reports
- Julia Pan Mengyao
- Ming San Soong
TAL Educational Group (TAL US): 2QFY26: Strong Earnings Beat; Resilien...
TAL reported strong earnings beat for 2QFY26. Revenue grew 39% yoy to US$861m for 2QFY26, in line with ours and consensus estimate. Gross profit rose 41% yoy to US$491m, with gross margin expanding 1ppt yoy to 57%. Non-GAAP net profit beat expectations and came in at US$136m vs street’s estimate of US$97.7m. Non-GAAP net margin expanded 4ppt yoy at 16% despite stepped up marketing efforts for AI learning devices. Maintain BUY with a higher target price of US$15.00.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Colin Lee
- Ejann Hiew
- Greater China Research Team
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Kenny Yong Hui Lim
- Ming San Soong
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Ziv Ang Sze Champ
Greater China Daily: Friday, October 31, 2025
Top Stories Company Results | ASMPT (522 HK/BUY/HK$83.85/Target: HK$104.00) ASMPT’s 3Q25 print missed expectations on a weaker product mix and one-off restructuring costs. Revenue was largely in line with the mid-point of its guidance, but gross margin was below expectations at 35.7% due to changes in product mix and inventory write-off from the restructuring. Nevertheless, ASMPT reported solid progress with TCB in both HBM4 and advanced logic C2W/C2S, while its mainstream tools continued to re...
0939 CHINA CONSTRUCTION BANK CORPORATION CLASS H
PRU PRUDENTIAL PLC
ASM PACIFIC TECHNOLOGY LIMITED
000858 WULIANGYE YIBIN CO. LTD. CLASS A
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
300760 COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
603882 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
01876 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
1787 BUDWEISER BREWING CO. APAC LTD.
002371 CH SHANDONG GOLD MINING CO LTD
NAURA TECHNOLOGY GROUP CO LTD
Tal Education Group: 1 director
A director at Tal Education Group sold 53,655 shares at 10.870USD and the significance rating of the trade was 88/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years cle...
- Julia Pan Mengyao
- Ming San Soong
TAL Educational Group (TAL US): 1QFY26: Strong earnings beat; resilien...
TAL reported a solid earnings beat for 1QFY26. Revenue grew 39% yoy to US$575m for 1QFY26, in line with our and consensus estimates. Gross profit rose 47% yoy to US$315m, with gross margin expanding 3ppt yoy to 55%. Non-GAAP net profit beat expectations and came in at US$42m vs the street’s estimate of US$31m. Non-GAAP net margin remained flattish yoy at 7% despite stepped-up marketing efforts for AI learning devices. Maintain BUY with an unchanged target price of US$14.00.
- Bella Lu Yifei
- Claire Wang Kelai
- Ejann Hiew
- Gigi Cheuk
- Greater China Research Team
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
Greater China Daily: Friday, August 1, 2025
KEY HIGHLIGHTS Economics PMI July's manufacturing PMI slipped to 49.3 (-0.4pt mom), while non-manufacturing PMI dropped to 50.1 (-0.4pt mom), as construction activity eased to 50.6 (-2.2pt mom). Slowing demand and rising input costs are slowing the recovery and affecting both large (-0.9pt mom) and small enterprises (-0.9pt mom). Nevertheless, business expectations have improved and should see a further lift from targeted anti-involution measures. Sector Automobile China’s PV insurance regis...
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Benyamin Mikael
- Claire Wang Kelai
- Desmond Chong Chee Wai
- Ejann Hiew
- Gigi Cheuk
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Kate Luang
- Keith Wee Teck Keong
- Ken Lee
- Malaysia Research Team
- Ming San Soong
- Paula Ruth
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
- Thanawat Thangchadakorn
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Friday, August 01, 2025
GREATER CHINA Economics PMI Rebound falters, weighed down by weaker construction and input cost pressures. Sector Automobile Weekly: PV sales pressured by anti-involution initiatives. Maintain MARKET WEIGHT on the sector. Top BUYs: CATL, Geely and Tuopu. Results Budweiser APAC (1876 HK/BUY/HK$8.26/Target: HK$12.00) ...
