reports
- 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
New Oriental Education & Technology Group (EDU US): 3QFY25: Earnings m...
EDU’s 3QFY25 results missed our expectations. Revenue dropped 2% yoy to US$1,183m, 4% lower than consensus estimate. Non-GAAP net profit came in at US$113m, missing our and consensus estimates, while net margin shrank 1ppt yoy to 10% for 3QFY25. EDU expects 4QFY25 revenue (excluding East Buy) to increase 10-13% yoy to US$1,009.1m-1,036.6m, 5-8ppt below expectations. Maintain BUY with a slightly lower target price of US$60.00 (HK$47.00).
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Colin Lee
- Greater China Research Team
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Sunny Chen
Greater China Daily: Thursday, April 24, 2025
KEY HIGHLIGHTS Results Guangzhou Tinci Materials Technology (002709 CH/BUY/Rmb17.19/Target: Rmb39.60) Tinci’s 1Q25 net profit came in above estimates at Rmb150m (+30.8% yoy/+2.7% qoq), due to higher-than-expected sales volume and ASP. Going forward, Tinci will sustain earnings growth through cost control measures, product upgrading and global capacity expansion. We raise our 2025-26 net profit forecasts by 119%/150% to Rmb887m/ Rmb967m respectively, and introduce our 2027 net profit forecast o...
- Benjaphol Suthwanish
- Benyamin Mikael
- Carol Dou Xiao Qin
- Chong Lee Len
- Colin Lee
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Ken Lee
- Ming San Soong
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Thursday, April 24, 2025
GREATER CHINA Results Guangzhou Tinci Materials Technology (002709 CH/BUY/Rmb17.19/Target: Rmb39.60) 1Q25: Earnings beat on revenue; raise target price from Rmb18.00 to Rmb39.60. Upgrade to BUY. New Oriental Education & Technology Group (EDU US/BUY/US$43.38/Target: US$60.00) 3QFY25: Earnings miss; subdued top-line but solid margin outlook in 4QFY25. Ping An Healthcare and Technology Company (1833 HK/BUY/HK$7.15/Target:HK$11.00) 1Q25: Results beat; maintains double-digit revenue growth target for...
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
TOP THAI OIL PUBLIC CO. LTD.
INCO VALE INDONESIA
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
KREIT KEPPEL REIT
IGBREIT IGB REAL ESTATE INVESTMENT T
0763 ZTE CORPORATION CLASS H
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
WHA TB WHA CORP PCL
PEKAT PEKAT GROUP BHD
- Jin Yoon
EDU 3QFY25 Results: Slowdown in Overseas-Related Segments Could Drag T...
What’s new: New Oriental’s reported 3QFY25 top-line results that were below consensus and our expectations. Guidance was also below than expected partly due to a continued slowdown in the overseas-related business segments. We maintain our PT at USD50. Analysts: Jin Yoon
- 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
Elders Limited: 1 director
A director at Elders Limited bought 8,000 shares at 7.560AUD and the significance rating of the trade was 69/100. 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 clearly ...
- 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. ...
- Jin Yoon
EDU 2QFY25 Results: Rev Growth to Decelerate
What’s new: New Oriental’s reported 2QFY25 top-line results that were largely in-line with consensus. Top-line growth could decelerate in 3QFY25 partly due to slowdown in segments such as overseas test prep amid challenging macros. Margin could also remain under pressure in 2HFY25. We lower our PT from USD65 to USD50 due to lowered outlook. Our revised PT of USD50 implies a 17.4x FY25E P/E. We maintain our NEUTRAL rating. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
New Oriental Education & Technology Group (EDU US): 2QFY25: Revenue in...
EDU’s 2QFY25 results missed our expectations. Revenue grew 19% yoy to US$1,039m, in line with consensus estimate. Non-GAAP net profit came in at US$36m, missing our and consensus estimates, while net margin shrank 2ppt yoy to 3% for 2QFY25. EDU expects 3QFY25 revenue (excluding East Buy) to increase 18-21% yoy to US$1,007.3m- 1,032.5m, 2-3ppt below forecasts. Maintain BUY with a lower target price of US$80.00 (HK$63.00).
- Greater China Research Team
- Julia Pan Mengyao
- Ming San Soong
Greater China Daily: Wednesday, January 22, 2025
KEY HIGHLIGHTS Results New Oriental Education & Technology Group (EDU US/BUY/US$64.80/Target: US$80.00) EDU’s 2QFY25 results missed our expectations. Revenue grew 19% yoy to US$1,039m, in line with consensus estimate. Non-GAAP net profit came in at US$36m, missing our and consensus estimates, while net margin shrank 2ppt yoy to 3% for 2QFY25. EDU expects 3QFY25 revenue (excluding East Buy) to increase 18-21% yoy to US$1,007.3m-1,032.5m, 2-3ppt below forecasts. Maintain BUY with a lower target ...
- Adrian Loh Tzum Yung
- Julia Pan Mengyao
- Ming San Soong
- Philip Wong
- Stevanus Juanda
- Thanawat Thangchadakorn
Regional Morning Notes - Wednesday, January 22, 2025
GREATER CHINA Results New Oriental Education & Technology Group (EDU US/BUY/US$64.80/Target: US$80.00): 2QFY25: Revenue in line but earnings miss expectations; better growth outlook in 2HFY25. INDONESIA Update Astra International (ASII IJ/BUY/Rp4,910/Target: Rp6,000): Diversifying its businesses to avoid depending solely on automobile. MALAYSIA Results Alpha IVF (ALPHA MK/BUY/RM0.33/Target: RM0.40): 2QFY25: Results within expectations as newly-launched sales office in China sees its maiden con...
- 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
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