reports
- Jin Yoon
EDU 4QFY25 Results: Conservative Guide for 1Q and FY26
What’s new: New Oriental’s reported 4QFY25 results that were above consensus and our expectations. Guidance implies 1Q rev growth could further decelerate partly due to tougher comps in both core academic segment and East Buy. As comps normalize, rev growth could start to accelerate in 2Q and throughout FY26. We maintain our PT at USD50. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
New Oriental Education & Technology Group (EDU US/9901 HK): 4QFY25 ear...
EDU’s 4QFY25 results beat expectations. Revenue grew 9% yoy to US$1,243m, 5% better than our and consensus forecasts. Non-GAAP net profit came in at US$7m, beating our and consensus estimates, while net margin expanded 2ppt yoy to 8% for 4QFY25. EDU expects 1QFY26 revenue to rise 2-5% yoy to US$1,464.1m-1,507.2m, 5- 8ppt below expectations. Maintain BUY with a lower target price of US$55.00 (HK$43.00).
- Carol Dou Xiao Qin
- Sunny Chen
Greater China Daily: Thursday, July 31, 2025
KEY HIGHLIGHTS Sector Healthcare All the healthcare stocks under our coverage exhibited a positive performance from 16-30 July. Due to expectations of strong results for 1H25, CRDMO companies were the top performers, with share prices surging by 22-34%. Supported by major BD/M&A deals, MicroPort, Sino Biopharm and Hengui Medicines also saw their stock prices rise significantly by 65.3%, 16.8% and 13.0%, respectively. Results Contemporary Amperex Technology (300750 CH/BUY/Rmb277.09 /Target: R...
- Audrey Celia
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Greater China Research Team
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- John Cheong Ming Chern
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Kong Ho Meng
- Ming San Soong
- Sunny Chen
- Tanapon Cholkadidamrongkul
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, July 31, 2025
GREATER CHINA Sector Healthcare Bi-Weekly: Expecting strong 1H25 results. Maintain OVERWEIGHT. Results Contemporary Amperex Technology (300750 CH/BUY/Rmb277.09 /Target: Rmb390.00) 2Q25: Earnings in line, with margins hitting record-high levels. Maintain A-share at BUY. Downgrade H-share to HOLD. New Oriental Education & Technology Group (EDU US/BUY/US$44.37/Target: US$55.00) ...
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
5168 HARTALEGA HOLDINGS BHD.
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
01093 CSPC PHARMACEUTICAL GROUP LIMITED
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
COM7 COM7
SCC SIAM CEMENT PUBLIC CO. LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
7113 TOP GLOVE CORPORATION BHD.
7153 KOSSAN RUBBER INDUSTRIES BHD.
X2S SINOPHARM GROUP CO. LTD. CLASS H
KREIT HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
3933 KEPPEL REIT
DLG THE UNITED LABORATORIES INTE
2877 DIALOG GROUP BHD
HCM CHINA SHINEWAY PHARMACEUTICA
01801 HUTCHISON CHINA MEDITECH LIMITED
1833 INNOVENT BIOLOGICS INC.
300760 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
603882 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
1093 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
300750 CSPC PHARMACEUTICAL GROUP LTD
2269 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3692 WUXI BIOLOGICS (CAYMAN) INC.
06160 HANSOH PHARMACEUTICAL GROUP
300765 BEIGENE LTD.
BTG WUXI APPTEC CO. LTD. CLASS H
300244 CSPC INNOVATION PHARMACEUTICAL CO L
OTEK BETAGRO PUBLIC COMPANY LIMITED
ASSA IJ DIAN DIAGNOSTICS GROUP CO
OILTEK INTERNATIONAL (OTEK SP)
ADI SARANA ARMADA TBK PT (ASSA IJ)
- Julia Pan Mengyao
- Ming San Soong
China Education: Ramping up AI+ initiative; focusing on profitability ...
We have an optimistic outlook on the education sector, propelled by the government’s AI+ initiative, industry consolidation and demand for non-academic segments. The education sector remains as a domestically driven industry but we expect easing policies surrounding visa applications to foster demand for overseas education. Meanwhile, we expect AI-powered educational tools to reshape supply-side dynamics in the industry. Maintain MARKET WEIGHT on the sector.
- Julia Pan Mengyao
- Ming San Soong
New Oriental Education & Technology Group (EDU US): 3QFY25: Earnings m...
EDU’s 3QFY25 results missed our expectations. Revenue dropped 2% yoy to US$1,183m, 4% lower than consensus estimate. Non-GAAP net profit came in at US$113m, missing our and consensus estimates, while net margin shrank 1ppt yoy to 10% for 3QFY25. EDU expects 4QFY25 revenue (excluding East Buy) to increase 10-13% yoy to US$1,009.1m-1,036.6m, 5-8ppt below expectations. Maintain BUY with a slightly lower target price of US$60.00 (HK$47.00).