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
FCT FRASERS CENTREPOINT TRUST
1023 CIMB GROUP HOLDINGS BHD
2488 ALLIANCE BANK MALAYSIA BHD.
ISAT INDOSAT
1295 PUBLIC BANK BHD
ERW ERAWAN GROUP
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
1155 MALAYAN BANKING BHD.
5347 TENAGA NASIONAL BHD
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
BN4 KEPPEL CORPORATION LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
Q5T FAR EAST HOSPITALITY TRUST
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
PBBANK PUBLIC BANK BERHAD
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
CDREIT CDL HOSPITALITY TRUSTS
RHBBANK RHB BANK BHD
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
GAM GAMUDA BHD
HLFG HONG LEONG FINANCIAL GROUP
PREIT PARKWAYLIFE REAL ESTATE
KPJ KPJ HEALTHCARE BERHAD
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
SSG SHENG SIONG GROUP LTD
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
SWB SUNWAY BHD
DBB DUOPHARMA BIOTECH BHD
ABANK AFFIN BANK BHD
1772 GANFENG LITHIUM CO. LTD. CLASS H
UHU UNITED HAMPSHIRE US REIT
01876 BUDWEISER BREWING CO. APAC LTD.
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
CRPU SASSEUR REIT (S CHIP)
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
BIMB BANK ISLAM MALAYSIA BHD
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
Z29 029 GROUP SE
MAYBANK MALAYAN BANKING BHD
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
STECON STECON GROUP PUBLIC COMPANY LIMITED
BRMS IJ BUMI RESOURCES MINERALS
ECOSHOP MK ECO-SHOP MARKETING BHD
BAM TB BANGKOK COMMERCIAL ASSET MANAGEMENT
- Julia Pan Mengyao
- Ming San Soong
China Education: Ramping up AI+ initiative; focusing on profitability ...
We have an optimistic outlook on the education sector, propelled by the government’s AI+ initiative, industry consolidation and demand for non-academic segments. The education sector remains as a domestically driven industry but we expect easing policies surrounding visa applications to foster demand for overseas education. Meanwhile, we expect AI-powered educational tools to reshape supply-side dynamics in the industry. Maintain MARKET WEIGHT on the sector.
- Julia Pan Mengyao
- Ming San Soong
TAL Educational Group (TAL US): 4QFY25: Earnings miss amid ramped-up i...
TAL reported disappointing earnings for 4QFY25. Revenue grew 42% yoy to US$610m for 4QFY25, 4% below our and consensus estimates. Gross profit rose 40% yoy to US$318m, with gross margin narrowing 1ppt yoy to 52%. Non-GAAP net profit missed expectations and came in at US$7m vs the street’s estimate of US$50m. Non-GAAP net margin shrank 10ppt yoy to 1% due to stepped-up marketing efforts for AI learning devices amid low seasonality. Maintain BUY with a lower target price of US$14.00.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Greater China Research Team
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Sunny Chen
Greater China Daily: Friday, April 25, 2025
KEY HIGHLIGHTS Results Aier Eye Hospital Group (300015 CH/BUY/Rmb12.72/Target: Rmb17.80) Aier delivered a relatively modest growth in 2024 but revenue and adjusted net earnings saw robust growth of 15.97% and 25.8% yoy respectively for 1Q25. Management is confident about the growth outlook for Aier given rigid service demand despite the relatively weak economic conditions. Aier has further expanded its hospital network and will continue to improve operating efficiency by actively deploying AI ...
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Jack Goh Tooan Orng
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Ken Lee
- Ming San Soong
- Paula Ruth
- Posmarito Pakpahan
- Sunny Chen
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Friday, April 25, 2025
GREATER CHINA Results Aier Eye Hospital Group (300015 CH/BUY/Rmb12.72/Target: Rmb17.80) 2024: Satisfactory results; expects strong recovery in 2025. Upgrade to BUY. Ningbo Tuopu Group Co (601689 CH/BUY/Rmb50.96/Target: Rmb83.00) 4Q24: Earnings up 38.5% yoy, in line. Maintain BUY with target price unchanged at Rmb83.00. TAL Educational Group (TAL US/BUY/US$9.36/Target: US$14.00) 4QFY25: Earnings miss amid ramped-up investments in AI-powered learning. INDONESIA Sector Telecommun...
