External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

New Oriental Education & Techn / Equity Bottom-Up

<ul><li>New Oriental announced 3QFY24 financial results: total net revenue grew by 60.1% YoY to US$1,207mn, 10% ahead of consensus estimate (US$1,098mn); non-GAAP net income was up by 9.8% YoY to US$105mn but below consensus estimate of US$132mn, mainly due to the investment in East Buy and faster-thanexpected capacity expansion which dragged the pace of margin expansion.</li><li>9MFY24 total revenue/non-GAAP net income grew by 48.6/74.9% YoY.</li><li>The company guides 4QFY24 total revenue to grow by 28-31% YoY to US$1,102- 1,127mn, versus the consensus estimate of US$1,096mn. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

New Oriental announced 3QFY24 financial results: total net revenue grew by 60.1% YoY to US$1,207mn, 10% ahead of consensus estimate (US$1,098mn); non-GAAP net income was up by 9.8% YoY to US$105mn but below consensus estimate of US$132mn, mainly due to the investment in East Buy and faster-thanexpected capacity expansion which dragged the pace of margin expansion.9MFY24 total revenue/non-GAAP net income grew by 48.6/74.9% YoY.The company guides 4QFY24 total revenue to grow by 28-31% YoY to US$1,102- 1,127mn, versus the consensus estimate of US$1,096mn. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

New Oriental (EDU US) - Accelerating Capacity Expansion to Address Robust Demand

<ul><li>New Oriental, as a well-established educational &amp; test prep service provider in China with best-in-class teaching resources, is well positioned to benefit from rationalizing competition in China’s after-school tutoring market and robust demand, in our view.</li><li>After the business transformation in FY23, it is embracing a new growth stage, especially with the regulatory environment turning benign.</li><li>We forecast the company to deliver a 49% non-GAAP net income CAGR over FY24-26E. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

New Oriental, as a well-established educational &amp; test prep service provider in China with best-in-class teaching resources, is well positioned to benefit from rationalizing competition in China’s after-school tutoring market and robust demand, in our view.After the business transformation in FY23, it is embracing a new growth stage, especially with the regulatory environment turning benign.We forecast the company to deliver a 49% non-GAAP net income CAGR over FY24-26E. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

New Oriental (EDU US) - Bracing for a New Growth Stage

Analyst

Steve

<ul>
<li>Today, after Hong Kong market close, the Ministry of Education issued a new draft regulation on K12 tutoring. </li>
<li>I have written before on <a href="https://www.smartkarma.com/entities/new-oriental-education-techn-cc88998e-fe0d-4a03-b544-f3e9836b06a2" target="_blank" data-smartkarma-citation="entities:531:1" rel="noopener">New Oriental Education &amp; Techn (EDU US)</a> and China Beststudy that there is now a equilibrium reached between all parties on tutoring in China. </li>
<li>The new draft regulation basically puts it into concrete policy, which should alleviate investor concern on the sector. </li>
</ul>


Today, after Hong Kong market close, the Ministry of Education issued a new draft regulation on K12 tutoring. 
I have written before on New Oriental Education &amp; Techn (EDU US) and China Beststudy that there is now a equilibrium reached between all parties on tutoring in China. 
The new draft regulation basically puts it into concrete policy, which should alleviate investor concern on the sector. 


EDU/TAL:  China Tutoring - Here Comes The Policy Tailwind

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>Minsheng Education (1569 HK) is a highly undervalued Chinese education stock with high dividend yields. Market cap of the company has declined by nearly 90% from Jun 2018 to today. </li>
<li>Minsheng Education's dividend yield averaged 5.1% from 2020 to 2022. Estimated dividend yield is 14.6% in 2023.   </li>
<li>Minsheng Education mainly provides educational services in China. The company is one of the leaders of China's private higher education industry.</li>
</ul>


Minsheng Education (1569 HK) is a highly undervalued Chinese education stock with high dividend yields. Market cap of the company has declined by nearly 90% from Jun 2018 to today. 
Minsheng Education's dividend yield averaged 5.1% from 2020 to 2022. Estimated dividend yield is 14.6% in 2023.   
Minsheng Education mainly provides educational services in China. The company is one of the leaders of China's private higher education industry.


Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>East Buy's stock price plunged after a conflict broke out between the top broadcaster and the management team.</li>
<li>NIO will launch another brand for low price products, following BYD’s low price and Li Auto’s price reduction.</li>
<li>Tencent will move its unimportant assets to China Literature again.</li>
</ul>


East Buy's stock price plunged after a conflict broke out between the top broadcaster and the management team.
NIO will launch another brand for low price products, following BYD’s low price and Li Auto’s price reduction.
Tencent will move its unimportant assets to China Literature again.


China Consumption Weekly: East Buy, NIO, Tencent, PDD, Alibaba, JD.com

China

New Oriental Education & Technology Group, Inc. offers educational services. The Company offers foreign language training, test preparation courses for admissions and assessment tests in the United States, the PRC and Commonwealth countries, primary and secondary school education, and other services. New Oriental Education & Technology Group also operates software development.

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New Oriental Education & Techn (EDU US)

New Oriental (EDU US) - Accelerating Capacity Expansion to Address Robust Demand

The company guides 4QFY24 total revenue to grow by 28-31% YoY to US$1,102- 1,127mn, versus the consensus estimate of US$1,096mn.

CMB International

New Oriental (EDU US) - Bracing for a New Growth Stage

After the business transformation in FY23, it is embracing a new growth stage, especially with the regulatory environment turning benign.

CMB International

EDU/TAL: China Tutoring - Here Comes The Policy Tailwind

The Ministry of Education issues new draft regulation on K12 tutoring in China, bringing clarity and alleviating investor concerns.

Steve

Asian Dividend Gems: Minsheng Education

Minsheng Education (1569 HK) is a highly undervalued Chinese private education stock with high dividend yields. Market cap of the company has...

Douglas Kim

China Consumption Weekly: East Buy, NIO, Tencent, PDD, Alibaba, JD.com

East Buy plunged after a conflict broke out between the top broadcaster and the management team. NIO will launch a second brand for low price...

Ming Lu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

New Oriental (EDU US) - Accelerating Capacity Expansion to Address Robust Demand

The company guides 4QFY24 total revenue to grow by 28-31% YoY to US$1,102- 1,127mn, versus the consensus estimate of US$1,096mn.

CMB International

New Oriental (EDU US) - Bracing for a New Growth Stage

After the business transformation in FY23, it is embracing a new growth stage, especially with the regulatory environment turning benign.

CMB International

EDU/TAL: China Tutoring - Here Comes The Policy Tailwind

​The Ministry of Education issues new draft regulation on K12 tutoring in China, bringing clarity and alleviating investor concerns.

Steve

Asian Dividend Gems: Minsheng Education

Minsheng Education (1569 HK) is a highly undervalued Chinese private education stock with high dividend yields. Market cap of the company has...

Douglas Kim

China Consumption Weekly: East Buy, NIO, Tencent, PDD, Alibaba, JD.com

East Buy plunged after a conflict broke out between the top broadcaster and the management team. NIO will launch a second brand for low price...

Ming Lu

The Ministry of Education issues new draft regulation on K12 tutoring in China, bringing clarity and alleviating investor concerns.