《大行報告》大和降新東方(09901.HK)評級至「持有」 目標價削至18元
大和發表報告指,基於內地教育當局收緊監管規定,料新東方(09901.HK)K12線下教育中心業務將縮減,資金流亦將錄得負面影響,評級自「買入」下調至「持有」。該行下調新東方2022年及2023年收入預測42%至64%,料於新東方整體收入佔78%的K12業務收入,於2022年及2023年分別倒退38%及39%,料新東方需要減少300間至400間教育中心。
根據新東方淨現金表現,收入年複合增長率,營運毛利率及非K12業務等因素,該行下調估值,目標價亦自85元大削至18元。
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