新东方：2026 财年第一季度展望-好于预期，但海外业务疲软仍存隐忧

New Oriental Education & Technology | Asia Pacific 1QF26 preview – better than feared, but weak overseas still an overhang We expect EDU to beat the high end of its 1QF26 revenue and OPM guidance, but uncertainty still remains in its overseas business – we have not yet seen a clear turnaround. Maintain EW. 1QF26 preview: Management aims to beat the high end of its previous revenue guidance (ip 2-5% yoy) and OPM guidance (0-0.5ppts yoy), thanks to better-than- expected overseas revenue (-5~0% yoy vs. previou ...