reports
Tal Education Group: 2 directors
Two Directors at Tal Education Group sold 1,545,087 shares at 14.920USD. The significance rating of the trade was 100/100. 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...
- Jin Yoon
EDU 2QFY24 Results: Business Remains Resilient
What's new: New Oriental’s reported 2QFY24 results beat consensus and our expectations. Guidance could be conservative as overall business remains resilient. Margins could trend better amid better utilization rate, lower fixed cost, and continued cost control measures. We increase our PT from USD65 to USD80 (2.4x FY24E EV/Rev) due to better FY24 outlook. We maintain our Neutral rating. Analysts: Jin Yoon
- Jin Yoon
EDU 1QFY24 Results: Raising FY24 Outlook
What's new: New Oriental’s reported 1QFY24 results beat consensus and our expectations. Guidance reflects a deceleration in top-line growth partly due to tougher comps and low seasonality in some of the key segments such as high-school tutoring. Margins could trend better amid continued cost control measures. We increase our PT from USD50 to USD65 (2.0x FY24E EV/Rev) due to better FY24 outlook. We maintain our Neutral rating. Analysts: Jin Yoon
- Jin Yoon
EDU 4QFY23 Results: Demand Remains Resilient
What's new: New Oriental’s reported 4QFY23 top-line results beat consensus and our expectations. Guidance reflects a strong momentum heading into summer months, while margins could trend better amid continued cost control measures. We increase our PT from USD38 to USD50 (1.4x FY24E EV/Rev) due to better outlook. We maintain our Neutral rating. Analysts: Jin Yoon
- Jin Yoon
EDU 3QFY23 Results: Improving Business Outlook
What's new: New Oriental’s reported 3QFY23 results were above consensus and our expectations. Guidance reflects a strong recovery across business segments, while margins could continue to trend better amid continued cost control measures. We maintain our PT at USD38 and maintain our Neutral rating. Analysts: Jin Yoon
- Jin Yoon
New Street: EDU 1QFY23 Results - Guidance Above Expectations
What's new: New Oriental’s reported 1QFY23 results came in above consensus estimates and our expectations. Guidance reflects continued recovery in the business as restructuring post Double Reduction Policy has been largely completed. We maintain our PT at USD27 and maintain our Neutral rating. Analysts: Jin Yoon
- Jin Yoon
New Street: EDU 4QFY22 Results - Expect Profitability by FY23
What's new: New Oriental’s reported 4QFY22 results came in below consensus estimates. Guidance reflects continued turnaround of the overall business, including a return to profitability in FY23 post-Double Reduction Policy. We lower our PT to USD27 and downgrade shares of EDU from Buy to Neutral. While guidance could be conservative, revenue channels post Double Reduction Policy remains limited as we wait to get more clarity on the e-commerce live streaming segment. Our new PT of USD27 implies a...
- Jin Yoon
- Chun Sung Oong
- Julia Pan Mengyao
China Education Group (839 HK): 1HFY22: Steady performance underpinned...
CEG reported a strong set of 1HFY22 results. Revenue grew 28.9% yoy to Rmb2,350m, meeting 52% of the street’s full-year FY22 estimate, driven by a 44% growth in the higher vocational education segment, offset by a 8%/36% yoy decline from the secondary vocational and global education segments. Gross profit margin was flattish yoy at 59.3% during 1HFY22. Adjusted net profit grew by 20.1% yoy to Rmb908.6m, meeting 49.7% of the street’s full-year estimate. Maintain BUY. Target price: HK$8.00.
- Carolyn Ching
- Chun Sung Oong
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Peerawat Dentananan
- Sabrina Soh
- Thailand Research Team
- Tham Mun Hon
- Ziv Ang Sze Champ
Regional Morning Notes - Tuesday, May 03, 2022
GREATER CHINA Economics PMI: PMIs slumping into contraction show the cost of zero-COVID. Results China Construction Bank (939 HK/BUY/HK$5.59/Target: HK$8.05): 1Q22: Results in line; expect 2022 NIM to be under pressure. China Education Group (839 HK/BUY/HK$6.81/Target: HK$8.00): 1HFY22: Steady performance underpinned by organic growth; interim dividend scrapped. Contemporary Amperex Technology (300750 CH/BUY/Rmb409.11/Target: Rmb670.00): 1Q22: Earnings down 24% yoy on margin squeeze, missing est...
601939 CHINA CONSTRUCTION BANK CORPORATION CLASS A
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
839 CHINA EDUCATION GROUP HOLDINGS LTD
1238 POWERLONG REAL ESTATE HOLDINGS LTD
2747 ESTUN AUTOMATION
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO
- Carolyn Ching
- Chun Sung Oong
- Jason Wong Chun Sang
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Sabrina Soh
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, May 3, 2022
KEY HIGHLIGHTS Economics PMI PMIs slumping into contraction show the cost of zero-COVID. Results Contemporary Amperex Technology (300750 HK/BUY/Rmb409.35/Target: Rmb670.00) 1Q22: Earnings down 24% yoy on margin squeeze, missing estimates. Trim target price from Rmb740.00 to Rmb670.00. Maintain BUY. China Construction Bank (939 HK/BUY/HK$5.59/Target: HK$8.05) 1Q22: Results in line; expect 2022 NIM to be under pressure. China Education Group (839 HK/BUY/HK$6.81/Target: HK$8.00) 1HFY22: Steady ...
