1 Aug 2024 CMB International Global Markets | Equity Research | Company Update New Oriental (EDU US) Core educational business sustained strong momentum New Oriental reported 4QFY24 results: net revenue was up by 32% YoY to US$1,137mn, in line with our/consensus estimate; non-GAAP net income declined by 41$36.9mn, below our/consensus estimate of US$62/72mn, primarily due to accelerated capacity expansion and increased investment in live streaming e-commerce business. FY24 total revenue/nonGAAP ne ...