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.

Equity Bottom-Up

New Oriental Education & Techn / Equity Bottom-Up

<ul><li>New Oriental announced 2QFY25 results on 21 Jan: net revenue was up by 19% YoY to US$1,039mn (+31% YoY if excluding revenue from East Buy), in line with our/consensus estimate; non-GAAP net income declined by 29% YoY to US$36mn, below our/consensus estimate of US$43/45mn, primarily due to the impact of East Buy adjustment and investment in tourism business.</li><li>For 3QFY25E, management guided net revenue (excluding revenue from East Buy) to grow by 18-21% YoY to US$1.01-1.03bn, also below our expectation as macro uncertainty impacts the high-end businesses and competition intensifies.</li><li>That said, management noted that New Oriental is still gaining market share. </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 2QFY25 results on 21 Jan: net revenue was up by 19% YoY to US$1,039mn (+31% YoY if excluding revenue from East Buy), in line with our/consensus estimate; non-GAAP net income declined by 29% YoY to US$36mn, below our/consensus estimate of US$43/45mn, primarily due to the impact of East Buy adjustment and investment in tourism business.For 3QFY25E, management guided net revenue (excluding revenue from East Buy) to grow by 18-21% YoY to US$1.01-1.03bn, also below our expectation as macro uncertainty impacts the high-end businesses and competition intensifies.That said, management noted that New Oriental is still gaining market share. 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) - Macro Uncertainty to Impact Revenue Growth and Margin Outlook

<ul><li>New Oriental announced 1QFY25 results on 23 Oct: net revenue grew by 30.5% YoY to US$1,435mn (or +33.5% YoY if excluding East Buy revenue), in line with our/consensus estimate of US$1,396mn/1,442mn; non-GAAP net income grew by 39.8% YoY to US$265mn, largely in line with our/consensus estimate of US$256/258mn, driven by enhanced operating margin of core educational business. Looking into 2QFY25E, management expects total net revenue (excluding revenue from East Buy) to grow by 25-28% YoY to US$851-872mn, decelerating due to the seasonality effect and macro impact on certain highASP businesses.</li><li>Nonetheless, management expects revenue growth to reaccelerate in 3Q/4Q and full-year revenue growth to remain at c.+30% YoY in FY25E (excl. East Buy).</li><li>We lower FY25 total revenue/non-GAAP earnings forecasts by 1.0/9.6% respectively, as the soft consumption sentiment affects overseas-related and high-end 1v1 tutoring businesses. </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 1QFY25 results on 23 Oct: net revenue grew by 30.5% YoY to US$1,435mn (or +33.5% YoY if excluding East Buy revenue), in line with our/consensus estimate of US$1,396mn/1,442mn; non-GAAP net income grew by 39.8% YoY to US$265mn, largely in line with our/consensus estimate of US$256/258mn, driven by enhanced operating margin of core educational business. Looking into 2QFY25E, management expects total net revenue (excluding revenue from East Buy) to grow by 25-28% YoY to US$851-872mn, decelerating due to the seasonality effect and macro impact on certain highASP businesses.Nonetheless, management expects revenue growth to reaccelerate in 3Q/4Q and full-year revenue growth to remain at c.+30% YoY in FY25E (excl. East Buy).We lower FY25 total revenue/non-GAAP earnings forecasts by 1.0/9.6% respectively, as the soft consumption sentiment affects overseas-related and high-end 1v1 tutoring businesses. 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) - Soft Consumption Weighs on Demand for High-ASP Businesses