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
601318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS A
000338 WEICHAI POWER CO. LTD. CLASS A
601939 CHINA CONSTRUCTION BANK CORPORATION CLASS A
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
839 CHINA EDUCATION GROUP HOLDINGS LTD
1238 POWERLONG REAL ESTATE HOLDINGS LTD
2747 ESTUN AUTOMATION
338 WEICHAI POWER
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO
- Chun Sung Oong
- Julia Pan Mengyao
China Education: Finalising vocational education law.
The Vocational Education Law was passed at the 34th NPC meeting and will be enforced from 1 May 22. The law will serve as a near-term catalyst in improving investors’ sentiment towards the private higher education segment; however we do not foresee a meaningful earnings contribution given that vocational education typically charges lower tuition fees and provides lower margins as compared with the undergraduate segment. We maintain MARKET WEIGHT on the sector.
- Greater China Research Team
China Strategy: Alpha Picks: April conviction calls.
The sharp rebound in mid-March is likely to form at least an intermediate low. We expect further upside in April as reflationary policies kick in and investors’ concerns on the property sector and ADR listing status are also being progressively addressed. That said, equities could remain volatile as COVID-19 restrictions may still dampen investors’ sentiment in the near term. Add CEG, CIFI Holding and Ganfeng Lithium to our BUY list, with the latter benefitting from the global commodity price re...
00388 HONG KONG EXCHANGES & CLEARING LTD.
601899 ZIJIN MINING GROUP CO. LTD. CLASS A
002594 BYD COMPANY LIMITED CLASS A
00884 CIFI HOLDINGS (GROUP) CO. LTD.
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
839 CHINA EDUCATION GROUP HOLDINGS LTD
916 CHINA LONGYUAN POWER GROUP-H
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
2460 GANFENG LITHIUM
2331 LI NING CO LTD
1772 GANFENG LITHIUM CO. LTD. CLASS H
9618 JD.COM INC
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO
Thanks to a better fundamental star rating, TAL EDUCATION GROUP sees a...
The independent financial analyst theScreener just awarded an improved star rating to TAL EDUCATION GROUP (US), active in the Personal Products & Services industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 4 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date March 25, ...
- Chun Sung Oong
- Julia Pan Mengyao
China Education: Attractive valuation; awaiting clearer policy ahead.
Both CEG and Edvantage group are still struggling to recover from the heavy selldown in late-Jan 22, which was when we downgraded the sector. Although the companies had refuted investors’ concerns on prohibiting M&As, VIE, listing and raising tuition fees, key things to watch out for will be organic growth, and stats on private schools selecting for-profit or not-for-profit statuses. We maintain MARKET WEIGHT pending clearer updates on the selection of profit/non-profit status or clearer policy ...
- Chun Sung Oong
- Julia Pan Mengyao
China Education: Dangling in the air.
China’s PHE sector has been hit hard by the recent rumours of potentially tighter regulatory risks ie prohibiting M&As, listing, and raising of tuition fees. It is still too early for us to comment given that the rumours contradicted the previous supportive tone when the Private School Promotion Law was published in May 21. We also see other risks in the sector, such as uncertainty in choosing profit/non-profit schools as well as an unfavourable M&A landscape. Downgrade to MARKETWEIGHT.
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
REG: Strategy: Alpha Picks - January 2022
GREATER CHINA Strategy Alpha Picks: January Conviction Calls: We expect the indices to rebound in January on better policy news flow and improving investor sentiments. Add Venus MedTech, replace JD.com with Alibaba on our BUY list. INDONESIA Strategy Alpha Picks: Drop SMRA, ERAA and Add BBNI: Our picks: UNVR, SIDO, JSMR, BMRI, TLKM, KLBF, ROTI, EXCL and BBNI. MALAYSIA Strategy Alpha Picks: Embracing The High Beta Picks: Dec 21 alpha picks portfolio significantly outperformed the FBMKLCI, cappi...
JD JD.COM INC. SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
G13 GENTING SINGAPORE
00823 LINK REAL ESTATE INVESTMENT TRUST
1023 CIMB GROUP HOLDINGS BHD
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
000858 WULIANGYE YIBIN CO. LTD. CLASS A
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
AMATA AMATA CORP
BBNI PT BANK NEGARA INDONESIA (PERSERO) TBK CLASS B
TOP THAI OIL PUBLIC CO. LTD.
