花旗:升新東方在線(1797.HK)目標價至19港元 評級“沽售”
花旗發表報告指,新東方在線(01797.HK)公佈2020財年中期業績,錄得5,630萬元人民幣核心虧損。該行與管理層討論後,認為公司近期重組中學網上教學平台的行動會造成拖累,而東方優播的營運則會是長期推動力。
該行表示,公司在中學方面的表現疲弱,而且需要在K12教育業務花費更多,因此上調對公司2020財年的核心虧損預測,由原來的預料虧損1.39億元人民幣,調升至料虧損1.79億元人民幣,2021及2022財年的核心盈利預測亦下調31%至86%。
由於K12教育業務的提升,花旗上調對新東方在線以現金流折現法計的未來現金流預測,並將其加權平均資本成本(WACC)估算由13.2%降至11.1%,股份目標價因而由13港元上調至19港元,評級維持“沽售”。
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