金吾财讯 | 里昂发表研究报告，指新东方(EDU)2月底止第三财季利润略胜预期，并预期K-12业务的强劲势头将会持续。该行预计撇除东方甄选后，今年5月底止第四财季的收入将按年增长13%至10.39亿美元，又料海外业务的收入按年增长将放缓至6%。对于2026财年，该行预计其海外业务收入将进一步放缓至2%，而K-9新业务应保持强劲，料按年增长25%。该行又预期，由于集团自今年1月起实施成本控制措施，加上基数较低，第四财季非公认会计准则(non-GAAP)经营溢利率将按年增加1.4个百分点，抵销了海外业务对利润的拖累。该行相信，新东方管理层考虑派息，可利用其充裕的净现金提供更多下行保护，将美股目标价由66.28美元小幅上调至66.6美元，维持“跑赢大市”评级。
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