F34 WILMAR INTERNATIONAL LIMITED
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
601899 ZIJIN MINING GROUP CO. LTD. CLASS A
002594 BYD COMPANY LIMITED CLASS A
KLBF PT KALBE FARMA TBK
BEM BANGKOK EXPRESSWAY AND METRO PUBLIC COMPANY LIMITED
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
SMRA PT SUMMARECON AGUNG TBK
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
UNVR PT UNILEVER INDONESIA TBK
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
EXCL PT XL AXIATA TBK
Y92 THAI BEVERAGE PUBLIC CO. LTD.
HANA HANA MICROELECTRONICS PCL
ERAA ERAJAYA SWASEMBADA
ROTI NIPPON INDOSARI CORPINDO
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
PTI TELEKOMUNIKASI INDONESIA TBK PT (ADR)
BDMS-R BANGKOK DUSIT MEDICAL SERVICES PCL NVDR
VSI V.S. INDUSTRY BERHAD
SIDO INDUSTRI JAMU DAN FARMASI SI
SMM SEMBCORP MARINE LTD
MYEG MY EG SERVICES BHD
ART ASCOTT RESIDENCE TRUST
839 CHINA EDUCATION GROUP HOLDINGS LTD
SAPE SAPURA ENERGY BHD
GENM GENTING MALAYSIA BHD
916 CHINA LONGYUAN POWER GROUP-H
BRC BRC ASIA LTD
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
2331 LI NING CO LTD
UAG UNI-ASIA GROUP LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
SENTRAL SENTRAL REIT
TIDLOR NGERN TID LOR PCL
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
291 CHINA RESOURCES BEER HOLDINGS CO LTD
CVL CIVMEC
2500 VENUS MEDTECH (HANGZHOU) INC.
- Greater China Research Team
China Strategy : Alpha Picks: January conviction calls.
The Chinese equity market remained volatile in Dec 21 as surges of Omicron outbreaks clouded economic revival efforts amid regulators’ efforts to offer clarity on the policy front. Despite the setbacks, based on our expectations that peak regulatory risks have passed with most of the bad news already priced in, we expect the Chinese market to offer some bargains in 2022, supported by more favourable shifts in monetary policy.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
00823 LINK REAL ESTATE INVESTMENT TRUST
000858 WULIANGYE YIBIN CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
839 CHINA EDUCATION GROUP HOLDINGS LTD
916 CHINA LONGYUAN POWER GROUP-H
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
2331 LI NING CO LTD
9988 ALIBABA (9988 HK)
291 CHINA RESOURCES BEER HOLDINGS CO LTD
2500 VENUS MEDTECH (HANGZHOU) INC.
- Greater China Research Team
- Tham Mun Hon
Greater China Market Strategy : 2022 - A slow climb up.
While still facing a wall of worries, Chinese equities are expected to recover in 2022 on easing COVID-19 fears, peaking of regulatory risks and supportive macro policies. We see a potential upside of 17.9% for the MSCI China index by 2Q22 and expect EV, IT hardware, renewable energy and consumption-related names to outperform. Potential thawing of Sino-US relationship would also be positive for exporters, apparel, auto parts, electronics and appliances.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
00823 LINK REAL ESTATE INVESTMENT TRUST
000858 WULIANGYE YIBIN CO. LTD. CLASS A
00388 HONG KONG EXCHANGES & CLEARING LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
839 CHINA EDUCATION GROUP HOLDINGS LTD
916 CHINA LONGYUAN POWER GROUP-H
2747 ESTUN AUTOMATION
2331 LI NING CO LTD
1772 GANFENG LITHIUM CO. LTD. CLASS H
9988 ALIBABA (9988 HK)
2269 WUXI BIOLOGICS CAYMAN INC
291 CHINA RESOURCES BEER HOLDINGS CO LTD
1995 CIFI EVER SUNSHINE SERVICES GROUP LTD
SPA 1 SPATIAL
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO
- Carolyn Ching
- Greater China Research Team
- Tham Mun Hon
China Market Strategy: 2022 - A slow climb up.
While still facing a wall of worries, Chinese equities are expected to recover in 2022 on easing COVID-19 fears, peaking of regulatory risks and supportive macro policies. We see a potential upside of 16.5% for the MSCI China index by 2Q22 and expect EV, IT hardware, renewable energy and consumption-related names to outperform. Potential thawing of Sino-US relationship would also be positive for exporters, apparel, auto parts, electronics and appliances. - A bruising 2021. The MSCI China index ...
00823 LINK REAL ESTATE INVESTMENT TRUST
000858 WULIANGYE YIBIN CO. LTD. CLASS A
00388 HONG KONG EXCHANGES & CLEARING LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
839 CHINA EDUCATION GROUP HOLDINGS LTD
916 CHINA LONGYUAN POWER GROUP-H
2747 ESTUN AUTOMATION
2331 LI NING CO LTD
1772 GANFENG LITHIUM CO. LTD. CLASS H
9988 ALIBABA (9988 HK)
2269 WUXI BIOLOGICS CAYMAN INC
291 CHINA RESOURCES BEER HOLDINGS CO LTD
1995 CIFI EVER SUNSHINE SERVICES GROUP LTD
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO
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