<ul><li>New Oriental reported 4QFY24 results: net revenue was up by 32% YoY to US$1,137mn, in line with our/consensus estimate; non-GAAP net income declined by 41% YoY to US$36.9mn, below our/consensus estimate of US$62/72mn, primarily due to accelerated capacity expansion and increased investment in live streaming e-commerce business.</li><li>FY24 total revenue/nonGAAP net income grew by 44/47% YoY to US$4,314/381mn. For 1QFY25E, excluding East Buy financials, management guided total revenue to grow by 31- 34% YoY to US$1,255-1,284mn, and OPM to expand by 200bps YoY.</li><li>We lower FY25-26E non-GAAP earnings forecast by 5-10%, mainly to reflect accelerating capacity expansion and the business adjustment of East Buy. </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 4QFY24 results: net revenue was up by 32% YoY to US$1,137mn, in line with our/consensus estimate; non-GAAP net income declined by 41% YoY to US$36.9mn, below our/consensus estimate of US$62/72mn, primarily due to accelerated capacity expansion and increased investment in live streaming e-commerce business.FY24 total revenue/nonGAAP net income grew by 44/47% YoY to US$4,314/381mn. For 1QFY25E, excluding East Buy financials, management guided total revenue to grow by 31- 34% YoY to US$1,255-1,284mn, and OPM to expand by 200bps YoY.We lower FY25-26E non-GAAP earnings forecast by 5-10%, mainly to reflect accelerating capacity expansion and the business adjustment of East Buy. 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) - Core Educational Business Sustained Strong Momentum

<ul><li>New Oriental announced 3QFY24 financial results: total net revenue grew by 60.1% YoY to US$1,207mn, 10% ahead of consensus estimate (US$1,098mn); non-GAAP net income was up by 9.8% YoY to US$105mn but below consensus estimate of US$132mn, mainly due to the investment in East Buy and faster-thanexpected capacity expansion which dragged the pace of margin expansion.</li><li>9MFY24 total revenue/non-GAAP net income grew by 48.6/74.9% YoY.</li><li>The company guides 4QFY24 total revenue to grow by 28-31% YoY to US$1,102- 1,127mn, versus the consensus estimate of US$1,096mn. </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 3QFY24 financial results: total net revenue grew by 60.1% YoY to US$1,207mn, 10% ahead of consensus estimate (US$1,098mn); non-GAAP net income was up by 9.8% YoY to US$105mn but below consensus estimate of US$132mn, mainly due to the investment in East Buy and faster-thanexpected capacity expansion which dragged the pace of margin expansion.9MFY24 total revenue/non-GAAP net income grew by 48.6/74.9% YoY.The company guides 4QFY24 total revenue to grow by 28-31% YoY to US$1,102- 1,127mn, versus the consensus estimate of US$1,096mn. 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) - Accelerating Capacity Expansion to Address Robust Demand

<ul><li>New Oriental, as a well-established educational &amp; test prep service provider in China with best-in-class teaching resources, is well positioned to benefit from rationalizing competition in China’s after-school tutoring market and robust demand, in our view.</li><li>After the business transformation in FY23, it is embracing a new growth stage, especially with the regulatory environment turning benign.</li><li>We forecast the company to deliver a 49% non-GAAP net income CAGR over FY24-26E. </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, as a well-established educational &amp; test prep service provider in China with best-in-class teaching resources, is well positioned to benefit from rationalizing competition in China’s after-school tutoring market and robust demand, in our view.After the business transformation in FY23, it is embracing a new growth stage, especially with the regulatory environment turning benign.We forecast the company to deliver a 49% non-GAAP net income CAGR over FY24-26E. 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) - Bracing for a New Growth Stage

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 (EDU US) - Macro Uncertainty to Impact Revenue Growth and Margin Outlook

New Oriental announced 2QFY25 results on 21 Jan: net revenue was up by 19% YoY to US$1,039mn (+31% YoY if excluding revenue from East Buy)

CMB International

New Oriental (EDU US) - Soft Consumption Weighs on Demand for High-ASP Businesses

We lower FY25 total revenue/non-GAAP earnings forecasts by 1.0/9.6% respectively, as the soft consumption sentiment affects overseas-related and...

CMB International

New Oriental (EDU US) - Core Educational Business Sustained Strong Momentum

We lower FY25-26E non-GAAP earnings forecast by 5-10%, mainly to reflect accelerating capacity expansion and the business adjustment of East Buy.

CMB International

New Oriental (EDU US) - Accelerating Capacity Expansion to Address Robust Demand

The company guides 4QFY24 total revenue to grow by 28-31% YoY to US$1,102- 1,127mn, versus the consensus estimate of US$1,096mn.

CMB International

New Oriental (EDU US) - Bracing for a New Growth Stage

After the business transformation in FY23, it is embracing a new growth stage, especially with the regulatory environment turning benign.

CMB International

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