TAL Education Group ADS

  • TickerA1C7VE
  • ISINUS8740801043
  • ExchangeBerlin Stock Exchange
  • SectorGeneral Retailers
  • CountryCayman Islands

Analysts

ValuEngine Rating and Forecast Report for TAL

ValuEngine Rating and Forecast Report for TAL

ValuEngine Rating and Forecast Report for TAL

ValuEngine Rating and Forecast Report for TAL

ValuEngine Rating and Forecast Report for TAL

ValuEngine Rating and Forecast Report for TAL

ValuEngine Rating and Forecast Report for TAL

ValuEngine Rating and Forecast Report for TAL

UOB
Charles Wong Kok Min ...
  • Johnny Yum Chung Man
  • Joyce Chan Pui Lai
  • Julia Pan Mengyao
  • Ken Lee
  • Oscar Jiang
  • Shaun Tan

Greater China Daily: Friday, July 26, 2019

KEY HIGHLIGHTS CHINA Sector Automobile 1H19 results preview; maintain OVERWEIGHT. Results TAL Education Group (TAL US/BUY/US$37.51/Target: US$41.00) 1QFY20: Results in line but 2QFY20 revenue guidance below estimates. Update Tencent (700 HK/BUY/HK$372.40/Target: HK$437.00) 2Q19 results preview: Recovery in games growth, upgrade to BUY. HONG KONG Sector Property 1H19 results preview: On track to meeting sales targets; prefer SHKP as top BUY. TRADERS’ CORNER ZTE (763 HK): Trading Buy Range CM Bank (3968 HK): Trading Buy Range

Tian Hou

TAL: Online Courses Driving Enrollment Growth in FY1Q20; Xueersi.com Ramping, Driving Up Marketing Expense; Maintain BUY

TAL will report FY1Q20 earnings on July 25th before the markets open with an 8am EST conference call. We are positive on TAL into FY1Q20. Based on our data and analysis, we believe TAL’s FY1Q20 revenue is likely to be better than consensus driven by the growth in enrollments as a result of its online efforts. TAL’s online efforts are on two fronts: dual-teacher and online for its core Peiyou courses and xueersi.com, a new start up within TAL.

UOB
Charles Wong Kok Min ...
  • Julia Pan Mengyao

TAL Education Group - 4QFY19: Earnings beat on operating leverage; diversified revenue streams.

4QFY19 revenue came in at US$726.6m, up 44% yoy, beating our and consensus estimates by 6-7%. Recurring non-GAAP net profit rose 27.3% yoy to US$104.4m, beating our and consensus estimates by 7-14% on the back on strong operating leverage. TAL has guided for 1QFY20 revenue to grow by 27-29% yoy (33-35% in renminbi terms) to US$669.3m-710.3m, 2% below our and consensus expectations. Maintain BUY and target price of US$43.00.

UOB
Carol Dou Xiao Qin ...
  • Chaiwat Arsirawichai
  • Charles Wong Kok Min
  • John Cheong Ming Chern
  • Joohijit Kaur Jaztar Singh
  • Julia Pan Mengyao
  • Keith Wee Teck Keong
  • Kowit Pongwinyoo
  • Leow Huey Chuen
  • Malaysia Research Team
  • Michael Cheung Ho Bun
  • Napat Vorajanyavong
  • Raphon Prima
  • Tanaporn Visaruthaphong

Regional Morning Notes - Friday, April 26, 2019

CHINA Sector Healthcare: GPO spillover effect appears in more provinces. Results Baoshan Iron & Steel (600019 CH/BUY/Rmb7.23/Target: Rmb8.10): 2018: Strong results, in line; challenging year ahead. TAL Education Group (TAL US/BUY/US$34.42/Target: US$43.00): 4QFY19: Earnings beat on operating leverage; diversified revenue streams. Wisdom Education International Holdings (6068 HK/BUY/HK$4.35/Target: HK$5.00): 1HFY19: Results in line; ambitious target for enrolment growth, upgrade to BUY. Update China Molybdenum (3993 HK/HOLD/HK$3.16/Target: HK$3.08): 1Q19 profit warning on weaker copper and co...

