Bank of America Securities: the target price of New Oriental-S purchase rating rose to HK $28.5

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Bank of America Securities released a research report saying that it rated New Oriental-S $NEW ORIENTAL-S (09901.HK)$ "buy" and predicted that the annual revenue of this year would reach about US $2.5 billion, raising the non GAAP earnings per share forecast for fiscal 2023/24 to US $0.97/1.1, and the target price to HK $28.5. The management estimates that the revenue in the first quarter of fiscal 2023 will reach $641-681 million, or a quarterly increase of 22% - 30%.
According to the report, the company's performance in the fourth fiscal quarter by the end of May this year is expected to have bottomed out, and its revenue and profit are expected to recover in the first fiscal quarter of 2023 by the end of August this year, bringing new development.
Many business lines of New Oriental are improving. Significant progress has been made in the development of online platform Koolearn, which will become one of the main growth drivers.