Sign in

    D.S. Kim • JPMorgan Chase & Co.

    D.S. Kim's questions to New Oriental Education & Technology Group Inc (EDU) leadership

    D.S. Kim's questions to New Oriental Education & Technology Group Inc (EDU) leadership • Q4 2025

    Question

    DS Kim from JPMorgan Chase & Co. sought several clarifications, asking if the Q1 margin expansion guidance was for the group or core education, and if the cost control impact was for Q1 or the full year. He also questioned the implied downward revision of the core education growth outlook and asked about the decision-making process between dividends and buybacks.

    Answer

    Stephen Zhihui Yang, Executive President & CFO, confirmed the Q1 margin expansion guidance is for the whole group and the 100-150 bps cost control benefit is for the full year. He acknowledged the revised outlook, attributing it to a weaker forecast for the overseas business. Regarding capital return, he stated the mix between dividends and buybacks will be decided by the board after the final FY25 audit.

    Ask Fintool Equity Research AI

    D.S. Kim's questions to New Oriental Education & Technology Group Inc (EDU) leadership • Q4 2025

    Question

    DS Kim from JPMorgan Chase & Co. sought clarification on several points: whether Q1 margin guidance was for the group or core business, the timeframe for cost control impacts, the implied core education growth in FY26, and the company's preference between dividends and buybacks.

    Answer

    Stephen Zhihui Yang, Executive President & CFO, confirmed the Q1 margin expansion guidance is for the entire group and the cost control impact is for the full year. He acknowledged the FY26 guidance is lower than previously thought, mainly due to a weaker outlook for the overseas business. He stated the board has not yet decided on the mix of dividends versus buybacks for the new capital return plan.

    Ask Fintool Equity Research AI

    D.S. Kim's questions to New Oriental Education & Technology Group Inc (EDU) leadership • Q3 2025

    Question

    In a follow-up, D.S. Kim from JPMorgan sought clarification on whether the fiscal 2026 growth forecast of 25-30% for 'K-9 new businesses' was exclusively for K-9 or included other new business initiatives as well.

    Answer

    Executive Sisi Zhao confirmed that the 25-30% growth forecast encompasses all businesses within that category, with the primary components being non-academic tutoring and the learning pad business.

    Ask Fintool Equity Research AI