EDU 2QFY25 Results: Rev Growth to Decelerate
What’s new: New Oriental’s reported 2QFY25 top-line results that were largely in-line with consensus. Top-line growth could decelerate in 3QFY25 partly due to slowdown in segments such as overseas test prep amid challenging macros. Margin could also remain under pressure in 2HFY25. We lower our PT from USD65 to USD50 due to lowered outlook. Our revised PT of USD50 implies a 17.4x FY25E P/E. We maintain our NEUTRAL rating.Analysts:
Jin Yoon
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