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《大行報告》瑞信下調中國東方教育(00667.HK)目標價至14.5元 評級「跑贏大市」
阿思達克 04-03 10:48
瑞信發表研究報告,維持中國東方教育(00667.HK)評級「跑贏大市」,指出公司2019年雖然淨增加14所學校,但下半年新生入學率仍然低迷。

中國東方教育2019年收入按年增長19.6%,較該行預期低6%。管理層預計大多數學校將在4月重新恢復線下教學,維持學校網絡擴張計劃。該行估計,由於延遲開學,2020年收入增幅將回落至5%。

該行表示,中國東方教育正在積極進行戰略調整,以應對不斷變化的市場趨勢,包括在傳統專業需求下降的情況下開設更多新學科,並推出更多短期課程,該行將公司2020及2021年收入預測分別削減18%及16%,並將調整後純利預測分別削減11%及9%,目標價由16.3元下調至14.5元,相當於今年預測市盈率27.7倍及明年22.6倍,相信復課後及支持政策出台,投資者信心會有所改善。

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