《大行》大和:新東方(09901.HK)指引遜預期 降目標價至43元重申「買入」
大和研究報告指,新東方-S(09901.HK)今年5月底止第四財季收入及盈利分別超出市場預期4%與63%,但2026財年首季及全年度收入增長指引均低過預期。管理層解釋,26財年首季將受高基數影響,當中涉及K9與高中春季課程時間表問題,以及東方甄選主播於去年離職導致收入貢獻流失。
另外,公司宣布為期三年的股東回報計劃,承諾將不低於50%淨利潤透過股息與回購回報股東,但該行認為規模不及預期。假設公司派發2025財年公認會計準則盈利的50%,2026年回報股東的金額約為1.86億美元,以現市值計僅相當於2.6%股息率。
該行將2026至27年收入預測下調3%至7%,每股盈利預測下調3%至5%。基於估值吸引,重申「買入」評級,目標價由49元下調至43元。
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