TAL: Course Pricing Composition Adjustment Toward Higher Priced Courses Is Likely To Lead To Better FY4Q19; Maintain BUY

TAL will report FY4Q19 earnings on April 25th before the markets open with an 8am EST conference call. We are positive on TAL into FY4Q19. Based on our data and analysis, we believe TAL’s FY4Q19 revenue is likely to be better than consensus. Currently for off-school tutoring vendors, the potential major risk is government regulations, specifically for online education, as regulations for offline occurred in 2018.

TAL Education 3QFY19 Earnings: Margin beat unsustainable?

TAL Education 3QFY19 Earnings: Margin beat unsustainable? Jin Yoon

UOB
Charles Wong Kok Min ...
  • Johnny Yum Chung Man
  • Joyce Chan Pui Lai
  • Julia Pan Mengyao
  • Ken Lee
  • Oscar Jiang
  • Shaun Tan

Greater China Daily: Friday, July 26, 2019

KEY HIGHLIGHTS CHINA Sector Automobile 1H19 results preview; maintain OVERWEIGHT. Results TAL Education Group (TAL US/BUY/US$37.51/Target: US$41.00) 1QFY20: Results in line but 2QFY20 revenue guidance below estimates. Update Tencent (700 HK/BUY/HK$372.40/Target: HK$437.00) 2Q19 results preview: Recovery in games growth, upgrade to BUY. HONG KONG Sector Property 1H19 results preview: On track to meeting sales targets; prefer SHKP as top BUY. TRADERS’ CORNER ZTE (763 HK): Trading Buy Range CM Bank (3968 HK): Trading Buy Range

UOB
Carol Dou Xiao Qin ...
  • Charles Wong Kok Min
  • Joyce Chan Pui Lai
  • Julia Pan Mengyao
  • Michael Cheung Ho Bun
  • Neo Chen Wentao
  • Sandra Huang Jieqiong

Greater China Daily: Friday, April, 26, 2019

KEY HIGHLIGHTS CHINA Sector Healthcare GPO spillover effect appears in more provinces. Results Baoshan Iron & Steel (600019 CH/BUY/Rmb7.23/Target: Rmb8.10) 2018: Strong results, in line; challenging year ahead. TAL Education Group (TAL US/BUY/US$34.42/Target: US$43.00) 4QFY19: Earnings beat on operating leverage; diversified revenue streams. Wisdom Education International Holdings (6068 HK/BUY/HK$4.35/Target: HK$5.00) 1HFY19: Results in line; ambitious target for enrolment growth, upgrade to BUY. Update China Molybdenum (3993 HK/HOLD/HK$3.16/Target: HK$3.08) 1Q19 profit warning on ...

UOB
Charles Wong Kok Min ...
  • Julia Pan Mengyao

Greater China Daily: Friday, January, 25, 2019

KEY HIGHLIGHTS CHINA Results TAL Education Group (TAL US/HOLD/US$31.22/Target: US$30.00) 3QFY19: Earnings beat on operating leverage; concerns on slowing expansion remain. TRADERS’ CORNER Standard Chartered (2888 HK): Trading Buy Range Lonking (3339 HK): Trading Buy Range

UOB
Charles Wong Kok Min ...
  • Julia Pan Mengyao

Greater China Daily: Friday, January, 18, 2019

KEY HIGHLIGHTS CHINA Update TAL Educational Group (TAL US/HOLD/US$29.97/Target: US$30.00) Good K12 AST provider but upside fully priced in; downgrade to HOLD. TRADERS’ CORNER Kingsoft (3888 HK): Trading Buy Range CITIC (267 HK): Trading Sell Range

ValuEngine Rating and Forecast Report for TAL

ValuEngine Rating and Forecast Report for TAL

ValuEngine Rating and Forecast Report for TAL

ValuEngine Rating and Forecast Report for TAL

ValuEngine Rating and Forecast Report for TAL

ValuEngine Rating and Forecast Report for TAL

ValuEngine Rating and Forecast Report for TAL

ValuEngine Rating and Forecast Report for TAL

ValuEngine Rating and Forecast Report for TAL

ValuEngine Rating and Forecast Report for TAL

UOB
Charles Wong Kok Min ...
  • Julia Pan Mengyao

Education - Online K12 AST regulations have minimal impact on leading K12 AST players.

