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<Research>BOCOMI Lowers NEW ORIENTAL-S (09901.HK) TP to $89, Rating Buy
Recommend 5 Positive 7 Negative 2 |
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NEW ORIENTAL-S (09901.HK)'s 3FQ24 revenue was US$1.2 billion, up 60% YoY, beating the expected growth rate of BOCOMI and the market of 44%/ 47%, mainly driven by new business in education and self-operated growth of East Buy, BOCOMI issued a research report saying. NEW ORIENTAL-S' share price closed down 14% after the release of its results, mainly due to short-term pressure on margins, with the current price corresponding to a PE ratio of 20x for its education business, BOCOMI said. BOCOMI believed that demand for educational training and the Company's business performance remain solid, and expected education revenue to grow by 30% in FY2025. The Group's operating margin reduced to 12.8%, compared to the previous estimation of 14%, due to increased investment in East Buy. BOCOMI kept rating at Buy, and lowered its target price on NEW ORIENTAL-S' H-shares to $89. AAStocks Financial News |
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