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.

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New Oriental Education & Techn / Equity Bottom-Up

<ul><li>New Oriental reported 1QFY26 financial results: net revenue was up by 6% YoY to US$1.52bn, in line with Bloomberg consensus estimate; non-GAAP operating income was up by 11% YoY to US$336mn, 4% ahead of consensus estimate, mainly due to the enhanced operational efficiency and disciplined capacity expansion.</li><li>For 2QFY26E, management guided net revenue to grow by 9-12% YoY to US$1.13bn-1.16bn, with growth reaccelerating thanks to the notable revenue growth acceleration of the K-12 business.</li><li>Meanwhile, the company maintains its full-year revenue guidance of US$5.15-5.39bn (+5-10% YoY) in FY26E. </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 reported 1QFY26 financial results: net revenue was up by 6% YoY to US$1.52bn, in line with Bloomberg consensus estimate; non-GAAP operating income was up by 11% YoY to US$336mn, 4% ahead of consensus estimate, mainly due to the enhanced operational efficiency and disciplined capacity expansion.For 2QFY26E, management guided net revenue to grow by 9-12% YoY to US$1.13bn-1.16bn, with growth reaccelerating thanks to the notable revenue growth acceleration of the K-12 business.Meanwhile, the company maintains its full-year revenue guidance of US$5.15-5.39bn (+5-10% YoY) in FY26E. 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) - Inline 1QFY26 Results; Enhancing Profitability and Shareholder Return

<ul><li>New Oriental announced 4QFY25 results: net revenue increased by 19% YoY to US$1.09bn (excluding revenue form East Buy), ahead of the company guidance (US$1.01-1.04bn); non-GAAP net income grew by 59% YoY to US$98mn, ahead of Bloomberg consensus estimate of US$54mn, mainly thanks to the cost optimization initiatives across business lines.</li><li>Total net revenue/non-GAAP net income rose by 14%/11% YoY in FY25 to US$4.90bn/517mn.</li><li>Looking ahead, management guides FY26 total net revenue to increase by 5-10% YoY to US$5.15bn-5.39bn, which is below the consensus estimate of US$5.56bn, primarily due to macro uncertainty and more intensive competition. </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 4QFY25 results: net revenue increased by 19% YoY to US$1.09bn (excluding revenue form East Buy), ahead of the company guidance (US$1.01-1.04bn); non-GAAP net income grew by 59% YoY to US$98mn, ahead of Bloomberg consensus estimate of US$54mn, mainly thanks to the cost optimization initiatives across business lines.Total net revenue/non-GAAP net income rose by 14%/11% YoY in FY25 to US$4.90bn/517mn.Looking ahead, management guides FY26 total net revenue to increase by 5-10% YoY to US$5.15bn-5.39bn, which is below the consensus estimate of US$5.56bn, primarily due to macro uncertainty and more intensive competition. 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) - Revenue Growth Decelerates;

<ul><li>New Oriental reported 3QFY25 results: net revenue declined by 2% YoY to US$1.18bn, or grew by 21% YoY to US$1.04bn if excluding revenue from East Buy, which is in line with the guidance; non-GAAP net income dropped by 14% YoY to US$113mn, slightly below Bloomberg consensus estimate of US$120mn, mainly due to the deceleration in revenue growth of overseasrelated businesses and the investment in tourism business.</li><li>Looking ahead to 4QFY25E, the company guides net revenue (excluding revenue from East Buy) to grow by 10-13% YoY to US$1.01-1.04bn, further decelerating as macro uncertainty and geopolitical tension weigh on overseas related business.</li><li>We trim FY25-27E earnings forecast by 2-8% mainly in view of the pressure on overseas-related business, and now estimate FY25-27 non-GAAP OP CAGR of 23%. </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 reported 3QFY25 results: net revenue declined by 2% YoY to US$1.18bn, or grew by 21% YoY to US$1.04bn if excluding revenue from East Buy, which is in line with the guidance; non-GAAP net income dropped by 14% YoY to US$113mn, slightly below Bloomberg consensus estimate of US$120mn, mainly due to the deceleration in revenue growth of overseasrelated businesses and the investment in tourism business.Looking ahead to 4QFY25E, the company guides net revenue (excluding revenue from East Buy) to grow by 10-13% YoY to US$1.01-1.04bn, further decelerating as macro uncertainty and geopolitical tension weigh on overseas related business.We trim FY25-27E earnings forecast by 2-8% mainly in view of the pressure on overseas-related business, and now estimate FY25-27 non-GAAP OP CAGR of 23%. 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) - Overseas-Related Business Drags Revenue Growth

