TAL: Online Courses Driving Enrollment Growth in FY1Q20; Xueersi.com Ramping, Driving Up Marketing Expense; Maintain BUY
TAL will report FY1Q20 earnings on July 25th before the markets open with an 8am EST conference call. We are positive on TAL into FY1Q20. Based on our data and analysis, we believe TAL’s FY1Q20 revenue is likely to be better than consensus driven by the growth in enrollments as a result of its online efforts. TAL’s online efforts are on two fronts: dual-teacher and online for its core Peiyou courses and xueersi.com, a new start up within TAL.
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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