not vested
Strong guidance for 4QFY23F
EDU reported 3QFY5/23 revenue of US$754.2m, up 22.8% yoy, above our expectation, due to recovery of existing business and strong growth of new initiatives.
Non-GAAP net income was US$95.4m (vs. a net loss of US$95.5m in 3QFY22), above our expectation, due to a stronger topline and OPM.
Management expects 4QFY23F revenue of US$801.8m-822.7m, an increase of 53-57% yoy, driven by a low base and rising demand for all its businesses post-pandemic.
EDU authorised a share repurchase of up to US$400m shares from 28 Jul 2022 to 31 May 2023. As at 18 Apr, it had repurchased roughly 5.1m ADS for US$157.6m.
Reiterate Add with a new DCF-based TP of HK$45.2.
Source: CIMB
https://rfs.cgs-cimb.com/api/download?f ... E09A67C688
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New Oriental Education 9901; US: EDU
32 posts
• Page 3 of 4 • 1, 2, 3, 4
Re: New Oriental Education 9901; US: EDU
by winston » Thu Apr 20, 2023 5:34 pm
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Re: New Oriental Education 9901; US: EDU
by winston » Thu Apr 27, 2023 6:11 pm
not vested
NEW ORIENTAL(9901)
Analysis：
For the third fiscal quarter of 2023, New Oriental Education & Technology Group (09901) reported net revenues of US$754.2 million, representing a 22.8% increase yoy.
The growth was mainly driven by the increase in revenues from educational new business
initiatives and East Buy private label products and livestreaming e-commerce business.
Net income attributable to New Oriental for the quarter was US$81.6 million, representing a 166.7% increase yoy.
Non-GAAP net income attributable to New Oriental for the quarter was US$95.4 million, representing a 199.9% increase yoy.
Company`s overseas test preparation and overseas study consulting businesses increased by approximately 13% and 5% yoy, respectively.
Simultaneously, educational new business initiatives have sustained a strong momentum and generated meaningful profit in this fiscal quarter.
As of February 28, 2023, non-academic tutoring courses were offered in over 60 cities, with 218,000 student enrollments in this fiscal quarter, while the intelligent learning system and devices were adopted in around 60 cities, with 108,000 active paid users in this fiscal quarter.
Since new businesses have a huge market potential, it is expected that company would leverage the brand advantage and rich educational resources to capture these new market opportunities.
Strategy：
Buy-in Price: $35.10, Target Price: $38.00, Cut Loss Price: $32.35
Source: Phillips
NEW ORIENTAL(9901)
Analysis：
For the third fiscal quarter of 2023, New Oriental Education & Technology Group (09901) reported net revenues of US$754.2 million, representing a 22.8% increase yoy.
The growth was mainly driven by the increase in revenues from educational new business
initiatives and East Buy private label products and livestreaming e-commerce business.
Net income attributable to New Oriental for the quarter was US$81.6 million, representing a 166.7% increase yoy.
Non-GAAP net income attributable to New Oriental for the quarter was US$95.4 million, representing a 199.9% increase yoy.
Company`s overseas test preparation and overseas study consulting businesses increased by approximately 13% and 5% yoy, respectively.
Simultaneously, educational new business initiatives have sustained a strong momentum and generated meaningful profit in this fiscal quarter.
As of February 28, 2023, non-academic tutoring courses were offered in over 60 cities, with 218,000 student enrollments in this fiscal quarter, while the intelligent learning system and devices were adopted in around 60 cities, with 108,000 active paid users in this fiscal quarter.
Since new businesses have a huge market potential, it is expected that company would leverage the brand advantage and rich educational resources to capture these new market opportunities.
Strategy：
Buy-in Price: $35.10, Target Price: $38.00, Cut Loss Price: $32.35
Source: Phillips
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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Re: New Oriental Education 9901; US: EDU
by winston » Fri Jul 28, 2023 9:29 am
not vested
Continued growth trajectory
EDU reported 4QFY5/23 revenue of US$861m, up 64.2% yoy, above our expectation, driven by strong demand for its overseas-related and livestreaming businesses.
Non-GAAP net income was US$62.1m (vs. a net loss of US$160m in 4QFY5/22), in line with our expectation, due to a stronger top line but slightly higher SG&A expenses.