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
KKP KIATNAKIN BANK
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
ISAT INDOSAT
TISCO TISCO FINANCIAL GROUP
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
TOWR PT SARANA MENARA NUSANTARA TBK
TMB TMB BANK PUBLIC COMPANY LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
BBCA PT BANK CENTRAL ASIA TBK
BN4 KEPPEL CORPORATION LIMITED
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
TCAP THANACHART CAPITAL PCL
MLT MAPLETREE LOGISTICS TRUST
MYEG MY EG SERVICES BHD
KTB KONTOOR BRANDS
EXCL XL AXIATA TBK PT
SCB SCB X PUBLIC COMPANY LIMITED
MTEL IJ PT DAYAMITRA TELEKOMUNIKASI
- Julia Pan Mengyao
- Ming San Soong
China Internet: Navigating headwinds and uncovering opportunities upon...
Chinese internet companies’ share prices have dropped 10-30% mtd following the implementation of incremental tariffs from the US. Chinese internet companies have limited business exposure to the US except for PDD’s Temu. However, the 34% tariffs announced by China on all US imports could have potential implications for China mega-caps’ AI capex in relation to US chip imports. We prefer domestic-focused plays which stand to benefit from domestic policy stimuli, with Southbound inflow to be a key ...
NEH NETEASE INC. SPONSORED ADR
JD JD.COM INC. SPONSORED ADR CLASS A
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
3K1 KINGSOFT CORP. LTD.
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
00780 TONGCHENG-ELONG HOLDINGS LIMITED
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
09961 CTRIP.COM INTERNATIONAL
- Jo Yee Ng
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Kitpon Praipaisarnkit
- Ming San Soong
- Paula Ruth
- Roy Chen Chengzhi
- Tanaporn Visaruthaphong
- Thailand Research Team
Regional Morning Meeting Notes: Wednesday, April 09, 2025
GREATER CHINA Sector Internet Navigating headwinds and uncovering opportunities upon tariff pressures. INDONESIA Update Erajaya Swasembada (ERAA IJ/BUY/Rp348/Target: Rp480) Iphone 16 series to be available in 2Q25. Maintain BUY. MALAYSIA Update Matrix Concepts Holdings (MCH MK/BUY/RM1.27/Target: RM1.66) We view the RPT deal as fair and strategic as the acquisition allows Matrix to see faster ro...
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
1295 PUBLIC BANK BHD
3K1 KINGSOFT CORP. LTD.
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
ERAA ERAJAYA SWASEMBADA
BCH BANGKOK CHAIN HOSPITAL PCL
00700 TENCENT HOLDINGS LTD.
SATS SP SATS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
RATCH RATCH GROUP PUBLIC CO. LTD.
00780 TONGCHENG-ELONG HOLDINGS LIMITED
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
TIDLOR NGERN TID LOR PCL
MCH MATRIX CONCEPTS HOLDINGS BHD
09888 BAIDU INC
1024 BEIJING KUAISHOU TECHNOLOGY CO LTD
09961 CTRIP.COM INTERNATIONAL
- Julia Pan Mengyao
- Ming San Soong
China Education: Widespread AI adoption to fuel education sector’s mon...
Following the global impact of ChatGPT, China’s DeepSeek AI model is rapidly gaining traction in education. Companies that successfully integrate AI are well-positioned to lead the next wave of industry transformation, securing a strategic advantage in the evolving market landscape. We believe high-quality open-source AI models and costeffective solutions will accelerate the commercialisation of AI-powered education products. Maintain MARKET WEIGHT on the sector.
- Julia Pan Mengyao
- Ming San Soong
TAL Educational Group (TAL US): 3QFY25: Strong earnings beat; profit t...
TAL delivered a strong set of 3QFY25 results. Revenue surged 62% yoy to US$606m for 3QFY25, 12-14% above our and consensus estimates. Gross profit grew 60% yoy to US$320m, with gross margin narrowing 1ppt yoy to 53%, due to the launch of lowerpriced AI learning devices in August. Non-GAAP net profit beat expectations and came in at US$39m vs consensus estimate of US$20m. Non-GAAP net margin expanded 7ppt yoy to 6%, indicating a profit turnaround. Maintain BUY with a target price of US$14.00.
- Bella Lu Yifei
- Claire Wang Kelai
- Jo Yee Ng
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Ken Lee
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Ming San Soong
- Posmarito Pakpahan
- Thanawat Thangchadakorn
- Ziv Ang Sze Champ
Regional Morning Notes - Friday, January 24, 2025
GREATER CHINA Sector Automobile: Weekly: PV sales up 14% yoy and 30% wow. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL, Fuyao and Desay. Renewable Energy: Solar energy equipment: Prolonged industry consolidation, moderation of global installation growth and rising protectionism challenge survivability. Results TAL Educational Group (TAL US/BUY/US$11.07/Target: US$14.00): 3QFY25: Strong earnings beat; profit turnaround amid investment in learning devices. INDONESIA Results Bank Negara Indonesia...