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Colin Lee
- Greater China Research Team
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Sunny Chen
Greater China Daily: Thursday, April 24, 2025
KEY HIGHLIGHTS Results Guangzhou Tinci Materials Technology (002709 CH/BUY/Rmb17.19/Target: Rmb39.60) Tinci’s 1Q25 net profit came in above estimates at Rmb150m (+30.8% yoy/+2.7% qoq), due to higher-than-expected sales volume and ASP. Going forward, Tinci will sustain earnings growth through cost control measures, product upgrading and global capacity expansion. We raise our 2025-26 net profit forecasts by 119%/150% to Rmb887m/ Rmb967m respectively, and introduce our 2027 net profit forecast o...
- Benjaphol Suthwanish
- Benyamin Mikael
- Carol Dou Xiao Qin
- Chong Lee Len
- Colin Lee
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Ken Lee
- Ming San Soong
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Thursday, April 24, 2025
GREATER CHINA Results Guangzhou Tinci Materials Technology (002709 CH/BUY/Rmb17.19/Target: Rmb39.60) 1Q25: Earnings beat on revenue; raise target price from Rmb18.00 to Rmb39.60. Upgrade to BUY. New Oriental Education & Technology Group (EDU US/BUY/US$43.38/Target: US$60.00) 3QFY25: Earnings miss; subdued top-line but solid margin outlook in 4QFY25. Ping An Healthcare and Technology Company (1833 HK/BUY/HK$7.15/Target:HK$11.00) 1Q25: Results beat; maintains double-digit revenue growth target for...
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
TOP THAI OIL PUBLIC CO. LTD.
INCO VALE INDONESIA
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
KREIT KEPPEL REIT
IGBREIT IGB REAL ESTATE INVESTMENT T
0763 ZTE CORPORATION CLASS H
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
WHA TB WHA CORP PCL
PEKAT PEKAT GROUP BHD
- Jin Yoon
EDU 3QFY25 Results: Slowdown in Overseas-Related Segments Could Drag T...
What’s new: New Oriental’s reported 3QFY25 top-line results that were below consensus and our expectations. Guidance was also below than expected partly due to a continued slowdown in the overseas-related business segments. We maintain our PT at USD50. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
China Internet: Navigating headwinds and uncovering opportunities upon...
Chinese internet companies’ share prices have dropped 10-30% mtd following the implementation of incremental tariffs from the US. Chinese internet companies have limited business exposure to the US except for PDD’s Temu. However, the 34% tariffs announced by China on all US imports could have potential implications for China mega-caps’ AI capex in relation to US chip imports. We prefer domestic-focused plays which stand to benefit from domestic policy stimuli, with Southbound inflow to be a key ...
NEH NETEASE INC. SPONSORED ADR
JD JD.COM INC. SPONSORED ADR CLASS A
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
3K1 KINGSOFT CORP. LTD.
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
00780 TONGCHENG-ELONG HOLDINGS LIMITED
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
09961 CTRIP.COM INTERNATIONAL
- Jo Yee Ng
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Kitpon Praipaisarnkit
- Ming San Soong
- Paula Ruth
- Roy Chen Chengzhi
- Tanaporn Visaruthaphong
- Thailand Research Team
Regional Morning Meeting Notes: Wednesday, April 09, 2025
GREATER CHINA Sector Internet Navigating headwinds and uncovering opportunities upon tariff pressures. INDONESIA Update Erajaya Swasembada (ERAA IJ/BUY/Rp348/Target: Rp480) Iphone 16 series to be available in 2Q25. Maintain BUY. MALAYSIA Update Matrix Concepts Holdings (MCH MK/BUY/RM1.27/Target: RM1.66) We view the RPT deal as fair and strategic as the acquisition allows Matrix to see faster ro...
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
1295 PUBLIC BANK BHD
3K1 KINGSOFT CORP. LTD.
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
ERAA ERAJAYA SWASEMBADA
BCH BANGKOK CHAIN HOSPITAL PCL
00700 TENCENT HOLDINGS LTD.
SATS SP SATS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
RATCH RATCH GROUP PUBLIC CO. LTD.
00780 TONGCHENG-ELONG HOLDINGS LIMITED
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
TIDLOR NGERN TID LOR PCL
MCH MATRIX CONCEPTS HOLDINGS BHD
09888 BAIDU INC
1024 BEIJING KUAISHOU TECHNOLOGY CO LTD
09961 CTRIP.COM INTERNATIONAL
- Julia Pan Mengyao
- Ming San Soong
China Education: Widespread AI adoption to fuel education sector’s mon...
Following the global impact of ChatGPT, China’s DeepSeek AI model is rapidly gaining traction in education. Companies that successfully integrate AI are well-positioned to lead the next wave of industry transformation, securing a strategic advantage in the evolving market landscape. We believe high-quality open-source AI models and costeffective solutions will accelerate the commercialisation of AI-powered education products. Maintain MARKET WEIGHT on the sector.
