Intrinsic value of New Oriental Education&Technology Group - EDU

Previous Close

$98.94

  Intrinsic Value

$63.03

stock screener

  Rating & Target

sell

-36%

Previous close

$98.94

 
Intrinsic value

$63.03

 
Up/down potential

-36%

 
Rating

sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of EDU stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  21.79
  23.80
  21.92
  20.23
  18.71
  17.33
  16.10
  14.99
  13.99
  13.09
  12.28
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.48
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
Revenue, $m
  1,800
  2,228
  2,717
  3,266
  3,877
  4,550
  5,282
  6,074
  6,924
  7,830
  8,792
  9,808
  10,877
  11,999
  13,172
  14,397
  15,674
  17,004
  18,387
  19,825
  21,320
  22,873
  24,488
  26,165
  27,910
  29,724
  31,611
  33,575
  35,621
  37,753
  39,975
Variable operating expenses, $m
 
  1,798
  2,192
  2,635
  3,127
  3,669
  4,260
  4,898
  5,584
  6,314
  7,090
  7,908
  8,769
  9,674
  10,619
  11,607
  12,637
  13,709
  14,824
  15,984
  17,189
  18,441
  19,742
  21,095
  22,501
  23,964
  25,485
  27,069
  28,719
  30,437
  32,229
Fixed operating expenses, $m
 
  91
  94
  96
  98
  101
  103
  106
  108
  111
  114
  117
  120
  123
  126
  129
  132
  135
  139
  142
  146
  149
  153
  157
  161
  165
  169
  173
  178
  182
  187
Total operating expenses, $m
  1,540
  1,889
  2,286
  2,731
  3,225
  3,770
  4,363
  5,004
  5,692
  6,425
  7,204
  8,025
  8,889
  9,797
  10,745
  11,736
  12,769
  13,844
  14,963
  16,126
  17,335
  18,590
  19,895
  21,252
  22,662
  24,129
  25,654
  27,242
  28,897
  30,619
  32,416
Operating income, $m
  260
  339
  432
  536
  652
  780
  919
  1,070
  1,232
  1,405
  1,588
  1,784
  1,988
  2,202
  2,427
  2,661
  2,905
  3,160
  3,424
  3,699
  3,986
  4,283
  4,592
  4,913
  5,247
  5,595
  5,956
  6,333
  6,725
  7,134
  7,560
EBITDA, $m
  316
  407
  514
  634
  769
  916
  1,078
  1,252
  1,440
  1,640
  1,852
  2,076
  2,312
  2,560
  2,819
  3,090
  3,372
  3,666
  3,972
  4,290
  4,621
  4,965
  5,322
  5,693
  6,079
  6,481
  6,898
  7,333
  7,786
  8,259
  8,751
Interest expense (income), $m
  0
  0
  -14
  -7
  0
  8
  17
  27
  37
  48
  60
  73
  87
  101
  116
  131
  148
  165
  182
  201
  220
  240
  260
  282
  304
  327
  351
  376
  402
  430
  458
Earnings before tax, $m
  331
  339
  446
  543
  652
  772
  902
  1,043
  1,195
  1,356
  1,528
  1,711
  1,901
  2,101
  2,311
  2,530
  2,758
  2,995
  3,242
  3,499
  3,766
  4,043
  4,332
  4,632
  4,943
  5,268
  5,605
  5,957
  6,323
  6,704
  7,102
Tax expense, $m
  51
  92
  120
  147
  176
  208
  244
  282
  323
  366
  413
  462
  513
  567
  624
  683
  745
  809
  875
  945
  1,017
  1,092
  1,170
  1,251
  1,335
  1,422
  1,513
  1,608
  1,707
  1,810
  1,917
Net income, $m
  274
  248
  325
  397
  476
  563
  659
  762
  872
  990
  1,115
  1,249
  1,388
  1,534
  1,687
  1,847
  2,013
  2,186
  2,367
  2,554
  2,749
  2,952
  3,162
  3,381
  3,609
  3,845
  4,092
  4,348
  4,615
  4,894
  5,184

