Core Insights - Goldman Sachs reported that New Oriental's management highlighted several key points during the Q1 earnings call for FY2026, including expectations for accelerated revenue growth in K12 business for Q2, an annual expansion in operating profit margin, and shareholder returns next year not lower than this year's level [1] Revenue and Profit Forecasts - Goldman Sachs maintained its revenue forecasts for New Oriental for FY2026 to FY2028, while raising the non-GAAP net profit forecast by 4% to reflect an 8% increase in non-GAAP operating profit, partially offset by reduced interest income and increased income tax [1] - The target price for New Oriental's H-shares was raised from HKD 42 to HKD 47, and the target price for its US shares was increased from USD 54 to USD 60 [1] Eastern Selection Adjustments - The revenue forecast for Dongfang Zhenxuan was lowered by 12% to 13%, but the adjusted net profit forecast was only reduced by 2% to 3%, reflecting an improvement in profit margin expectations [1] - The rating for Dongfang Zhenxuan was set to "Sell," with the target price increased from HKD 9 to HKD 10.2 [1]
大行评级丨高盛：上调新东方H股目标价至47港元 维持“中性”评级