Tuesday, Apr 20th 2021

New Oriental reports strong fiscal Q3

Update

On Tuesday morning, Titan Offshore holding New Oriental Education (EDU) rose +3% after reporting strong Q3 results, driven by strength across its K-12 education franchise.

As a reminder, New Oriental is the leading private provider of test prep and educational services in China. Its educational platform is viewed as both critical and best-in-class, which has resulted in sustained robust growth in both volumes and pricing.

In Q3, it saw revenues top expectations by +4% on the back of strong student enrollments, which grew +43% year-over-year.

This was led by particular strength within its core K-12 segment, which saw enrollment growth accelerate to +57% in the quarter.

Pricing growth also remained within its very strong mid-single digit historical band, coming in at +7% year-over-year in Q3.

Overall, we were pleased with the quarter and were particularly pleased to see continued success in New Oriental's online/offline strategy (OMO), which has helped it consolidate market share during the pandemic and acquire customers at more favorable acquisition costs.

Looking forward, we believe this OMO strategy will be key in helping New Oriental extend its lead over peers and drive sustainable growth over the long-run.

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