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《大行》大摩微降新東方(EDU.US)目標價至47美元 上財季業績勝預期惟展望遜色
摩根士丹利發表研究報告指,新東方-S(09901.HK)(EDU.US)截至今年5月底止2025財年第四季業績勝預期,但2026財年首季及全財年收入指引則較市場預期遜色,關注海外業務需求惡化會否拖累2026財年收入及利潤率,認爲集團實施成本控制措施未知能否抵銷相關負面影響。 集團給予2026財年首季展望,收入按年增長2%至5%,較市場預期低5%至8%,全年狀入預期增長5%至10%,亦較市場預期低3%至7%。大摩維持其「與大市同步」評級,美股目標價由原先48美元微降至47美元,基於第四財季業績超出預期,將2026至2028財年各年非通用會計準則每股盈利預測上調12%、10%及3%,但下調遠期盈利預測2%至6%,以反映市場競爭加劇對利潤的影響。
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