Management expects 1QFY5/24F revenue of US$983.2m–1,005.5m, an increase of 32–35% yoy in USD terms, driven by strong demand for all business segments.
EDU extended its share repurchases by up to US$400m in shares from 28 Jul 2022 to 31 May 2024. As at 26 Jul, it had repurchased 5.9m ADS for US$191.7m.
Reiterate Add with a new DCF-based TP of HK$50.7.
Source: CIMB
https://rfs.cgs-cimb.com/api/download?f ... D9656537DC
Continued growth trajectory
EDU reported 4QFY5/23 revenue of US$861m, up 64.2% yoy, above our expectation, driven by strong demand for its overseas-related and livestreaming businesses.
Non-GAAP net income was US$62.1m (vs. a net loss of US$160m in 4QFY5/22), in line with our expectation, due to a stronger top line but slightly higher SG&A expenses.
Management expects 1QFY5/24F revenue of US$983.2m–1,005.5m, an increase of 32–35% yoy in USD terms, driven by strong demand for all business segments.
EDU extended its share repurchases by up to US$400m in shares from 28 Jul 2022 to 31 May 2024. As at 26 Jul, it had repurchased 5.9m ADS for US$191.7m.
Reiterate Add with a new DCF-based TP of HK$50.7.
Source: CIMB
https://rfs.cgs-cimb.com/api/download?f ... D9656537DC
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
- Posts: 118906
- Joined: Wed May 07, 2008 9:28 am
Re: New Oriental Education 9901; US: EDU
by winston » Thu Apr 25, 2024 9:55 am
not vested
<Results>NEW ORIENTAL-S 3Q NP Rises 6.8% YoY to US$87.16M+
NEW ORIENTAL-S (09901.HK) announced the results for the third quarter ended February 29, 2024.
Total net revenues increased by 60.1% year over year to US$1.207 billion.
Net income increased by 6.8% year over year to US$87.167 million. EPS was US$0.53.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/analy ... stock-news
<Results>NEW ORIENTAL-S 3Q NP Rises 6.8% YoY to US$87.16M+
NEW ORIENTAL-S (09901.HK) announced the results for the third quarter ended February 29, 2024.
Total net revenues increased by 60.1% year over year to US$1.207 billion.
Net income increased by 6.8% year over year to US$87.167 million. EPS was US$0.53.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/analy ... stock-news
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
- Posts: 118906
- Joined: Wed May 07, 2008 9:28 am
Re: New Oriental Education 9901; US: EDU
by winston » Thu Apr 25, 2024 9:59 am
not vested
<Research>BofAS Drops NEW ORIENTAL-S (09901.HK) TP to $86.8, Expects 3FQ Results to be Mixed
2024/04/16
In a research report, BofA Securities dropped its target price on NEW ORIENTAL-S (09901.HK) to HK$86.8, but rated the company a Buy and listed it as the industry's top pick.
BofAS expected NEW ORIENTAL's 3FQ24 results, due in April, to be mixed, with revenue growth expected to be 42% to 45% above guidance in USD terms.
EAST BUY (01797.HK) is considered to be the decisive factor in the quarterly results, with a higher revenue contribution than expected, but margins would at the same time be diluted due to increased promotional activities and investment in new channels.
The broker estimated NEW ORIENTAL's non-GAAP operating profit at US$143 million, broadly in line with market expectations, while lowering its non-GAAP EPS forecast by 5% for both FY24 and FY25.
The report also noted that supply and demand dynamics in the education sector were favourable and offline demand was not affected by the macro-economy.
As an industry leader, NEW ORIENTAL has solid revenue growth prospects, as well as diversified revenue streams and balanced growth to support margin improvement.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/analy ... stock-news
<Research>BofAS Drops NEW ORIENTAL-S (09901.HK) TP to $86.8, Expects 3FQ Results to be Mixed
2024/04/16
In a research report, BofA Securities dropped its target price on NEW ORIENTAL-S (09901.HK) to HK$86.8, but rated the company a Buy and listed it as the industry's top pick.
BofAS expected NEW ORIENTAL's 3FQ24 results, due in April, to be mixed, with revenue growth expected to be 42% to 45% above guidance in USD terms.
