TAL: Full Scope Of Course Offerings And Higher Attendees Driving Better FY1Q21 Results
TAL will report FY1Q21 results on July 30th before the markets open with an 8am EST conference call. We are positive on FY1Q21 performance. Based on our data and calculations, we believe that TAL’s revenue in FY1Q21E is likely to be higher than consensus at $886.9M driven by higher attendee growth offset by lower growth in course offerings; the different growth profile in attendees and courses is signaling better gross margin. However, the consensus for FY2Q21E at $1,225M, or 34.0% Y/Y growth is high due to: 1) some cities including Beijing and Hubei are still impacted by the outbreak; 2) the base was high as additional number of courses and sessions were pushed into FY2Q20 from FY1Q20 due to teacher’s license tests, April and May holidays in FY1Q20.
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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