EDU: Continuing To Do Well In K-12 While Overseas Testing and Consulting Are Experiencing Longer Than Expected Impacts From COVID-19
EDU will report FY4Q20 results on July 28th before the markets open with an 8am EST conference call. Long term wise, COVID-19 has led to market consolidation by the major players like EDU; the underlying off-school tutoring market is at its very beginning stage of development. We believe the underlying market is approximately $100B in 2020 and the top 47 players only accounted for $8B in revenue in 2019; EDU and TAL accounted for about 6% of the total market. Short term wise, the company reset the growth expectation for its offline tutoring business in FY3Q20, but the negative impact to its overseas testing preparation and consulting business is likely to last into FY1Q21, which has not been fully taken into consideration in consensus.
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