EAST BUY (01797.HK) is considered to be the decisive factor in the quarterly results, with a higher revenue contribution than expected, but margins would at the same time be diluted due to increased promotional activities and investment in new channels.
The broker estimated NEW ORIENTAL's non-GAAP operating profit at US$143 million, broadly in line with market expectations, while lowering its non-GAAP EPS forecast by 5% for both FY24 and FY25.
The report also noted that supply and demand dynamics in the education sector were favourable and offline demand was not affected by the macro-economy.
As an industry leader, NEW ORIENTAL has solid revenue growth prospects, as well as diversified revenue streams and balanced growth to support margin improvement.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/analy ... stock-news
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
- Posts: 118906
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Re: New Oriental Education 9901; US: EDU
by winston » Thu Apr 25, 2024 10:08 am
not vested
<Research Report>G Sachs: Promise of Stake Raise from NEW ORIENTAL, CEO on EAST BUY (01797.HK) on Mkt Indicates Confidence in Prospects
2024/02/01
Goldman Sachs issued a research report saying that NEW ORIENTAL-S (09901.HK) terminated its subscription of EAST BUY (01797.HK) 's share under a special mandate.
At the same time, NEW ORIENTAL-S and Yu Minhong, CEO of NEW ORIENTAL-S and EAST BUY, committed to increase their shareholdings in EAST BUY by purchasing $660 million and $40 million each on the market over the next 6 to 12 months, involving a total of $700 million, which demonstrates their confidence in EAST BUY's future.
Goldman Sachs believed that the transaction will enable NEW ORIENTAL-S to further consolidate its majority shareholding in EAST BUY.
Goldman Sachs had a constructive view on EAST BUY on the company's potential for multi-platform expansion through brand awareness and content-driven sales approach; its rich private label SKUs, which are conducive in driving GMV; and its sustained higher-than-peers profitability.
Goldman Sachs rated EAST BUY at Neutral, with a target price of $25.
For NEW ORIENTAL-S, Goldman Sachs said that the company is a 30-year-old education brand with resilient growth and continuous share growth in the education industry in mainland China.
Its full range of educational services as well as effective and profitable investments outside of education resulted in a balanced revenue for the company.
The company is still in the early stage of a multi-year scale expansion after the completion of its business adjustment in FY2023.
Goldman Sachs foretasted a 25% CAGR in revenue and 43% CAGR in EPS from FY2023 to FY2026. Goldman Sachs rated NEW ORIENTAL-S at Buy, with a target price of $71.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/analy ... stock-news
<Research Report>G Sachs: Promise of Stake Raise from NEW ORIENTAL, CEO on EAST BUY (01797.HK) on Mkt Indicates Confidence in Prospects
2024/02/01
Goldman Sachs issued a research report saying that NEW ORIENTAL-S (09901.HK) terminated its subscription of EAST BUY (01797.HK) 's share under a special mandate.
At the same time, NEW ORIENTAL-S and Yu Minhong, CEO of NEW ORIENTAL-S and EAST BUY, committed to increase their shareholdings in EAST BUY by purchasing $660 million and $40 million each on the market over the next 6 to 12 months, involving a total of $700 million, which demonstrates their confidence in EAST BUY's future.
Goldman Sachs believed that the transaction will enable NEW ORIENTAL-S to further consolidate its majority shareholding in EAST BUY.
Goldman Sachs had a constructive view on EAST BUY on the company's potential for multi-platform expansion through brand awareness and content-driven sales approach; its rich private label SKUs, which are conducive in driving GMV; and its sustained higher-than-peers profitability.
Goldman Sachs rated EAST BUY at Neutral, with a target price of $25.
For NEW ORIENTAL-S, Goldman Sachs said that the company is a 30-year-old education brand with resilient growth and continuous share growth in the education industry in mainland China.
Its full range of educational services as well as effective and profitable investments outside of education resulted in a balanced revenue for the company.
The company is still in the early stage of a multi-year scale expansion after the completion of its business adjustment in FY2023.
