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瑞信:下调新东方美股目标价至14美元 评级跑赢大市

Credit Suisse: Lowering the target price of New Oriental's US stock to $14, outperforming the market

新浪财经 ·  May 24, 2021 15:24

Credit Suisse published a report saying that under the basic scenario, the bank estimates that the new policy will allow for slower capacity expansion and moderate cost increases to offset inflation. The bank lowered the target price of New Oriental (EDU.N.) US stock from $18.7 to $14, maintained its rating outperformed the market, and lowered the Group's capacity expansion forecast for FY2022, from 20% to 10%. The revenue forecast for fiscal year 2023 was also lowered by 7%, while the profit forecast was lowered by 9% to reflect the assumption that the Group's expansion will slow down after the regulations are introduced. Credit Suisse expects that although growth has slowed, New Oriental will benefit from industry consolidation after the introduction of regulations in the long run.

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