- EDU2021-01-06
EDU: EDU Remains Focused On Executing Its Own OMO Strategy; Positive On FY2Q21 Performance
EDU will report FY2Q21 results on January 22nd before the market opens with an 8am EST conference call. We are positive on EDU’s FY2Q21 performance. While competition in the online education market is heating up, EDU is finding its own way to remain competitive by expanding its regional OMO (online merger offline) reach, instead of burning cash to buy temporary enrollments. We believe EDU’s OMO is likely to enable the company to accomplish better enrollment coverage without pressuring the margin…… - EDU2020-10-05
EDU: Stronger Recovery In U-Can And Higher ASP As A Result Of High Volume Of Course Sessions Are Likely To Lead To Positive FY1Q21 Performance
EDU will report FY1Q21 results on October 13th before the market opens with an 8am EST conference call. We are positive on EDU’s FY1Q21 performance. COVID-19 has changed how education is conducted; co-existence of offline, online and semi-online are likely to be the future. For EDU’s business, overseas and 1-1 are impacted, but its K-12, specifically U-Can, has bounced back nicely. While the number of K-12 courses and attendees grew 0.9% Y/Y and declined 7.1% Y/Y, respectively, the U-Can segment…… - EDU2020-07-16
EDU: Continuing To Do Well In K-12 While Overseas Testing and Consulting Are Experiencing Longer Than Expected Impacts From COVID-19
EDU will report FY4Q20 results on July 28th before the markets open with an 8am EST conference call. Long term wise, COVID-19 has led to market consolidation by the major players like EDU; the underlying off-school tutoring market is at its very beginning stage of development. We believe the underlying market is approximately $100B in 2020 and the top 47 players only accounted for $8B in revenue in 2019; EDU and TAL accounted for about 6% of the total market. Short term wise, the company reset t…… - EDU2020-04-20
EDU: K-12 Performed Well In FY3Q20; But In FY4Q20 & Onward Overseas Testing and Consulting Are Impacted By Outbreaks Worldwide; Adjusting Estimates Accordingly
EDU will report FY3Q20 results on April 21st before the markets open with an 8am EST conference call. We believe FY3Q20 is likely to be better than consensus and our model. But in 4Q20 and over the next several quarters, although we expect K-12 to continue to do well, EDU’s overseas testing preparation business is likely to be impacted by both domestic and international outbreaks as international travel is almost frozen. We believe such impacts have not been fully baked in yet and this part of r…… - EDU2020-01-16
EDU: Better Operation And Previous Gov’t Policies Led To High Growth In K-12 Attendees And Better FY2Q20 Performance; Maintain BUY And Raise Price Target
EDU will report FY2Q20 results on January 20th before the markets open with an 8am EST conference call. We are positive on EDU into FY2Q20 earnings. During the quarter, the growth of K-12 course offerings was strong. Based on our data and calculation, we believe EDU’s revenue in FY2Q20 is likely to be higher than consensus at $771.8M (29.3% Y/Y growth), driven by the higher growth of K-12 attendees. …… - EDU2019-10-10
EDU: Growth Driven By Steady Expansion and Growth Of K-12 Course Offerings; Maintain BUY & Raise PT
EDU will report FY1Q20 results on October 22nd before the markets open with an 8am EST conference call. We are positive on EDU into FY1Q20 earnings. During the quarter, we saw steady expansion in both physical locations as well as dual-teacher model, which is likely to lead to high growth in course offerings as well as attendees. In addition, fewer discounts in summer promotional courses are likely to lead to better margins. …… - EDU2019-07-08
EDU: K-12 Enrollments Driving Better Performance In FY4Q19; Expansion With Discipline; Maintain BUY
EDU will report FY4Q19 results on July 23rd before the markets open with an 8am EST conference call. We are positive on EDU into FY4Q19 earnings. Based on our data and analysis, we believe EDU’s revenue in FY4Q19 is likely to be higher than consensus at $836.9M (exchange rate adjusted) and the high end of guidance range of $807.1M to $826.8M (exchange rate adjusted). …… - EDU2019-01-10
EDU: Complying With New Regulations While Managing Growth of Attendees And Utilizations In FY2Q19; Maintain BUY
EDU will report FY2Q19 results on January 22nd before the markets open with an 8am EST conference call. We are positive on EDU into FY2Q19. The Chinese government came out with four different sets of policies regulating the non-State-owned education sector, including the off-school tutoring area. Due to the policies, EDU provided a lower guidance for FY2Q19 at about 22% - 26% Y/Y growth in US dollar terms. …… - EDU2018-10-22
EDU: Expect Better FY1Q19 Topline Results; Increasing Investments for Market Share Expansion and Increasing Fees to Comply With New Regulations
EDU will report FY1Q19 results on Tuesday, October 23rd before the markets open with an 8am EST conference call. We believe EDU’s FY1Q19 revenue is likely to be higher than consensus at $841.3M. Although we are positive for its FY1Q19, there are some issues with FY2Q19, as EDU is experiencing issues related to new government policies. …… - EDU2018-06-21
T.H. Data Flash - New Oriental Education & Technology – FY4Q18: K-12 Courses and Faster Expansion to Drive FY4Q18 Growth; Maintain BUY
The faster expansion as well as higher ramping pace led to high growth of course offerings and attendee capacity; the high demand led to the improvement of utilization in FY4Q18. Based on our data and calculations, we believe EDU is likely to deliver better results for both the topline and margins in the May 2018 quarter. …… - EDU2018-04-16
T. H. Data Flash – New Oriental Education & Technology (EDU) – FY3Q18: Expansion and Courses’ Pricing Mixture Change Drive Revenue Growth; Maintain BUY