Goldman Sachs foretasted a 25% CAGR in revenue and 43% CAGR in EPS from FY2023 to FY2026. Goldman Sachs rated NEW ORIENTAL-S at Buy, with a target price of $71.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/analy ... stock-news
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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Re: New Oriental Education 9901; US: EDU
by winston » Thu Apr 25, 2024 10:51 am
vested
NEW ORIENTAL Once Tumbles 19% Post-results; Jefferies Says Earnings Miss & GP Weak
NEW ORIENTAL-S (09901.HK) opened 14.95% lower today, and once tumbled 19.25% to a 3-month low of $57.25.
NEW ORIENTAL-S' earnings for the quarter ended February was weaker than the market consensus, mainly due to the weaker-than-expected gross profit of its live e-commerce platform East Buy, Jefferies said.
Jefferies noted that investors are concerned about the rapid expansion of its learning centers and the increasingly intensified debate on East Buy's synergies.
Therefore, Jefferies lowered its FY2024 to FY2026 EPS forecasts on NEW ORIENTAL-S by 11%/ 4%/ 2% each, and kept rating at Buy, with a target price of $73.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
NEW ORIENTAL Once Tumbles 19% Post-results; Jefferies Says Earnings Miss & GP Weak
NEW ORIENTAL-S (09901.HK) opened 14.95% lower today, and once tumbled 19.25% to a 3-month low of $57.25.
NEW ORIENTAL-S' earnings for the quarter ended February was weaker than the market consensus, mainly due to the weaker-than-expected gross profit of its live e-commerce platform East Buy, Jefferies said.
Jefferies noted that investors are concerned about the rapid expansion of its learning centers and the increasingly intensified debate on East Buy's synergies.
Therefore, Jefferies lowered its FY2024 to FY2026 EPS forecasts on NEW ORIENTAL-S by 11%/ 4%/ 2% each, and kept rating at Buy, with a target price of $73.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
- Posts: 118906
- Joined: Wed May 07, 2008 9:28 am
Re: New Oriental Education 9901; US: EDU
by winston » Thu Apr 25, 2024 3:51 pm
vested
<Research>G Sachs Cuts NEW ORIENTAL-S (09901.HK) TP to $88, EAST BUY (01797.HK)'s to $18.4
Goldman Sachs issued a report on New Oriental Education (EDU.US) , of which share price slipped 14% overnight (24th) on weaker-than-expected quarterly earnings, despite stronger 3QFY24 revenue/ learning center expansion, above-estimate 4QFY24 revenue guidance, and better-than-expected business expansion outlook.
The broker assumed the share price correction is overdone on the basis that the company's core non-GAAP operating profit should see an upward revision, and the accelerated business expansion guidance provides revenue upside in the short term and earnings upside in the medium term.
In addition, EAST BUY (01797.HK) 's worst profitability is over.
Related News: CICC Foresees Marginal Revival in H Shrs' 1Q Earnings; Improvements in Energy, Education, Telco
Goldman Sachs expected New Oriental Education's core business revenue to grow at a CAGR of 29% from the current FY2024 to FY2026, on the back of 22% learning center expansion CAGR.
The broker continued to rate NEW ORIENTAL-S (09901.HK) Buy with a target price lowered to $88 from $90.
The broker also lowered its target price for EAST BUY from $21.5 to $18.4, and assigned a Neutral rating on bigger margin pressure.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/analy ... stock-news
<Research>G Sachs Cuts NEW ORIENTAL-S (09901.HK) TP to $88, EAST BUY (01797.HK)'s to $18.4
Goldman Sachs issued a report on New Oriental Education (EDU.US) , of which share price slipped 14% overnight (24th) on weaker-than-expected quarterly earnings, despite stronger 3QFY24 revenue/ learning center expansion, above-estimate 4QFY24 revenue guidance, and better-than-expected business expansion outlook.
The broker assumed the share price correction is overdone on the basis that the company's core non-GAAP operating profit should see an upward revision, and the accelerated business expansion guidance provides revenue upside in the short term and earnings upside in the medium term.
In addition, EAST BUY (01797.HK) 's worst profitability is over.
Related News: CICC Foresees Marginal Revival in H Shrs' 1Q Earnings; Improvements in Energy, Education, Telco
Goldman Sachs expected New Oriental Education's core business revenue to grow at a CAGR of 29% from the current FY2024 to FY2026, on the back of 22% learning center expansion CAGR.
