大行評級|高盛:新東方次財季核心業績超預期 予“買入”評級
高盛發表研究報吿指,新東方去年11月底止2025財年第二季核心財務表現強於預期,收入按年增長31%,較該行及市場普遍預期分別高出2%及5%,Non-GAAP經營溢利率提升12個基點,但受到東方甄選業務遜於預期的拖累,集團收入及每股盈利均未達預期。展望第三財季,管理層預期核心收入將按年增長18%至21%,較高盛預測中位數低7%,並較市場預期低11%。高盛對新東方H股及ADR目標價分別為65港元及83美元,仍然看好新東方是一個擁有約30年曆史的教育品牌,在中國教育行業中屬增長較具韌性及可持續性的企業,相信在相對穩定的政策環境下,公司仍處於多年規模和利潤擴張的早期階段,在2024至2027財年間,撇除東方甄選後,新東方收入及每股盈利年均複合增長料分別22%及31%。由於其預測未來12個月市盈率仍遠低於歷史均值,該行認為目前估值水平具有吸引力,給予“買入”評級。
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