Goldman Sachs: Slightly lowers New Horizon Health Group's (01686.HK) target price to 10 Hong Kong dollars, maintains buy rating.

According to the Smart Finance APP, Goldman Sachs released a research report stating that it has lowered the target price of New Oriental Group (01686.HK) from 10.9 Hong Kong dollars to 10 Hong Kong dollars, while maintaining a "buy" rating. In the second half of the fiscal year 2025, New Oriental Group's EBITDA is 1.068 billion Hong Kong dollars, with an earnings per share of 0.1217 Hong Kong dollars. EBITDA is 9% lower than the bank's expectations, mainly due to revenue falling short of expectations by 11%, but partially offset by a 2 percentage point expansion in EBITDA profit margin. Depreciation and amortization were lower than expected, with an effective tax rate of about 15%, while the bank's expected rate was 16%. The final dividend per share is 0.12 Hong Kong dollars, 13% lower than the bank's expectations, with a full-year dividend payout ratio of approximately 46%, while the bank's expectation was 50%; the management reiterated that the upper limit of the dividend payout ratio will remain unchanged at 50%.