External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

New Oriental Education & Techn / Equity Bottom-Up

<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><p><em>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.</em></p>

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