First Shanghai: Maintaining a "buy" rating on New Oriental-S (09901.HK) with a target price of 57.9 Hong Kong dollars.

According to the Zhutong Financial APP, First Shanghai released a research report stating that considering the gradual stabilization of New Oriental-S (09901, EDU.US) core business and significant improvement in shareholder returns, the company is given a 25xPE for FY26E net profit, adjusting the company's target price to $74.5 / HK$57.9 and maintaining a buy rating. On the one hand, the impact of the macroeconomic environment on the study abroad business and the slowdown in the growth of the company's education business due to the high base number of new businesses; on the other hand, the company continues to promote cost reduction and efficiency improvement, optimize the utilization of network outlets, and it is expected that the company's Non-GAAP net profit margin will continue to improve.