《大行報告》瑞銀上調新東方(EDU.US)目標價至71美元 評級「買入」
瑞銀發表報告指,新東方-S(09901.HK)(EDU.US)指引截至8月底止2024財年首季收入(美元計)按年增32%至35%,或按人民幣計算料升介乎37%至40%。該行將集團2024財年預期收入增長率提升至27.5%,經調整淨利潤料按年增68%至4.35億美元。
考慮截至8月底止首財季指引強勁,該行將新東方2024財年全年收入預測上調6.4%,惟下調2024財年的非通用會計準則營運利潤率11個基點,以反映加快產能擴張帶來的利潤拖累,不過,預計更強勁的營收將可以抵銷這個不利因素。該行升集團2024財年經調整淨利潤預測8.6%,至4.35億美元。
瑞銀料新東方2023至2025財年間收入及經調整淨利潤年均複合增長率分別達24%及52%,將其美股目標價由65美元上調至71美元,並指現時估值仍吸引,相當於預測2024及2025財年市盈率分別19.6及14.2倍(或撇除現金後分別7.7倍及5.6倍),評級「買入」。
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