EDU 2QFY24 Results: Business Remains Resilient
What's new: New Oriental’s reported 2QFY24 results beat consensus and our expectations. Guidance could be conservative as overall business remains resilient. Margins could trend better amid better utilization rate, lower fixed cost, and continued cost control measures. We increase our PT from USD65 to USD80 (2.4x FY24E EV/Rev) due to better FY24 outlook. We maintain our Neutral rating.Analysts:
Jin Yoon
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New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
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We provide debt research on:
- Pan European Telecom Services and Cable
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