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 announced 4QFY26 results: net revenue was up by 23% YoY to US$1.53bn, 4% ahead of the Visible Alpha (VA) consensus estimate thanks to the solid growth of core educational businesses; non-GAAP operating income increased by 35% YoY to US$110mn, beating VA consensus by 7% thanks to the outperformance of revenue and enhanced operating efficiency.</li><li>In FY26, net revenue/non-GAAP operating income grew by 16%/33% YoY to US$5.66/0.74bn.</li><li>Looking into FY27E, management guided net revenue to grow by 14-18% YoY to US$6.45bn-6.68bn, also ahead of VA consensus of US$6.27bn. </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 4QFY26 results: net revenue was up by 23% YoY to US$1.53bn, 4% ahead of the Visible Alpha (VA) consensus estimate thanks to the solid growth of core educational businesses; non-GAAP operating income increased by 35% YoY to US$110mn, beating VA consensus by 7% thanks to the outperformance of revenue and enhanced operating efficiency.In FY26, net revenue/non-GAAP operating income grew by 16%/33% YoY to US$5.66/0.74bn.Looking into FY27E, management guided net revenue to grow by 14-18% YoY to US$6.45bn-6.68bn, also ahead of VA consensus of US$6.27bn. 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) - 4QFY26 results beat; expect solid momentum to sustain in FY27E

<ul><li>New Oriental reported 3QFY26 results: net revenue grew by 20% YoY to US$1.42bn, 4% ahead of Bloomberg consensus estimate thanks to the solid growth of new educational business initiatives and currency tailwind; non-GAAP net income was up by 34% YoY to US$152mn, in line with the consensus, mainly due to the improved operational efficiency and profit contribution from East Buy.</li><li>For 4QFY26E, management guided net revenue to increase by 15- 18% YoY to US$1.43bn-1.47bn, which is ahead of the consensus estimate (US$1.43bn). And management is upbeat on the further margin improvement in 4QFY26E and FY27E, supported by enhanced utilization rate of learning centres and cost control.</li><li>We raise our FY26-28E non-GAAP OP forecast by 5- 14% in view of the solid core educational businesses and improved efficiency. </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 3QFY26 results: net revenue grew by 20% YoY to US$1.42bn, 4% ahead of Bloomberg consensus estimate thanks to the solid growth of new educational business initiatives and currency tailwind; non-GAAP net income was up by 34% YoY to US$152mn, in line with the consensus, mainly due to the improved operational efficiency and profit contribution from East Buy.For 4QFY26E, management guided net revenue to increase by 15- 18% YoY to US$1.43bn-1.47bn, which is ahead of the consensus estimate (US$1.43bn). And management is upbeat on the further margin improvement in 4QFY26E and FY27E, supported by enhanced utilization rate of learning centres and cost control.We raise our FY26-28E non-GAAP OP forecast by 5- 14% in view of the solid core educational businesses and improved efficiency. 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) - 3QFY26 Results: Solid Top-Line Growth and Margin Expansion

<ul><li>New Oriental announced 2QFY26 results: net revenue increased by 15% YoY to US$1.19bn, 3% ahead of Bloomberg consensus estimate; non-GAAP operating income surged by 207% YoY to US$89.13mn, beating consensus estimate of US$54.87mn, primarily attributable to enhanced operational efficiency and improved utilization within the educational business.</li><li>Looking ahead, management expected net revenue to grow by 11-14% YoY to US$1.31bn-1.35bn in 3QFY26E, and also raised FY26E net revenue forecast to US$5.29-5.49bn (+8%-12% YoY, vs. previously +5-10% YoY), given the solid momentum of new educational business and high-school tutoring business.</li><li>We raise our FY26-28E total revenue forecast by 0-1% in view of the solid K-12 business, and lift our SOTP-derived target price to US$78.0 (previous: US$76.0). </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 2QFY26 results: net revenue increased by 15% YoY to US$1.19bn, 3% ahead of Bloomberg consensus estimate; non-GAAP operating income surged by 207% YoY to US$89.13mn, beating consensus estimate of US$54.87mn, primarily attributable to enhanced operational efficiency and improved utilization within the educational business.Looking ahead, management expected net revenue to grow by 11-14% YoY to US$1.31bn-1.35bn in 3QFY26E, and also raised FY26E net revenue forecast to US$5.29-5.49bn (+8%-12% YoY, vs. previously +5-10% YoY), given the solid momentum of new educational business and high-school tutoring business.We raise our FY26-28E total revenue forecast by 0-1% in view of the solid K-12 business, and lift our SOTP-derived target price to US$78.0 (previous: US$76.0). 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) - 2QFY26 Results Beat; Strong Core Educational Business...

<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;

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) - 4QFY26 results beat; expect solid momentum to sustain in FY27E

Looking into FY27E, management guided net revenue to grow by 14-18% YoY to US$6.45bn-6.68bn, also ahead of VA consensus of US$6.27bn.

CMB International

New Oriental (EDU US) - 3QFY26 Results: Solid Top-Line Growth and Margin Expansion

We lift our SOTP-derived target price to US$82.0 (previous: US$78.0). Maintain BUY on strong core educational business and solid margin expansion...

CMB International

New Oriental (EDU US) - 2QFY26 Results Beat; Strong Core Educational Business...

New Oriental announced 2QFY26 results: net revenue increased by 15% YoY to US$1.19bn, 3% ahead of Bloomberg consensus estimate; non-GAAP operating...

CMB International

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

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