<ul><li>New Oriental announced 2QFY25 results on 21 Jan: net revenue was up by 19% YoY to US$1,039mn (+31% YoY if excluding revenue from East Buy), in line with our/consensus estimate; non-GAAP net income declined by 29% YoY to US$36mn, below our/consensus estimate of US$43/45mn, primarily due to the impact of East Buy adjustment and investment in tourism business.</li><li>For 3QFY25E, management guided net revenue (excluding revenue from East Buy) to grow by 18-21% YoY to US$1.01-1.03bn, also below our expectation as macro uncertainty impacts the high-end businesses and competition intensifies.</li><li>That said, management noted that New Oriental is still gaining market share. </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 2QFY25 results on 21 Jan: net revenue was up by 19% YoY to US$1,039mn (+31% YoY if excluding revenue from East Buy), in line with our/consensus estimate; non-GAAP net income declined by 29% YoY to US$36mn, below our/consensus estimate of US$43/45mn, primarily due to the impact of East Buy adjustment and investment in tourism business.For 3QFY25E, management guided net revenue (excluding revenue from East Buy) to grow by 18-21% YoY to US$1.01-1.03bn, also below our expectation as macro uncertainty impacts the high-end businesses and competition intensifies.That said, management noted that New Oriental is still gaining market share. 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) - Macro Uncertainty to Impact Revenue Growth and Margin Outlook

<ul><li>New Oriental announced 1QFY25 results on 23 Oct: net revenue grew by 30.5% YoY to US$1,435mn (or +33.5% YoY if excluding East Buy revenue), in line with our/consensus estimate of US$1,396mn/1,442mn; non-GAAP net income grew by 39.8% YoY to US$265mn, largely in line with our/consensus estimate of US$256/258mn, driven by enhanced operating margin of core educational business. Looking into 2QFY25E, management expects total net revenue (excluding revenue from East Buy) to grow by 25-28% YoY to US$851-872mn, decelerating due to the seasonality effect and macro impact on certain highASP businesses.</li><li>Nonetheless, management expects revenue growth to reaccelerate in 3Q/4Q and full-year revenue growth to remain at c.+30% YoY in FY25E (excl. East Buy).</li><li>We lower FY25 total revenue/non-GAAP earnings forecasts by 1.0/9.6% respectively, as the soft consumption sentiment affects overseas-related and high-end 1v1 tutoring businesses. </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 1QFY25 results on 23 Oct: net revenue grew by 30.5% YoY to US$1,435mn (or +33.5% YoY if excluding East Buy revenue), in line with our/consensus estimate of US$1,396mn/1,442mn; non-GAAP net income grew by 39.8% YoY to US$265mn, largely in line with our/consensus estimate of US$256/258mn, driven by enhanced operating margin of core educational business. Looking into 2QFY25E, management expects total net revenue (excluding revenue from East Buy) to grow by 25-28% YoY to US$851-872mn, decelerating due to the seasonality effect and macro impact on certain highASP businesses.Nonetheless, management expects revenue growth to reaccelerate in 3Q/4Q and full-year revenue growth to remain at c.+30% YoY in FY25E (excl. East Buy).We lower FY25 total revenue/non-GAAP earnings forecasts by 1.0/9.6% respectively, as the soft consumption sentiment affects overseas-related and high-end 1v1 tutoring businesses. 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) - Soft Consumption Weighs on Demand for High-ASP Businesses

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) - Inline 1QFY26 Results; Enhancing Profitability and Shareholder Return

New Oriental reported 1QFY26 financial results: net revenue was up by 6% YoY to US$1.52bn, in line with Bloomberg consensus estimate...

CMB International

New Oriental (EDU US) - Revenue Growth Decelerates;

New Oriental announced 4QFY25 results: net revenue increased by 19% YoY to US$1.09bn (excluding revenue form East Buy), ahead of the company...

CMB International

New Oriental (EDU US) - Macro Uncertainty to Impact Revenue Growth and Margin Outlook

New Oriental announced 2QFY25 results on 21 Jan: net revenue was up by 19% YoY to US$1,039mn (+31% YoY if excluding revenue from East Buy)

CMB International

New Oriental (EDU US) - Soft Consumption Weighs on Demand for High-ASP Businesses

We lower FY25 total revenue/non-GAAP earnings forecasts by 1.0/9.6% respectively, as the soft consumption sentiment affects overseas-related and...

CMB International

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Market Cap (USDm)

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New Oriental (EDU US) - Inline 1QFY26 Results; Enhancing Profitability and Shareholder Return

New Oriental reported 1QFY26 financial results: net revenue was up by 6% YoY to US$1.52bn, in line with Bloomberg consensus estimate...

CMB International

New Oriental (EDU US) - Revenue Growth Decelerates;

New Oriental announced 4QFY25 results: net revenue increased by 19% YoY to US$1.09bn (excluding revenue form East Buy), ahead of the company...

CMB International

New Oriental (EDU US) - Overseas-Related Business Drags Revenue Growth

We trim FY25-27E earnings forecast by 2-8% mainly in view of the pressure on overseas-related business, and now estimate FY25-27 non-GAAP OP CAGR...

CMB International

New Oriental (EDU US) - Macro Uncertainty to Impact Revenue Growth and Margin Outlook

New Oriental announced 2QFY25 results on 21 Jan: net revenue was up by 19% YoY to US$1,039mn (+31% YoY if excluding revenue from East Buy)

CMB International

New Oriental (EDU US) - Soft Consumption Weighs on Demand for High-ASP Businesses

We lower FY25 total revenue/non-GAAP earnings forecasts by 1.0/9.6% respectively, as the soft consumption sentiment affects overseas-related and...

CMB International