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大行評級|招銀國際:下調新東方目標價至80美元 宏觀不確定性影響收入及利潤率前景
格隆匯 01-23 10:18
招銀國際發表研究報吿指,新東方第二財季的收入按年增長19%,符合該行及市場預期;非通用會計準則淨利潤跌29%,遜於預期,主要是由於東方甄選業務調整及對文旅業務的投入。撇除東方甄選後,新東方的管理層預計,集團第三財季收入將按年增長18至21%,即達10.1至10.3億美元,惟指引仍低於招銀國際的預期。該行相信,這主要是由於宏觀不確定性影響業務收入及及利潤率前景,而且競爭將進一步加劇。考慮較預期弱的收入指引,該行將集團2025至27年的收入預測下調2至3%,目標價由87美元下調至80美元,維持“買入”評級。
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