EDU 1QFY24 Results: Raising FY24 Outlook
What's new: New Oriental’s reported 1QFY24 results beat consensus and our expectations. Guidance reflects a deceleration in top-line growth partly due to tougher comps and low seasonality in some of the key segments such as high-school tutoring. Margins could trend better amid continued cost control measures. We increase our PT from USD50 to USD65 (2.0x FY24E EV/Rev) due to better FY24 outlook. We maintain our Neutral rating.Analysts:
Jin Yoon
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