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 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><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 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