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.

Equity Bottom-Up

New Oriental Education & Techn / Equity Bottom-Up

<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 Education & Technology Group reported its first-quarter fiscal 2026 financial results, highlighting both strengths and challenges for its future trajectory.</li><li>The company showcased a moderate 6.1% year-over-year increase in total net revenue, which indicates stable growth following a period of strategic adjustments.</li><li>This growth is credited to enhancing capabilities, operational resilience, and a focus on sustainable profitability.</li></ul>

New Oriental Education & Technology Group reported its first-quarter fiscal 2026 financial results, highlighting both strengths and challenges for its future trajectory.The company showcased a moderate 6.1% year-over-year increase in total net revenue, which indicates stable growth following a period of strategic adjustments.This growth is credited to enhancing capabilities, operational resilience, and a focus on sustainable profitability.

New Oriental’s K-12 Boom: The Surprising Revenue Driver Wall Street Is Ignoring!

Analyst, Schoolhouse Solutions

Daniel Su

Analyst

Schoolhouse Solutions

Schoolhouse is a strategy and research provider for the Education sector. We publish differentiated reports and bespoke research on the sector, focused on private and public companies in Asia-Pacific. Our team has decades of experience working with Education companies ranging from K-12 to Tertiary and Edtech.

Strategy and Research Provider

Thematic (Sector/Industry)

<ul>
<li>The education sector remains resilient despite headline privatisations, with market cap only slightly down to US$142bn after the removal of <a href="https://www.smartkarma.com/entities/powerschool-holdings-inc" target="_blank" data-smartkarma-citation="entities:36946:1" rel="noopener">PowerSchool Holdings (PWSC US)</a> and <a href="https://www.smartkarma.com/entities/instructure-holdings-inc" target="_blank" data-smartkarma-citation="entities:26502:1" rel="noopener">Instructure Holdings (INST US)</a>.</li>
<li>AI disruption is reshaping the landscape, with key players like <a href="https://www.smartkarma.com/entities/chegg-inc" target="_blank" data-smartkarma-citation="entities:10114:1" rel="noopener">Chegg Inc (CHGG US)</a> collapsing while innovators like <a href="https://www.smartkarma.com/entities/duolingo-inc" target="_blank" data-smartkarma-citation="entities:33531:1" rel="noopener">Duolingo (DUOL US)</a> surge, highlighting a potential shift in investor focus.</li>
<li>M&amp;A and IPO activity is reawakening, with <a href="https://www.smartkarma.com/entities/kindercare-learning-cos-inc" target="_blank" data-smartkarma-citation="entities:35721:1" rel="noopener">KinderCare Learning (KLC US)</a> 's IPO, India's robust upcoming pipeline, and renewed private equity interest pointing to a cyclical upturn.</li>
</ul>


The education sector remains resilient despite headline privatisations, with market cap only slightly down to US$142bn after the removal of PowerSchool Holdings (PWSC US) and Instructure Holdings (INST US).
AI disruption is reshaping the landscape, with key players like Chegg Inc (CHGG US) collapsing while innovators like Duolingo (DUOL US) surge, highlighting a potential shift in investor focus.
M&amp;A and IPO activity is reawakening, with KinderCare Learning (KLC US) 's IPO, India's robust upcoming pipeline, and renewed private equity interest pointing to a cyclical upturn.


Valuations, Visas & Venture Pullback: An Equity + M&A Overview of the Education Sector in Q1 2025

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Although the tech sector in Hong Kong has surged over the last couple of weeks there appears to be minimal short covering in US-listed China tech names.</li>
<li>The performance of the "Magnificent 5" China tech names has led the rally as we outlined in <a href="https://www.smartkarma.com/insights/hong-kong-the-glass-is-half-full-time-to-buy-beta" target="_blank" data-smartkarma-citation="insights:134396" rel="noopener">Hong Kong: The Glass Is Half Full, Time to BUY Beta</a> .</li>
<li>The combination of of large outstanding short positions and a significant underweight of HK/China in international funds will lead to further upside in the tech sector.</li>
</ul>


Although the tech sector in Hong Kong has surged over the last couple of weeks there appears to be minimal short covering in US-listed China tech names.
The performance of the "Magnificent 5" China tech names has led the rally as we outlined in Hong Kong: The Glass Is Half Full, Time to BUY Beta .
The combination of of large outstanding short positions and a significant underweight of HK/China in international funds will lead to further upside in the tech sector.


Education Sector Analyst, Schoolhouse Solutions

Anik Siwach

Education Sector Analyst

<ul>
<li>EdTech Market Volatility: Docebo and Tribal Group report significant YTD gains of +27% and +32%, while Janison and LTG Group face steep declines of -59% and -45%.</li>
<li>AI Disruption and Adaptation: Chegg introduces a GPT-style assistant in response to AI challenges, while Duolingo excels with 83.1M monthly users, expanding beyond language tuition.</li>
<li>Shifts in Private Funding: Private EdTech funding declines in 2023, with strategic investors and family offices driving deals, amidst a broader reduction in venture capital investments.</li>
</ul>


EdTech Market Volatility: Docebo and Tribal Group report significant YTD gains of +27% and +32%, while Janison and LTG Group face steep declines of -59% and -45%.
AI Disruption and Adaptation: Chegg introduces a GPT-style assistant in response to AI challenges, while Duolingo excels with 83.1M monthly users, expanding beyond language tuition.
Shifts in Private Funding: Private EdTech funding declines in 2023, with strategic investors and family offices driving deals, amidst a broader reduction in venture capital investments.


Education Sector YTD: Volatility in Public Equities, PE Stalking with Take Private Offers

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’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’s K-12 Boom: The Surprising Revenue Driver Wall Street Is Ignoring!

New Oriental Education & Technology Group reported its first-quarter fiscal 2026 financial results, highlighting both strengths and challenges...

Baptista Research

Valuations, Visas & Venture Pullback: An Equity + M&A Overview of the Education Sector in Q1 2025

Education sector resilient post-privatisations, AI disruption reshaping landscape, M&A/IPO activity reawakening - potential shift in investor focus.

Daniel Su

HK/China: THE BIG SHORT (SQUEEZE)

Even though HK/China tech names have surged, short positions have not covered. The large underweight position in HK/China by international funds...

David Mudd

Education Sector YTD: Volatility in Public Equities, PE Stalking with Take Private Offers

Explore 2023's EdTech trends in our report: Duolingo's rise, Chegg's AI pivot, market volatility, and funding shifts. Essential insights for...

Anik Siwach

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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’s K-12 Boom: The Surprising Revenue Driver Wall Street Is Ignoring!

New Oriental Education & Technology Group reported its first-quarter fiscal 2026 financial results, highlighting both strengths and challenges...

Baptista Research

Valuations, Visas & Venture Pullback: An Equity + M&A Overview of the Education Sector in Q1 2025

​Education sector resilient post-privatisations, AI disruption reshaping landscape, M&A/IPO activity reawakening - potential shift in investor focus.

Daniel Su

HK/China: THE BIG SHORT (SQUEEZE)

Even though HK/China tech names have surged, short positions have not covered. The large underweight position in HK/China by international funds...

David Mudd

Education Sector YTD: Volatility in Public Equities, PE Stalking with Take Private Offers

Explore 2023's EdTech trends in our report: Duolingo's rise, Chegg's AI pivot, market volatility, and funding shifts. Essential insights for...

Anik Siwach

Education sector resilient post-privatisations, AI disruption reshaping landscape, M&A/IPO activity reawakening - potential shift in investor focus.