EDU 4QFY24 Results: Margin Expansion in Education Segment Partly Offset by Impact from East Buy
What’s new: New Oriental’s reported 4QFY24 top-line results that were largely in-line with consensus and our expectations. Margins were below expectations partly due to continued expansion of learning centers and one-time impact related to East Buy. We lower our PT from USD80 to USD70 due to lowered outlook. Our revised PT of USD70 implies a 20.0x FY25E P/E. We maintain our NEUTRAL rating.Analysts:
Jin Yoon
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