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《大行報告》大和降新東方在線(01797.HK)評級至「跑輸大市」 目標價削至3.3元
阿思達克 07-28 14:07
大和發表研報指,當局出台「雙減」政策,打擊內地K12課後學科培訓市場,雖然預期新東方在線(01797.HK)可取得新規下的線上教育經營牌照,但業務料仍大受影響,高增長趨勢不再。

該行指,政策及潛在分拆K12業務獨立經營,料將令新東方在線2021財年K12收入損失60%至70%,預期2022財年K12收入增幅將降至40%,2023年收入料跌10%,至2024年再恢復約10%增長,遠低於早前預期的2021至2023財年年均複合增長60%。

惟該行指出,線上課程需求不斷增加,料有利於公司線上教育業務發展,由於目前規模較小,難以判斷在當局限制教育機構廣告及禁止使用考試題庫應用程序下,公司能否從中受惠。

大和提到,K12原為公司長遠重要發展方向,但未來將不得不縮減原有的擴張計劃,考慮到當局或對行業進一步收緊規管,新東方在線或需將重心更改至高等教育、STEM或其他資格教育課程,將評級由「買入」降至「跑輸大市」,目標價由31元大削至3.3元。

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