公認會計準則(non-GAAP)經營溢利率將按年增加1.4個百分點,抵銷了海外業務對利潤的拖累。該行相信,新東方管理層考慮派息,可利用其充裕的淨現金提供更多下行保護,將美股目標價由66.28美元小幅上調至66.6美元,維持“跑贏大市”評級。
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