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2,166
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,925
  939
  1,145
  1,377
  1,635
  1,918
  2,227
  2,561
  2,919
  3,301
  3,707
  4,135
  4,586
  5,058
  5,553
  6,070
  6,608
  7,169
  7,752
  8,358
  8,988
  9,643
  10,324
  11,031
  11,766
  12,531
  13,327
  14,155
  15,017
  15,916
  16,853
Adjusted assets (=assets-cash), $m
  759
  939
  1,145
  1,377
  1,635
  1,918
  2,227
  2,561
  2,919
  3,301
  3,707
  4,135
  4,586
  5,058
  5,553
  6,070
  6,608
  7,169
  7,752
  8,358
  8,988
  9,643
  10,324
  11,031
  11,766
  12,531
  13,327
  14,155
  15,017
  15,916
  16,853
Revenue / Adjusted assets
  2.372
  2.373
  2.373
  2.372
  2.371
  2.372
  2.372
  2.372
  2.372
  2.372
  2.372
  2.372
  2.372
  2.372
  2.372
  2.372
  2.372
  2.372
  2.372
  2.372
  2.372
  2.372
  2.372
  2.372
  2.372
  2.372
  2.372
  2.372
  2.372
  2.372
  2.372
Average production assets, $m
  268
  332
  405
  487
  578
  678
  787
  905
  1,032
  1,167
  1,310
  1,461
  1,621
  1,788
  1,963
  2,145
  2,335
  2,534
  2,740
  2,954
  3,177
  3,408
  3,649
  3,899
  4,159
  4,429
  4,710
  5,003
  5,308
  5,625
  5,956
Working capital, $m
  1,123
  -1,290
  -1,573
  -1,891
  -2,245
  -2,634
  -3,058
  -3,517
  -4,009
  -4,534
  -5,091
  -5,679
  -6,298
  -6,947
  -7,627
  -8,336
  -9,075
  -9,845
  -10,646
  -11,479
  -12,344
  -13,244
  -14,178
  -15,150
  -16,160
  -17,210
  -18,303
  -19,440
  -20,625
  -21,859
  -23,145
Total debt, $m
  0
  -398
  -213
  -5
  227
  482
  760
  1,061
  1,383
  1,727
  2,092
  2,477
  2,883
  3,309
  3,754
  4,219
  4,703
  5,208
  5,733
  6,278
  6,845
  7,435
  8,047
  8,684
  9,346
  10,034
  10,750
  11,495
  12,272
  13,080
  13,923
Total liabilities, $m
  1,244
  846
  1,031
  1,239
  1,471
  1,726
  2,004
  2,305
  2,627
  2,971
  3,336
  3,721
  4,127
  4,553
  4,998
  5,463
  5,947
  6,452
  6,977
  7,522
  8,089
  8,679
  9,291
  9,928
  10,590
  11,278
  11,994
  12,739
  13,516
  14,324
  15,167
Total equity, $m
  1,681
  94
  115
  138
  163
  192
  223
  256
  292
  330
  371
  413
  459
  506
  555
  607
  661
  717
  775
  836
  899
  964
  1,032
  1,103
  1,177
  1,253
  1,333
  1,415
  1,502
  1,592
  1,685
Total liabilities and equity, $m
  2,925
  940
  1,146
  1,377
  1,634
  1,918
  2,227
  2,561
  2,919
  3,301
  3,707
  4,134
  4,586
  5,059
  5,553
  6,070
  6,608
  7,169
  7,752
  8,358
  8,988
  9,643
  10,323
  11,031
  11,767
  12,531
  13,327
  14,154
  15,018
  15,916
  16,852
Debt-to-equity ratio
  0.000
  -4.240
  -1.860
  -0.030
  1.390
  2.510
  3.410
  4.140
  4.740
  5.230
  5.640
  5.990
  6.290
  6.540
  6.760
  6.950
  7.120
  7.260
  7.400
  7.510
  7.620
  7.710
  7.790
  7.870
  7.940
  8.010
  8.070
  8.120
  8.170
  8.220
  8.260
Adjusted equity ratio
  -0.639
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  274
  248
  325
  397
  476
  563
  659
  762
  872
  990
  1,115
  1,249
  1,388
  1,534
  1,687
  1,847
  2,013
  2,186
  2,367
  2,554
  2,749
  2,952
  3,162
  3,381
  3,609
  3,845
