交银国际认为新东方仍维持其国际教育的领先地位,教育业务稳健扩张持续。2025财年扩张进度虽可能慢于2024财年,但也将持续带来利润率最佳化。该行预期2024-27财年教育业务收入复合成长率 24%,仍维持稳健增长趋势。对应截至2026年2月底12个月利润,给予教育业务20倍市盈率,不考虑东方甄选价值贡献。Bocom Intl believes that New Oriental still maintains its leading position in international education, with its education business steadily expanding.
According to the information from the Wise Finance APP, Bocom Intl released a report stating that it maintains a target price of HK$80/US$103 for New Oriental Education (09901), and maintains a 'buy' investment rating. Bocom Intl continues to maintain its previous revenue growth expectations for New Oriental Education, expecting total revenue to increase by 33% to US$1.46 billion, of which the total revenue of non-East Buy (01797) business is expected to be US$1.247 billion, a 33% increase year-on-year, within the company's guided range of 31-34%, compared to Visible Alpha's 31% / Bloomberg's 30.9%.
The bank estimates adjusted operating profit of $0.32 billion, net profit of $0.26 billion, corresponding to an adjusted operating profit margin of 21.9% and a net margin of 17.7%, mainly driven by the optimization of the operating profit margin of the non-East Buy business compared to the same period last year.
Bocom Intl believes that New Oriental still maintains its leading position in international education, with its education business steadily expanding. Although the expansion progress in the 2025 fiscal year may be slower than 2024, it will continue to bring about the optimization of profit margins. The bank expects a compound annual growth rate of 24% for the 2024-27 fiscal years in education business revenue, continuing the trend of steady growth. Corresponding to the 12-month profit as of the end of February 2026, a 20 times PE ratio is given for the education business, without considering the value contribution of East Buy.
