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瑞信:建議投資者將焦點由K12輔導轉向職業教育機構
uSMART盈立智投 07-26 14:00

瑞信指出,相信新東方(EDU.M)及好未來(TAL.N)需分拆其K12業務,降低成本,以及投資新業務,同時過程極具不確定性,仍取決於更多監管指引。在業務轉型有更高可見度前,瑞信相信,淨現金與非K12業務將爲教育股提供短期估值底部基礎,其中新東方持有39億美元現金(每股2.3美元),瑞信對其非K12業務估值爲13億美元(每股0.8美元);而好未來持有淨現金37億美元(每股5.6美元)。該行建議投資者將焦點由K12輔導轉向職業教育機構,其中中教控股(00839.HK)爲首選,因其政策風險較低、盈利可見度較高,以及執行力強。

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