New Oriental Education's HK shares at 12-month high on forecast-beating Q4 results

New Oriental Education & Technology

29/07/2022 03:49

** Hong Kong-listed shares of New Oriental Education &
Technology Group Inc  9901.HK  surge as much as 11.5% to
HK$22.85, their highest since July 26, 2021 
    ** Stock marks biggest intraday pct gain since July 6; the
biggest pct gainer in the Hang Seng Composite Index  .HSCI   
    ** Shares set for weekly gain of 23.3% in the best week
since mid-June
    ** The Chinese tutoring and online education service group 
saw its Q4 revenue down 56.8% year-on-year, due to the cessation
of K-9 academic after-school tutoring services in compliance
with the government policies in China, but still beat consensus
estimates  urn:newsml:reuters.com:*:nASA03HMJ
    ** Citi reiterates "buy" rating on the company's U.S.-listed
shares  EDU.N  and lifts TP to $39 from $32, saying the firm's
4QFY22 margin beat as restructuring is largely done, and the
management announced a $400 mln share buyback until end-May 2023
    ** Hang Seng Commerce & Industry Index  .HSNC  slides 2.3%
and Hang Seng sub-index, which tracks information technology
firms  .HSCIIT , drops 3.3% 
    ** Hang Seng Composite Index  .HSCI  and Hang Seng Index
 .HSI  down 1.4% each
    ** As of last close, the Hong Kong-listed stock up 26.1%
this year

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))