- Jin Yoon
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
- Julia Pan Mengyao
- Ming San Soong
New Oriental Education & Technology Group (EDU US): 2QFY25: Revenue in...
EDU’s 2QFY25 results missed our expectations. Revenue grew 19% yoy to US$1,039m, in line with consensus estimate. Non-GAAP net profit came in at US$36m, missing our and consensus estimates, while net margin shrank 2ppt yoy to 3% for 2QFY25. EDU expects 3QFY25 revenue (excluding East Buy) to increase 18-21% yoy to US$1,007.3m- 1,032.5m, 2-3ppt below forecasts. Maintain BUY with a lower target price of US$80.00 (HK$63.00).
- Greater China Research Team
- Julia Pan Mengyao
- Ming San Soong
Greater China Daily: Wednesday, January 22, 2025
KEY HIGHLIGHTS Results New Oriental Education & Technology Group (EDU US/BUY/US$64.80/Target: US$80.00) EDU’s 2QFY25 results missed our expectations. Revenue grew 19% yoy to US$1,039m, in line with consensus estimate. Non-GAAP net profit came in at US$36m, missing our and consensus estimates, while net margin shrank 2ppt yoy to 3% for 2QFY25. EDU expects 3QFY25 revenue (excluding East Buy) to increase 18-21% yoy to US$1,007.3m-1,032.5m, 2-3ppt below forecasts. Maintain BUY with a lower target ...
- Adrian Loh Tzum Yung
- Julia Pan Mengyao
- Ming San Soong
- Philip Wong
- Stevanus Juanda
- Thanawat Thangchadakorn
Regional Morning Notes - Wednesday, January 22, 2025
GREATER CHINA Results New Oriental Education & Technology Group (EDU US/BUY/US$64.80/Target: US$80.00): 2QFY25: Revenue in line but earnings miss expectations; better growth outlook in 2HFY25. INDONESIA Update Astra International (ASII IJ/BUY/Rp4,910/Target: Rp6,000): Diversifying its businesses to avoid depending solely on automobile. MALAYSIA Results Alpha IVF (ALPHA MK/BUY/RM0.33/Target: RM0.40): 2QFY25: Results within expectations as newly-launched sales office in China sees its maiden con...
- Julia Pan Mengyao
- Ming San Soong
China Education: Key growth themes in 2025 upon policy clarity and AI ...
With a multi-faceted strategic transformation, EDU and TAL have entered a new phase of growth, riding on key themes like learning services, learning content solutions and overseas study. The distinct strategic approaches by both companies suggest that EDU mainly focuses on diversification and contextualisation of education services, whereas TAL emphasises the transformative potential of technological innovation. Maintain MARKET WEIGHT on the sector.
- Arsit Pamaranont
- Damon Shen
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jieqi Liu
- Julia Pan Mengyao
- Kong Ho Meng
- Llelleythan Tan Tan
- Ming San Soong
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Tham Mun Hon
Regional Morning Meeting Notes: Tuesday, January 14, 2025
GREATER CHINA Economics Trade Export Growth Rebounded; Rush Order Ahead Of Tariffs? Sector Education Key growth themes in 2025 upon policy clarity and AI integration progress. Property Sales pull back mom before Chinese New Year; updates of 2024 op...
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
01109 CHINA RESOURCES LAND LIMITED
S68 SINGAPORE EXCHANGE LTD.
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
3816 MISC BHD
GENM GENTING MALAYSIA BHD
RATCH RATCH GROUP PUBLIC CO. LTD.
0181942Z AGFA HEALTHCARE CORP
CMRY PT CISARUA MOUNTAIN DAIRY TBK
EPIC 1CM INC
Z29 029 GROUP SE
1797 EAST BUY HOLDING LIMITED
- Jin Yoon
EDU 1QFY25 Results: Margin Pressure in 2QFY25
What’s new: New Oriental’s reported 1QFY25 top-line results that were largely in-line with consensus. Margin could see downward pressure in 2QFY25 partly due to lower seasonality in the education business coupled with continued investments in the tourism segment. We lower our PT from USD70 to USD65 due to lowered outlook. Our revised PT of USD65 implies a 20.0x FY25E P/E. We maintain our NEUTRAL rating. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
New Oriental Education & Technology Group Page 8 (EDU US): 1QFY25: In ...
EDU’s 1QFY25 top-line slightly missed expectations. Revenue grew 30% yoy to US$1,435m, slightly missing consensus estimate and previous guidance of 31-34% yoy. Non-GAAP net profit rose 40% yoy to US$265m, above our and consensus estimates, while net margin inched up 1ppt yoy to 18% for 1QFY25. EDU expects 2QFY25 revenue (excluding East Buy) to rise 25-28% yoy to US$851.4m-871.8m, 1-2ppt below expectations. Maintain BUY with a lower target price of US$85.00 (HK$66.00).
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