EDU: Course Capacity Driving FY3Q21 Performance; Caution On Short Term Regulatory Policies
EDU will report FY3Q21 results on April 20th before the market opens with an 8am EST conference call. We are positive on EDU’s FY3Q21 performance. With the recovery from the pandemic, especially after the Spring Festival, EDU’s overall operating efficiency returned to its normal level with course utilization ratio - fully registered courses as % of total courses was at 42.2% up from 37.8% a year ago. Fully registered courses and associated attendees grew 31.6% Y/Y and 36.0% Y/Y, respectively, while total number of K-12 courses and attendees grew 16.1% and 20.8% Y/Y, respectively.
T.H. Capital is an independent research and investment advisory firm specializing in China. We offers real-time, on-the-ground, bottom-up research across a wide spectrum from macro and industry analysis to company specific projects; from China ADRs to international names that have meaningful exposure to China market. We deliver relevant, comprehensive and data driven research adding immense value to clients.
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