Stock Track | New Oriental Education Plunges 9% Premarket on Concerns Over Foreign Student Caps

Stock Track10-08

Shares of New Oriental Education & Technology (EDU) plummeted over 9% in pre-market trading on Monday, October 8, 2024, as investors reacted to concerns about the potential impact of a new government cap on foreign students for the company's higher education business.

According to a filing with the Australian Securities Exchange, EDU Holdings' Ikon Institute reported a record 161% surge in total student enrolments for the third intake of 2024, reaching 2,492 students. However, the company warned that its 2025 international intake is forecast to decline by approximately 88% compared to the previous year due to the government's new cap on foreign students.

The anticipated decline in international student enrolments has raised concerns among investors about the potential negative impact on EDU's revenue and profitability. While the company has seen strong domestic demand, its international student population has been a significant contributor to its overall growth and performance.

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