EDU 1QFY26 Results: Better Margin Outlook
What’s new: New Oriental’s reported 1QFY26 revs that were above consensus and our expectations. Guidance implies 2Q rev growth would re-accelerate partly driven by non-overseas education segments including K-9. We up our PT from USD50 to USD60 on better margin outlook. Our updated PT of USD60 implies 15.7x FY26E P/E. We maintain our NEUTRAL rating.
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