TAL: Combination Of Online And Offline Supporting Better Enrollments In FY4Q20 And FY1Q21; Maintain BUY
TAL will report FY4Q20 results on April 28th before the markets open with an 8am EST conference call. We are positive on TAL’s performance in FY4Q20. Based on our data and calculations, we believe that TAL’s revenue in FY4Q20E is likely to be higher than consensus at $860.8M (excluding Light Class). The revenue for Small Class/Peiyou is likely to grow 8.6% Y/Y, vs. 40.6% Y/Y in FY3Q20. The slower growth was because Peiyou offered a lot of lower price and promotional courses during the period of the COVID-19 outbreak.
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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