  4,092
  4,348
  4,615
  4,894
  5,184
Depreciation, amort., depletion, $m
  56
  68
  82
  99
  117
  137
  159
  182
  208
  235
  263
  292
  324
  358
  393
  429
  467
  507
  548
  591
  635
  682
  730
  780
  832
  886
  942
  1,001
  1,062
  1,125
  1,191
Funds from operations, $m
  882
  315
  408
  495
  593
  700
  817
  944
  1,080
  1,225
  1,379
  1,541
  1,712
  1,892
  2,079
  2,276
  2,480
  2,693
  2,915
  3,145
  3,384
  3,633
  3,892
  4,161
  4,440
  4,731
  5,034
  5,349
  5,677
  6,019
  6,376
Change in working capital, $m
  264
  -248
  -283
  -318
  -354
  -389
  -424
  -458
  -492
  -525
  -557
  -588
  -619
  -649
  -679
  -709
  -739
  -770
  -801
  -833
  -865
  -899
  -935
  -971
  -1,010
  -1,050
  -1,093
  -1,137
  -1,185
  -1,234
  -1,287
Cash from operations, $m
  618
  563
  690
  813
  947
  1,089
  1,241
  1,402
  1,572
  1,750
  1,936
  2,129
  2,331
  2,541
  2,759
  2,985
  3,220
  3,463
  3,715
  3,978
  4,250
  4,533
  4,826
  5,132
  5,450
  5,781
  6,127
  6,486
  6,862
  7,253
  7,662
Maintenance CAPEX, $m
  0
  -54
  -66
  -81
  -97
  -116
  -136
  -157
  -181
  -206
  -233
  -262
  -292
  -324
  -358
  -393
  -429
  -467
  -507
  -548
  -591
  -635
  -682
  -730
  -780
  -832
  -886
  -942
  -1,001
  -1,062
  -1,125
New CAPEX, $m
  -106
  -64
  -73
  -82
  -91
  -100
  -109
  -118
  -127
  -135
  -143
  -151
  -159
  -167
  -175
  -183
  -190
  -198
  -206
  -214
  -223
  -231
  -241
  -250
  -260
  -270
  -281
  -293
  -305
  -318
  -331
Cash from investing activities, $m
  -672
  -118
  -139
  -163
  -188
  -216
  -245
  -275
  -308
  -341
  -376
  -413
  -451
  -491
  -533
  -576
  -619
  -665
  -713
  -762
  -814
  -866
  -923
  -980
  -1,040
  -1,102
  -1,167
  -1,235
  -1,306
  -1,380
  -1,456
Free cash flow, $m
  -54
  446
  551
  651
  758
  874
  997
  1,127
  1,264
  1,408
  1,559
  1,716
  1,880
  2,050
  2,226
  2,410
  2,600
  2,798
  3,003
  3,215
  3,436
  3,666
  3,904
  4,152
  4,411
  4,679
  4,960
  5,252
  5,556
  5,874
  6,206
Issuance/(repayment) of debt, $m
  0
  -398
  185
  209
  232
  255
  278
  300
  322
  344
  365
  385
  406
  425
  445
  465
  485
  505
  525
  546
  567
  589
  612
  637
  662
  688
  716
  745
  776
  809
  843
Issuance/(repurchase) of shares, $m
  1
  331
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  9
  -67
  185
  209
  232
  255
  278
  300
  322
  344
  365
  385
  406
  425
  445
  465
  485
  505
  525
  546
  567
  589
  612
  637
  662
  688
  716
  745
  776
  809
  843
Total cash flow (excl. dividends), $m
  -68
  379
  737
  859
  990
  1,129
  1,275
  1,427
  1,587
  1,752
  1,924
  2,101
  2,285
  2,475
  2,672
  2,875
  3,085
  3,302
  3,528
  3,761
  4,003
  4,255
  4,517
  4,789
  5,072
  5,368
  5,676
  5,997
  6,332
  6,683
  7,049
Retained Cash Flow (-), $m
  -276
  -579
  -21
  -23
  -26
  -28
  -31
  -33
  -36
  -38
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -56
  -58
  -61
  -63
  -65
  -68
  -71
  -74
  -76
  -80
  -83
  -86
  -90
  -94
Prev. year cash balance distribution, $m
 