The broker continued to rate NEW ORIENTAL-S (09901.HK) Buy with a target price lowered to $88 from $90.
The broker also lowered its target price for EAST BUY from $21.5 to $18.4, and assigned a Neutral rating on bigger margin pressure.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/analy ... stock-news
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
- Posts: 118906
- Joined: Wed May 07, 2008 9:28 am
Re: New Oriental Education 9901; US: EDU
by winston » Fri Apr 26, 2024 11:11 am
not vested
<Research>CLSA Trims New Oriental Education (EDU.US) TP to US$108.8
New Oriental Education (EDU.US) reported better-than-expected sales but worse-than-expected margin in 3QFY24, according to a research report from CLSA.
The broker cited the company management as saying that the company's sales growth will remain solid going forward, but that its EAST BUY (01797.HK) margin may come under certain pressure.
New Oriental Education's accelerated expansion plans may also weigh on near-term margin performance.
CLSA remained long-term positive on the demand for the education business and profitability of New Oriental Education, reiterating a Buy rating and lowering its TP from US$122 to US$108.8.
Related News: NEW ORIENTAL-S 3Q NP Rises 6.8% YoY to US$87.16M
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
<Research>CLSA Trims New Oriental Education (EDU.US) TP to US$108.8
New Oriental Education (EDU.US) reported better-than-expected sales but worse-than-expected margin in 3QFY24, according to a research report from CLSA.
The broker cited the company management as saying that the company's sales growth will remain solid going forward, but that its EAST BUY (01797.HK) margin may come under certain pressure.
New Oriental Education's accelerated expansion plans may also weigh on near-term margin performance.
CLSA remained long-term positive on the demand for the education business and profitability of New Oriental Education, reiterating a Buy rating and lowering its TP from US$122 to US$108.8.
Related News: NEW ORIENTAL-S 3Q NP Rises 6.8% YoY to US$87.16M
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
- Posts: 118906
- Joined: Wed May 07, 2008 9:28 am
Re: New Oriental Education 9901; US: EDU
by winston » Fri Apr 26, 2024 11:43 am
not vested
<Research>Citi Surges NEW ORIENTAL-S (09901.HK) TP by 90% to $99, Rates Buy
Citi Research highlighted in a report that NEW ORIENTAL-S (09901.HK) logged a 60.1% YoY hike in revenue during 3FQ, driven by its K-9 business, but its non-GAAP EBIT margin remained at 11.7%, dragged down by East Buy.
The broker estimated NEW ORIENTAL's margins to improve by 3 ppts excluding effects from East Buy.
For 4FQ, the broker forecasted NEW ORIENTAL's revenue to grow 29% YoY, but margins to fall to 5.9% due to increased capacity and staff incentives, as well as investment in new ventures.
However, the broker believed industry consolidation and a reduction in East Buy's expenses should reverse this trend and bring margins back up to 13.1% by FY25.
Related News: NEW ORIENTAL-S 3Q NP Rises 6.8% YoY to US$87.16M
Citi surged its target price on NEW ORIENTAL H-shares by 90% to $99, making the group its top pick in the K-12 education sector, and maintained its Buy rating.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
<Research>Citi Surges NEW ORIENTAL-S (09901.HK) TP by 90% to $99, Rates Buy
Citi Research highlighted in a report that NEW ORIENTAL-S (09901.HK) logged a 60.1% YoY hike in revenue during 3FQ, driven by its K-9 business, but its non-GAAP EBIT margin remained at 11.7%, dragged down by East Buy.
The broker estimated NEW ORIENTAL's margins to improve by 3 ppts excluding effects from East Buy.
For 4FQ, the broker forecasted NEW ORIENTAL's revenue to grow 29% YoY, but margins to fall to 5.9% due to increased capacity and staff incentives, as well as investment in new ventures.
However, the broker believed industry consolidation and a reduction in East Buy's expenses should reverse this trend and bring margins back up to 13.1% by FY25.
Related News: NEW ORIENTAL-S 3Q NP Rises 6.8% YoY to US$87.16M
Citi surged its target price on NEW ORIENTAL H-shares by 90% to $99, making the group its top pick in the K-12 education sector, and maintained its Buy rating.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
- Posts: 118906
- Joined: Wed May 07, 2008 9:28 am
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