富瑞:首次覆蓋中國教育股 首選好未來及中國東方教育
富瑞發表研究報告指,首次覆蓋5家中國教育股票,其中好未來教育集團和中國東方教育(0667.HK)將是首選股,因這2家公司是後新冠疫情時代的長期贏家,因而給予買入評級,該行予中國東方教育目標價24港元。
富瑞指,好未來是幼兒園至12年級階段課後輔導方面的首選股,且這是世界上盈利最強的教育提供商之一;中國東方教育則是職業教育方面的主要選擇,冀望其將這一更大的目標市場貨幣化,以為投資者提供強勁的現金流回報。
富瑞續指,同樣看好新東方教育科技集團和中公教育,因兩家公司具有規模效應且市場機遇有吸引力。該行給予新東方在線(1797.HK)持有評級,目標價35港元,該公司作為後來者面臨挑戰,需要更多時間來在激烈的市場競爭中顯示出差異性。
該行指,在後疫情時代,教育消費的模式也會發生變化,比如更重視線上課程,科技競爭更激烈,私人職業教育需求更大,以及備考服務更加偏向國內。
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