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《大行》招商證券降新東方-S(09901.HK)目標價至45元 維持「買入」評級
阿思達克 08-01 11:22
招商證券發表研究報告指,新東方-S(09901.HK)(EDU.US)在5月底止2025財年第四財季的收入按年增長9.4%,超市場預期達4.6%,當中核心教育業務收入升18.7%,超出公司指引;毛利率按年升1.9個百分點至54.2%,勝於預期。 報告提到,新東方指引2026財年的收入按年增長5%至10%,而目前的市場預測為增長12%,主要是由於公司的海外業務在宏觀逆風下收入下降約5%。此外,公司對K-12業務的穩健增長持樂觀態度。該行預計,新東方2026財年首財季和2026財年的集團收入將分別增長4.8%和7.8%。 該行維持新東方「買入」評級,將其H股目標價由49元下調至45元,而美股目標價則由63美元降至58美元。另外,該行認為,其股東回報計劃(透過派息及回購)將回饋對上財年純利最少五成予股東,預計在2026和2027財年的收益率約為3%至4%,這或可支持估值。
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