Accelerating capacity expansion to address robust demand

M N 25 Apr 2024 CMB International Global Markets | Equity Research | Company Update New Oriental (EDU US) Accelerating capacity expansion to address robust demand Target Price US$102.50 New Oriental announced 3QFY24 financial results: total net revenue grew by (Previous TP US$104.50) 60.1% YoY to US$1,207mn, 10% ahead of consensus estimate (US$1,098mn); Up/Downside 33.0% non-GAAP net income was up by 9.8% YoY to US$105mn but below consensus Current Price US$77.08 estimate of US$132mn, mainly due to the inve ...