T. H. Data Flash - Chinese TAL Education Group – FY3Q19E: Adjustment of Course Pricing Composition To Lead To Better Revenue and Margin For Small Class In FY3Q19; Maintain Buy
We are positive into TAL’s FY3Q19 on both revenue and margin. In October, TAL provided a surprisingly low guidance for FY3Q19; however, we believe total revenue is likely to be higher than the high end of the company’s guidance range of $563.2M to $571.9M and consensus at $577.7M, driven by the company’s new operational focus, which is getting rid of many lower priced temporary courses, promotional courses as well as some other kinds of low price courses.
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