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《大行》美銀證券降新東方(09901.HK)目標價至43.8元 公司指引反映增長放緩
美銀證券研究報告指,新東方(09901.HK)(EDU.US)公佈截至5月底止季度業績,收入與利潤率增長均超預期,當中收入按年增長18%,非通用會計準則營業利潤率年增加3.2個百分點。但公司對2026財年首財季及全財年收入指引分別爲2至5%及5至10%,反映海外業務及K9學科類培訓增長放緩。公司同時宣佈爲期3年的股東回報計劃,承諾將不低於50%的淨利潤用於派息或股份回購。 基於增長前景放緩,該行將新東方2026及2027年每股盈利預測分別下調3%及7%,並將新東方(09901.HK)目標價49.3港元降至43.8港元,新東方(EDU.US)目標價由63.2美元降至56.2美元,維持「買入」評級。
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