New Oriental Education &Technology(EDU)$48.43:First Take,Strong enrollments continued with better margin

New Oriental (EDU) reported better 1QFY17 results. Net revenue ofUS$534.1mn (+16% yoy) is 3% above both GSe and Bloomberg consensus.

    Non-GAAP EPADS of US$0.9 was 3c above GSe and 2c above consensus.

    2QFY17 revenues were guided to US$324.6-335.1mn, +19% yoy at themidpoint, 4%/2% above GSe/consensus; or +23-27% yoy if exclude theimpact from Rmb depreciation.