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【券商聚焦】交银国际维持新东方(09901)买入评级 料短期整体业绩增长仍受东方甄选业务不确定性影响

[Brokerage Focus] Bocom Intl maintains a buy rating on New Oriental (09901), expecting short-term overall performance growth to continue to be impacted by the uncertainty of the East Buy business.

Golden Guardian Financial News ·  Nov 7, 2024 08:55

Bocom Intl research reports suggest that the short-term overall performance growth of New Oriental (09901) will still be affected by the uncertainty of East Buy business. However, the education and cultural tourism business continue to perform steadily. Although the profit contribution of East Buy still remains uncertain, the impact on New Oriental's overall profit/loss is relatively small. We are giving a 25 times PE ratio (12-month profit, until February 2026) to the company as a whole, corresponding to a target price of 75 Hong Kong dollars/105 US dollars (EDU US). The current price corresponds to a 18/14 times PE ratio for the 2025/26 fiscal year, with a 45%/33% profit growth rate. We maintain a buy rating.

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