Report

EDU 4QFY23 Results: Demand Remains Resilient

What's new: New Oriental’s reported 4QFY23 top-line results beat consensus and our expectations. Guidance reflects a strong momentum heading into summer months, while margins could trend better amid continued cost control measures. We increase our PT from USD38 to USD50 (1.4x FY24E EV/Rev) due to better outlook. We maintain our Neutral rating.

Analysts:
Jin Yoon
Underlying
New Oriental Education & Technology Group Inc. Sponsored ADR

Provider
New Street Research
New Street Research

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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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  • Asian Internet
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We provide debt research on:

  • Pan European Telecom Services and Cable


Analysts
Jin Yoon

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