《大行》麥格理升新東方(09901.HK)目標價至29.7元 惟對行業看法悲觀評級「跑輸大市」
麥格理髮表研究報告指,新東方-S(09901.HK)(EDU.US)今年5月底止末財季收入按年升9.4%,當中教育業務收入升18.7%,超出公司以美元計算的指引。管理層指引,以美元計,2026財年第一財季的淨收入按年增2%至5%,並料2026財年升5%至10%。另外,公司預計,由於宏觀環境疲弱及地緣政治不確定,料其海外業務在2026財年全年及第一財季均錄4至5%跌幅。
該行將新東方2026及27財年的非GAAP淨收入預測分別下調8.8%和12.8%,將H股目標價由25.7元上調至29.7元,又將美股目標價由33美元調升至37.8美元,維持「跑輸大市」評級。該行對整個教育行業持悲觀看法,建議投資者在股價反彈時沽售。
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