Glonghui, January 30 | Haitong International published a research report showing that New Oriental's revenue for the second quarter of the 2024 fiscal year ended the end of November last year increased 36% year-on-year to US$870 million, exceeding market expectations by about 7%, and also higher than the previous growth guideline's upper limit of US$804 million. Adjusted net profit for the period reached $50 million, which also exceeded general market expectations by about 7%. The management gave revenue guidance for the third fiscal quarter ending at the end of February this year ranging from $1,071 million to $1,094 million, which is equivalent to a year-on-year increase of 40% to 45%, and the median figure is 12% higher than the market forecast. Haitong expects that New Oriental's revenue growth has exceeded expectations, mainly from the Group's overseas markets, new business and Oriental selection contributions. Accordingly, the total revenue forecast was adjusted to increase by 45% year-on-year to US$1,095 billion, close to the upper end of the Group's official guidelines. The bank predicts that for the full 2024 fiscal year ending at the end of May this year, New Oriental will record revenue of 4.115 billion US dollars, an increase of 37% year-on-year, and raise the revenue forecast for the 2024-2025 fiscal year by 4% and 6% to 4.1 billion and 5.3 billion US dollars. The target price will accordingly be raised from 80 US dollars to 85 US dollars, rating “superior to the market.”