Analyst

Steve

Equity Bottom-Up

New Oriental Education & Technology Group / Equity Bottom-Up

New Oriental Education & Technology Group (9901 HK)

New Oriental Education & Technology Group

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<a href="https://www.smartkarma.com/entities/new-oriental-education-techn" target="_blank" data-smartkarma-citation="entities:32210:1" rel="noopener">New Oriental Education &amp; Techn (9901 HK)</a> reported better than expected FY2Q24 results last night, with sales up 36% yoy and net profit up 183% yoy.</li>
<li>The company further guided a 42-45% sales growth in FY3Q24, well above market consensus. </li>
<li>The visibility for the next 2-3 years is actually quite high post-"double reduction" policy.</li>
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New Oriental Education &amp; Techn (9901 HK) reported better than expected FY2Q24 results last night, with sales up 36% yoy and net profit up 183% yoy.
The company further guided a 42-45% sales growth in FY3Q24, well above market consensus. 
The visibility for the next 2-3 years is actually quite high post-"double reduction" policy.


New Oriental Education (EDU US/9901 HK):  A Better Business Model In The Post "Double Reduction" Era

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

New Oriental Education & Techn / Equity Bottom-Up

<ul><li>New Oriental Education & Technology Group reported its third quarter fiscal year 2026 results demonstrating ongoing revenue growth and improved profitability amid a dynamic operating environment.</li><li>Total net revenue increased nearly 20% year-over-year to approximately $1.42 billion, driven by strength in both core educational offerings and new strategic initiatives.</li><li>Non-GAAP operating income expanded 42.8% to about $203 million, and non-GAAP net income attributable to the company rose 34.3% to $152.2 million.</li></ul>

New Oriental Education & Technology Group reported its third quarter fiscal year 2026 results demonstrating ongoing revenue growth and improved profitability amid a dynamic operating environment.Total net revenue increased nearly 20% year-over-year to approximately $1.42 billion, driven by strength in both core educational offerings and new strategic initiatives.Non-GAAP operating income expanded 42.8% to about $203 million, and non-GAAP net income attributable to the company rose 34.3% to $152.2 million.

New Oriental Education Revenue Surges 20% But Overseas Consulting Headwinds Persist!

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.

<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 Education & Technology Group has reported its financial results for the second fiscal quarter of 2026, showcasing both growth and areas of potential concern.</li><li>The company experienced a 14.7% increase in total net revenue year-over-year, reaching $1.19 billion.</li><li>This growth was fueled primarily by strong performance in the K-12 educational business and high school tutoring segments, which reported accelerated revenue growth compared to the previous quarter.</li></ul>

New Oriental Education & Technology Group has reported its financial results for the second fiscal quarter of 2026, showcasing both growth and areas of potential concern.The company experienced a 14.7% increase in total net revenue year-over-year, reaching $1.19 billion.This growth was fueled primarily by strong performance in the K-12 educational business and high school tutoring segments, which reported accelerated revenue growth compared to the previous quarter.

New Oriental’s AI Strategy Isn’t Flashy—but It May Be More Durable Than Peers’!

<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...

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 Education (EDU US/9901 HK): A Better Business Model In The Post "Double Reduction" Era

Shares up 8% today in a brutal market - the industry competitive fundamentals have changed for the better. A great opportunity in all stock market...

Steve

New Oriental Education Revenue Surges 20% But Overseas Consulting Headwinds Persist!

New Oriental Education & Technology Group reported its third quarter fiscal year 2026 results demonstrating ongoing revenue growth and...

Baptista Research

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’s AI Strategy Isn’t Flashy—but It May Be More Durable Than Peers’!

New Oriental Education & Technology Group has reported its financial results for the second fiscal quarter of 2026, showcasing both growth and...

Baptista Research

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

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