T.H. Capital - TAL Education Group Sponsored ADR Class A (IZZ) TAL: Positive FY3Q20 Performance Driven By Expansions In Both Online And Offline; Maintain BUY

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T.H. Capital

Tian Hou

EUR 235.08 For Business Accounts Only

TAL: Positive FY3Q20 Performance Driven By Expansions In Both Online And Offline; Maintain BUY

TAL will report FY3Q20 results on January 21^st before the markets open with an 8am EST conference call. We are positive on TAL’s performance in FY3Q20. Based on our data and calculations, we believe that TAL’s revenue in FY3Q20E is likely to be higher than consensus at $837M driven by capacity expansion in both online and offline. Peiyou’s fully registered attendee capacity grew at a faster pace of 49.6% Y/Y as the company was aggressively adopting online and dual-teacher models, and accelerating its offline expansion in FY3Q20E. We maintain our BUY rating and raise our PT to $60.00.

13/01/2020 6 EN

Underlying

TAL Education Group Sponsored ADR Class A

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US8740801043 Berlin Stock Exchange Cayman Islands

Provider

T.H. Capital

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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Analysts

Tian Hou

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TAL: Positive FY3Q20 Performance Driven By Expansions In Both Online And Offline; Maintain BUY

Tal Education Group: 2 directors

TAL: Terminating Coverage

Thanks to a better fundamental star rating, TAL EDUCATION GROUP sees an upgrade to Neutral

ZTO: Positive On 4Q23 Performance And 2024 Outlook As China’s Economy Is Coming Out Of Its Bottom

PDD: Positive On 4Q23 Performance Driven By Growth From Temu

BEKE Positive On BEKE’s 4Q23 Earnings, But China’s Property Market Remains Grim

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