《大行报告》瑞银下调新东方在线(01797.HK)目标价至18元 评级「买入」
瑞银发表研究报告指,新东方在线(01797.HK)的股价年初至今已累计下跌57%,较主要课後辅导同业累跌47%稍微跑输,相信主要是由於政策对课後辅导产品宣传的潜在限制加强、线上大班教学增长较慢,以及旗下在线课程平台「东方优播」表现逊预期的影响。
该行考虑到行业趋势发展,将2021至2025财年收入预测下调9%至42%,2021至2023年亏损预测相应扩大,并下调每股盈测。
瑞银预期行业竞争将加剧,将新东方在线2021至2023年收入复合增长预测,由98%降至88%,目标价由34元降至18元,但维持「买入」评级。
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