麦格理发表报告，新东方(EDU.US) (09901.HK) 2025财年第三财季收入按年跌2%，教育业务收入按年升21%，符合指引。剔除东方甄选(01787.HK) 的非公认会计准则经营溢利率按年跌1.8个百分点至13.3%，略胜于指引的下降2至2.5个百分点。
报告指，管理层预计现财季非公认会计准则经营溢利率按年至少扩张1个百分点。旅游业务下财年将继续录得经营亏损，但亏损将从预期现财年的1.7亿元人民币缩窄。虽然公司预计成本控制支持下财年利润率扩张，该行担忧海外业务放缓导致的业务组合不利影响，利润率可能面临压力。
麦格理上调新东方现财年非公认会计准则净利润预测10.7%，但下调下财年及2027财年预测1.4%及3.3%，新东方(09901.HK) 目标价由31.9元下调至25.7元，新东方(EDU.US) 目标价由41美元降至33美元，维持“跑输大市”评级。(fc/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-04-24 12:25。) (美股为即时串流报价； OTC市场股票除外，资料延迟最少15分钟。)
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