【申万宏源】NEW ORIENTAL (EDU.N) Recovering educational businesses.pdf

China Catering Sector - Customer traffic recovering; to drive margins in FY23

New orders slightly recovered in 2Q23

Improved independence with a recovered central SOE as parentco; Upgrade to BUY

China Policy – New loans picked up as service economy continued to recover

China Economy – PMI beat expectations as economy continues to recover

China Economy: On its way to recover

China Catering Sector: Customer traffic recovering; to drive margins in FY23

Recovering cross-border medical consumption in FY24

China Economy – On its way to recover

PMI beat expectations as economy continues to recover