Source: Zhitong Finance APP
New Oriental Education & Technology Group online rose more than 5% in early trading to HK $63.79, a new high for listing. As of press time, it rose 5.48% to HK $63.50, with a turnover of HK $217 million.
In the news, New Oriental Education & Technology Group online previously announced that the board of directors proposed to change the English name of the company from Koolearn Technology Holding Limited to East Buy Holding Limited, and to change the company's dual foreign language name from "New Oriental Education & Technology Group online Technology Holdings Co., Ltd." to "Oriental selection Holdings Co., Ltd.".
According to a research report released by Daiwa, New Oriental Education & Technology Group online has proposed to change the company's name to Oriental selection, marking a formal shift in business focus to live e-commerce. The bank forecasts revenue of 2 billion yuan and an adjusted profit of 465 million yuan for the first half of the fiscal year to the end of November. Daiwa is expected to increase New Oriental Education & Technology Group online's merchandise turnover by 10% to 4.3 billion yuan in the second half of the fiscal year ending at the end of May.
CICC estimates that New Oriental Education & Technology Group online's revenue in the first half of 2023 was 1.9 billion yuan, an increase of 232% over the same period last year, with an adjusted net profit of 550 million yuan and an adjusted net profit margin of 29%, resulting in a loss of 410 million yuan in the same period last year. The large increase in revenue and profit is mainly due to the rapid growth of the company's live streaming traffic in the current fiscal year. CICC maintains its outperforming industry rating.
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