New Street: TAL 4QFY21 Earnings - Caution on Margins; Demand Remains Resilient Despite Competition
TAL Education’s reported 4QFY21 results came in above consensus and our expectations, while 1QFY22 top-line guidance was above consensus. We believe that overall demand environment remains robust. However, competition in the online education market could continue to weigh down on margins and that online advertising spending outlook could change depending on any potential regulatory updates. We maintain our PT at USD85, which implies a 7.8x FY22E EV/Rev.Analysts:
Jin Yoon
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