  2,166
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  1,966
  716
  836
  964
  1,100
  1,244
  1,394
  1,551
  1,714
  1,883
  2,059
  2,240
  2,428
  2,622
  2,823
  3,031
  3,246
  3,469
  3,700
  3,940
  4,190
  4,449
  4,718
  4,999
  5,291
  5,596
  5,914
  6,246
  6,593
  6,955
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  1,885
  655
  728
  794
  853
  903
  942
  969
  985
  987
  978
  956
  923
  880
  829
  770
  706
  639
  570
  501
  433
  369
  309
  255
  206
  163
  127
  97
  72
  52
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

New Oriental Education & Technology Group Inc. is a provider of private educational services in the People's Republic of China (the PRC). The Company provides educational services under its New Oriental brand. The Company operates through seven segments, which include language training and test preparation, primary and secondary school education, online education, content development and distribution, pre-school education, overseas study consulting services and study tour. The Company offers a range of educational programs, services and products, consisting of English and other foreign language training, test preparation courses for admissions and assessment tests in the United States, the People's Republic of China and Commonwealth countries, primary and secondary school education, development and distribution of educational content, software and other technology, and online education.

FINANCIAL RATIOS  of  New Oriental Education&Technology Group (EDU)

Valuation Ratios
P/E Ratio 56.9
Price to Sales 8.7
Price to Book 9.3
Price to Tangible Book
Price to Cash Flow 25.2
Price to Free Cash Flow 30.5
Growth Rates
Sales Growth Rate 21.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 65.6%
Cap. Spend. - 3 Yr. Gr. Rate 27.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 10.4%
Ret/ On Assets - 3 Yr. Avg. 10.6%
Return On Total Capital 17.8%
Ret/ On T. Cap. - 3 Yr. Avg. 17.4%
Return On Equity 17.8%
Return On Equity - 3 Yr. Avg. 17.4%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 58.3%
Gross Margin - 3 Yr. Avg. 58.2%
EBITDA Margin 21.5%
EBITDA Margin - 3 Yr. Avg. 21.4%
Operating Margin 14.4%
Oper. Margin - 3 Yr. Avg. 13.4%
Pre-Tax Margin 18.4%
Pre-Tax Margin - 3 Yr. Avg. 18%
Net Profit Margin 15.2%
Net Profit Margin - 3 Yr. Avg. 15.3%
Effective Tax Rate 15.4%
Eff/ Tax Rate - 3 Yr. Avg. 13.7%
Payout Ratio 0%

EDU stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EDU stock intrinsic value calculation we used $1800 million for the last fiscal year's total revenue generated by New Oriental Education&Technology Group . The default revenue input number comes from 2017 income statement of New Oriental Education&Technology Group . You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our EDU stock valuation model: a) initial revenue growth rate of 23.8% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for EDU is calculated based on our internal credit rating of New Oriental Education&Technology Group , is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of New Oriental Education&Technology Group .
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of EDU stock the variable cost ratio is equal to 80.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $89 million in the base year in the intrinsic value calculation for EDU stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for New Oriental Education&Technology Group .

Corporate tax rate of 27% is the nominal tax rate for New Oriental Education&Technology Group . In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the EDU stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for EDU are equal to 14.9%.

Life of production assets of 5 years is the average useful life of capital assets used in New Oriental Education&Technology Group operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for EDU is equal to -57.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1681 million for New Oriental Education&Technology Group - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 155.851 million for New Oriental Education&Technology Group is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of New Oriental Education&Technology Group at the current share price and the inputted number of shares is $15.4 billion.