EDU will report FY3Q18 results on Tuesday, April 24th before the markets open with an 8am EST conference call. Starting from FY1Q18, EDU has started its faster expansion by opening more learning centers while adjusting its course pricing structure to increase average price. As a result, its total attendees and quarterly average fees per attendee are both growing and making contributions to top line growth. …… - EDU2018-01-05
T. H. Data Flash - New Oriental Education & Technology (EDU) – FY2Q18: Rapid Expansion Drives Growth of Courses, Attendees and Revenues in FY2Q18
EDU has started its rapid expansion since last quarter due to high demand from students and parents. As a result, our proprietary data shows that the company’s total course offerings, attendees as well as revenue are likely to experience high growth in FY2Q18.…… - EDU2017-10-19
EDU: High Expansion Driving Higher Growth in FY2Q18; FY1Q18 is Benefiting From Higher Expansion and Utilization; Maintain Buy Rating
EDU will report FY1Q18 results on Tuesday, October 24th before the markets open with an 8am EST conference call. The company has been conservative in terms of its expansion, but EDU recently changed its approach to one of higher expansion, with high growth in new learning centers and course offerings. Based on our proprietary data, we believe expansion as well as its higher utilization rate is likely to drive high growth in its topline in FY1Q18, but more so in FY2Q18. Consensus for FY1Q18 at $6…… - EDU2017-09-28
T. H. Data Flash – New Oriental Education & Technology (EDU) – FY1Q18: Continued Growth in Courses and Attendees in FY1Q18; Raise Price Target
Increase in courseofferings and utilization rate driven by K-12 – According to our proprietary data for FY1Q18,the number of total courses offered was 135.0K in FY1Q18, up 24.8% Y/Y from108.1K in FY1Q17, and the number of fully registered courses increased 26.2%Y/Y to 39.4K in FY1Q18 from 31.3K in FY1Q17. …… - EDU2016-07-22
New Oriental Education & Technology: Solid FY4Q16 Results; FY1Q17 Promotions May Benefit the Whole Year; Maintain Buy and Raise PT to $52
EDU reported strong FY4Q16 top line results of 20.1% Y/Y, which beat consensusexpectation, and EPS came in a penny below the Street after about 7% RMBdepreciation. For FY1Q17, the company guided revenue in USD terms belowconsensus due to the RMB depreciation. While FY1Q17 is a weak quarter, it is themost important quarter for the full year growth; therefore the company isaggressively doing promotions to recruit new students, which has already resultedin about 200K enrollments from the summer cla…… - EDU2016-07-15
New Oriental Education & Technology: Better FY4Q16 Driven by Increase in Utilization; Aggressive Promotion in FY1Q17 Can Be Positive for Full Year 2017, but Not For FY1Q17; Maintain Buy
EDU will report FY4Q16 results on Wednesday, July 20th before the markets openwith an 8am EST conference call. Based on our proprietary data, we expect EDU toreport FY4Q16 results better than consensus driven by the increase in utilization ofboth courses and attendees. For the bottom line, we are expecting better marginsas a result of less new school openings and higher tuition per student per course.For FY1Q17, the company is offering low rate courses aggressively. While it maypressure FY1Q17’s…… - EDU2016-01-15
EDU: Expect Better FY2Q16, Upside Driven by Higher Enrollments and ASP; Maintain Buy & Raise PT
EDU will report FY2Q16 results on Tuesday, January 19th before the markets open with an 8am EST conference call. Based on our proprietary data, we expect EDU to report FY2Q16 revenue better than consensus driven by higher average spending per attendee and better course utilization rate. For the bottom line, we believe better utilization as well as less expansion can be positive to its margin. As EDU is making meaningful improvements in its K-12 course offerings and enrollments combined with its …… - EDU2015-10-07
T. H. Data Flash – New Oriental Education & Technology (EDU) – August 2015: Much Improved Utilization Rate; K-12 Grew Fast; Maintain Buy
•Significant increase in course utilization rate – According to our proprietary data, for FY1Q16, the total number of courses offered only increased 21.6% to 84.0K from 69.1K in FY1Q15 (Figure 1), and the course utilization rate (defined as the number of fully registered and opened courses as a % of total courses offered) improved to 62.1% from 35.2% in FY1Q15 (Figure 1) with the number of fully registered and opened courses increased 27.9K or 114.8% Y/Y to 52.2K in FY1Q16 from 24.3K in FY1Q15 (…… - EDU2015-07-01
T. H. Data Flash – New Oriental Education & Technology (EDU) – May 2015: Restructuring of Course Offerings May Lead to Better Utilization; U-Can Grew Healthily; Maintain Buy
March 1, 2015 – May 31, 2015 Data Highlights:Data in this report is extracted from public resources and processed with our proprietary methodology.•Less total course offerings due to course restructuring – In an effort to be more content centric instead of teacher centric, EDU moved its course offerings toward more standardization. As such, in FY4Q15 (03/2015-05/2015), the company consolidated small courses into bigger courses and shorter courses into longer courses. According to our proprietary…… - EDU2015-04-22
EDU: Resumed Growth Driven by K-12; Margin May Steadily Expand; Maintain Buy
EDU reported FY3Q15 results with both revenue and EPS beating consensus. It also provided FY4Q15 guidance above consensus. We attribute the solid results to the growth in the K-12 sector, especially for the strong performance of U-can middle school and the revamped Pop-kids classes. We believe K-12 may continue to serve as the growth driver in the future. We also believe the margin may expand gradually since the company has passed its significant investment phase in the last several quarters. In……
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