- Bella Lu Yifei
- Claire Wang Kelai
- Greater China Research Team
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Ziv Ang Sze Champ
Greater China Daily: Friday, January 24, 2025
KEY HIGHLIGHTS Sector Automobile China’s PV insurance registrations grew 14% yoy and 30% wow in the third week of 2025. Geely Xingyuan maintained its top position in A0-segment pure EV sales, while Galaxy L7 EM-i led the A-segment PHEV SUV market in sales. China's 2025 "two-new" policy expands scrapping subsidies to some China IV vehicles, offering up to Rmb20,000 for EV purchases and introducing extended eligibility criteria. Maintain MARKET WEIGHT. Top BUYs: Geely, Fuyao, CATL and Desay SV. ...
- Julia Pan Mengyao
- Ming San Soong
China Education: Key growth themes in 2025 upon policy clarity and AI ...
With a multi-faceted strategic transformation, EDU and TAL have entered a new phase of growth, riding on key themes like learning services, learning content solutions and overseas study. The distinct strategic approaches by both companies suggest that EDU mainly focuses on diversification and contextualisation of education services, whereas TAL emphasises the transformative potential of technological innovation. Maintain MARKET WEIGHT on the sector.
- Arsit Pamaranont
- Damon Shen
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jieqi Liu
- Julia Pan Mengyao
- Kong Ho Meng
- Llelleythan Tan Tan
- Ming San Soong
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Tham Mun Hon
Regional Morning Meeting Notes: Tuesday, January 14, 2025
GREATER CHINA Economics Trade Export Growth Rebounded; Rush Order Ahead Of Tariffs? Sector Education Key growth themes in 2025 upon policy clarity and AI integration progress. Property Sales pull back mom before Chinese New Year; updates of 2024 op...
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
01109 CHINA RESOURCES LAND LIMITED
S68 SINGAPORE EXCHANGE LTD.
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
3816 MISC BHD
GENM GENTING MALAYSIA BHD
RATCH RATCH GROUP PUBLIC CO. LTD.
0181942Z AGFA HEALTHCARE CORP
CMRY PT CISARUA MOUNTAIN DAIRY TBK
EPIC 1CM INC
Z29 029 GROUP SE
1797 EAST BUY HOLDING LIMITED
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Ming San Soong
- Nurul Nazira Binti Abdullah
- Philip Wong
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Friday, October 25, 2024
GREATER CHINA Results CSPC Innovation Pharmaceutical Co (300765 CH/BUY/Rmb31.13/Target: Rmb37.00) 9M24: Results in line; smooth progress in R&D and CSPC Baike acquisition. Dian Diagnostics (300244 CH/HOLD/Rmb12.75/Target: Rmb13.50) 9M24: Results miss; targeting 2024 regular ICL revenue growth of 10% yoy. Downgrade to HOLD. TAL Educational Group (TAL US/BUY/US$10.12/Target: US$14.00) 2QFY25: Strong earnings beat; resilient growth visibility in AI learning devices. ...
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
AMATA AMATA CORP
BBCA PT BANK CENTRAL ASIA TBK
BN4 KEPPEL CORPORATION LIMITED
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
NESZ NESTLE (MALAYSIA) BERHAD
KORE KEPPEL PACIFIC OAK US REIT
300765 CSPC INNOVATION PHARMACEUTICAL CO L
123F 123FAHRSCHULE SE
PREIT PAVILION REAL ESTATE INVESTMENT TRUST
300244 DIAN DIAGNOSTICS GROUP CO
- Julia Pan Mengyao
- Ming San Soong
TAL Educational Group (TAL US): 1QFY25: Solid earnings beat; expecting...
1QFY25 results beat expectations. Revenue surged 50% yoy to US$414m for 1QFY25, 5% above the street’s estimates. Non-GAAP net profit beat expectations and came in at US$30m vs consensus estimate of a US$6m net loss. TAL guided 2QFY25 revenue growth of 44-47% yoy and reach US$593m-605m, 5% above consensus estimate. However, non-GAAP operating profit is guided to decline yoy due to new product development, below expectations. Maintain BUY with a lower target price of US$12.00.
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