《大行報告》野村下調新東方-S(09901.HK)目標價至149元 評級「買入」
野村發表的研究報告指,預期新東方(09901.HK)首三財季收入將按年增25%,較市場預期高1%,並為公司指引的上端,主要因為K12市場復甦強勁,預期收入將按年增33%,而海外業務收入跌幅亦收窄至20%。該行相信公司按非通用會計準則計算,經營利潤率將為6%,按年收窄8.6個百分點,主要因為教師補償增加及在線上線下合併方面的前期投資。
該行估計公司第四財季收入指引將符合或微遜預期,認為需視乎線下擴張及線上線下合併的步伐,在監管層面亦存在不確定性。現時市場估計第四財季公司收入將增39%,而該行則料收入將增38%,相信管理層將提供2022財年線下擴張及線上線下合併進展的指引。
該行指出公司股價自3月29日以來走低,主要受政策因素影響,不過該行看法較正面,認為市場已反映最差的情況,將公司目標價由174元降至149元,評級「買入」。(el/k) ~
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.