Investment Rating - The report maintains a "Buy" rating for New Oriental-S (09901.HK) [1][3] Core Insights - The company's core business profitability is improving, and a new shareholder return plan demonstrates confidence in future performance [1][3] - The report adjusts the Non-GAAP net profit forecasts for FY2026 and FY2027 down to $580 million and $630 million respectively, with an expectation of $690 million for FY2028 [3] - The current stock price corresponds to a PE ratio (Non-GAAP) of 12, 11, and 10 times for FY2026 to FY2028 [3] Financial Performance Summary - FY2025Q4 total net revenue reached $1.24 billion, a year-on-year increase of 9.4%, while excluding self-operated products and live e-commerce, total revenue was $1.09 billion, up 18.7% year-on-year [8] - The operating cash inflow for FY2025Q4 was $399 million, with capital expenditures of $65.9 million [8] - The company expects a 2% to 5% year-on-year growth in net revenue for FY26Q1 and a 5% to 10% growth for FY2026 [8] - The core business showed robust performance, with revenue from overseas exam preparation and consulting growing by 14.6% and 8.2% respectively, and domestic exam preparation for adults and college students increasing by approximately 17.0% [8] - Non-GAAP net profit for FY2025Q4 was $98.08 million, a year-on-year increase of 59.4%, indicating significant improvement in core education business profitability [8] Financial Forecasts - Total revenue projections for FY2024A to FY2028E are $4.314 billion, $4.900 billion, $5.372 billion, $5.854 billion, and $6.277 billion respectively, with year-on-year growth rates of 43.89%, 13.60%, 9.63%, 8.96%, and 7.24% [1][9] - The forecasted Non-GAAP net profits for FY2024A to FY2028E are $464 million, $517 million, $577 million, $632 million, and $685 million, with growth rates of 79.15%, 11.44%, 11.57%, 9.60%, and 8.38% respectively [1][9] - The report highlights a significant increase in operating profit for Non-GAAP, which is projected to reach $688.83 million by FY2028 [9]
新东方-S(09901):FY25Q4财报点评:核心业务盈利能力提升,新股东回报计划彰显信心