大行評級|花旗:下調新東方目標價至64港元 目前的估值過度折現短期不利因素
花旗發表研究報吿指,新東方管理層指引,2025財年核心收入增長約為30%,當中,第二季增長25至28%,雖然指引較為保守,但符合該行預期。花旗表示,新東方管理層預計2025財年下半年將加速增長,主要是由於2024財年下半年開設的中心收入增加、學生招募加快、及傳統的季節性強勁表現。雖然集團於第二季面對季節性壓力,但全年擴張目標仍受到有力支持,包括第一季的強勁的執行力、第二季逆風屬暫時性質、和多個結構性驅動因素。該行重申新東方“買入”評級,認為目前的估值過度折現短期不利因素,同時低估了公司的營運韌性和久經考驗的執行能力,惟將目標價由83港元下調至64港元。
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