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COMPANY NEWS

▶ New Oriental Education Earnings Don't Make The Grade   [Jan-23-18 09:37AM  Investor's Business Daily]
▶ New Oriental posts 2Q profit   [05:03AM  Associated Press]
▶ As Alibaba Sets Up, The Craigslist Of China Posts 2,550% Growth   [Jan-04-18 10:54AM  Investor's Business Daily]
▶ 3 Chinese Dot-Coms That Doubled in 2017   [Dec-30-17 04:00PM  Motley Fool]
▶ These 5 Top China Stocks Are Basing, But Be Wary: Investing Action Plan   [Dec-26-17 04:10PM  Investor's Business Daily]
▶ Chinese Stocks Major Hedge Funds Are Buying as Market Soars   [Dec-21-17 06:06PM  GuruFocus.com]
▶ 10 Chinese Stocks For Alpha Seekers   [Dec-20-17 08:43AM  Forbes]
▶ This Top Chip Stock Surges On Earnings; Is Apple A Buy?: S&P 500 Index   [Dec-07-17 06:54AM  Investor's Business Daily]
▶ Investing In IPO Stocks: Know The Risk With Snap, Future 'Unicorns'   [Dec-05-17 04:30PM  Investor's Business Daily]
▶ 7 Stocks to Double Your Money   [Nov-28-17 03:02PM  InvestorPlace]
▶ Best-In-Class NYSE Growth Stocks   [Nov-26-17 11:02AM  Simply Wall St.]
▶ New Oriental Earnings Growth Falls Short, But Revenue, Outlook Solid   [Oct-24-17 04:02PM  Investor's Business Daily]
▶ New Oriental posts 1Q profit   [05:01AM  Associated Press]
▶ New Oriental Education: Buy the Dip   [02:33AM  Barrons.com]
▶ 5 Chinese Education Stocks to Make the Grade   [Sep-20-17 10:23PM  Barrons.com]
▶ 3 Top Education Stocks to Buy in 2017   [Sep-18-17 07:03AM  Motley Fool]
▶ Analyst Picks: 3 Top Chinese Stocks to Buy   [Aug-25-17 01:09PM  Motley Fool]
▶ This Education Company Reaps Newfound Disposable Income In China   [Aug-04-17 10:30AM  Investor's Business Daily]
▶ Chinese stocks are getting slammed   [Aug-02-17 12:17PM  Yahoo Finance]
▶ TAL Education: Credit Suisse Lifts Price Target by 20%   [Jul-28-17 01:56AM  Barrons.com]
▶ IBD 50's TAL Education Aces Earnings, But Stock Drops Out   [Jul-27-17 04:08PM  Investor's Business Daily]
▶ Blue-Chip Dow Leads Stock Indexes To New Highs   [Jul-26-17 12:06PM  Investor's Business Daily]
▶ New Oriental posts 4Q profit   [Jul-25-17 08:23PM  Associated Press]
▶ IBD 50 Chinese School Stock Recovers After Q4 Beat   [04:06PM  Investor's Business Daily]
▶ Put These 4 IBD 50 Chinese Plays On Your Stocks To Watch   [Jul-02-17 10:30AM  Investor's Business Daily]
▶ 2 China Education Stocks That Make the Grade   [Jun-15-17 09:03PM  Barrons.com]
▶ China ETF Near Fresh High: Eye On Foreign Reserves   [Jun-06-17 01:33PM  Barrons.com]
▶ TAL Education, New Oriental Have More Than 20% Upside   [Jun-01-17 04:04AM  Barrons.com]
▶ Top Chinese Stock Slips On Weak Bottom Line, Guidance   [May-22-17 05:24PM  Investor's Business Daily]
▶ Top Chinese Play Beats Views, But Stock Hits Profit-Taking Zone   [Apr-24-17 04:03PM  Investor's Business Daily]
▶ Story Stocks from Briefing.com   [10:52AM  Briefing.com]
▶ New Oriental posts 3Q profit   [05:01AM  Associated Press]
▶ China's Education Stocks Brush Off Cram School Crackdown   [Apr-20-17 10:42PM  Barrons.com]
▶ Investing In IPO Stocks: How Should You Handle Snapchat's Market Debut?   [Feb-23-17 07:00PM  Investor's Business Daily]
▶ Tiger 13F: MercadoLibre Added To China Online Stocks   [Feb-14-17 08:09PM  Barrons.com]
Financial statements of EDU
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