The long anticipated online K12 regulations have finally been announced, and remove some of the regulatory overhang on the K12 AST segment. We view the regulations as mildly negative as rules on teaching hours and prepaid fee collection are slightly more stringent than offline K12 AST. Similar to management guidance, we think both leading K12 AST players will be able to meet regulatory requirements and expect strong results to be announced next week. Excluding the post-K12 segment in the education sector, we prefer EDU over TAL. Maintain OVERWEIGHT.

UOB
Julia Pan Mengyao

Education - Investors still positive on China’s education sector on solid demand.

On our recent marketing trip, investors agreed that the fundamental growth of education companies remains unchanged. However, the major concerns are the uncertainties ahead of the launch of the final draft of the Private Education Promotion Law. Our top picks are Minsheng and New Oriental. Maintain OVERWEIGHT on the sector.

UOB
Charles Wong Kok Min ...
  • Julia Pan Mengyao

Education - Opportunity to accumulate amid policy uncertainty.

We think recent developments in vocational education are encouraging. The anticipated upgrade of Nanchang Vocational College to university status supports management’s expectation of 20-23% yoy enrolment growth in vocational education, which represents 20% of total enrolment in 2018. However, investors are concerned about the ever-pending finalisation of the private education promotion law which we believe has less impact on the post-K12 segment. Our top picks remain Minsheng and EDU. Maintain OVERWEIGHT.

UOB
Charles Wong Kok Min ...
  • Julia Pan Mengyao

Education - 2018 results wrap-up.

Major post-K12 operators reported in-line results for 2018 although gross margins were weak due to M&A activities. K12 AST players beat bottom-line estimates on the back of operating leverage from slower expansion of learning centres. For 2019, we expect stronger organic growth and further market consolidation for post-K12 operators and continued operating margin recovery for K12 AST players. We prefer EDU and Minsheng in their respective segments. Maintain OVERWEIGHT.

UOB
Charles Wong Kok Min ...
  • Julia Pan Mengyao

Education - Tight regulations behind K12 AST, maintain OVERWEIGHT.

EDU and TAL will report their quarterly earnings on 23 April and 25 April respectively. We think both players may outperform consensus estimates as EDU management has guided that its K12 AST revenue growth was strong at 45-50% yoy and operating margin would turn around. For TAL, we roll valuation to FY20 and upgrade TAL to BUY with a higher target price of US$43.00. Top picks are EDU and Minsheng Education for their relatively cheap valuations among peers. Maintain OVERWEIGHT.

Dave Nicoski ...
  • Ross LaDuke

Vermilion Compass: Weekly Equity Strategy

Upgrading cap-weighted Communications to overweight; 10 to 2's Treasury spread breaking out We continue to move increasingly toward the bullish camp and we believe equities are poised for higher prices moving forward. Below we highlight several developments which help lead us to this conclusion. • 10 to 2's Treasury yield spread widening & breaking out. The 10 to 2's spread is quietly breaking out to YTD highs and breaking above a ~2.5-year downtrend. This steepening yield curve is good for Financials/banks and also the economy as recession concerns are subsiding... see chart below. • Comm...

Dave Nicoski ...
  • Ross LaDuke

Int'l Macro Vision: Global Ex-U.S. Equity Strategy

In our January 31 International Compass we presented a case for an incrementally improving overall global outlook, with the caveat that market bottoms tend to be a process that develops over many weeks. Since the end of January, not a lot has changed to alter our views. We remain constructive overall and continue to believe that global equities (MSCI ACWI) are going through a bottoming process. Opportunities exist but Sector leadership is mixed. In our February International Strategy, we explore various themes which lead to our overall constructive outlook, along with areas of the market wher...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Global indexes approaching major resistance Broad global indexes are bumping up against logical downtrend resistance. As a result, our outlook remains cautious and our baseline expectation for continued downward pressure on global equities remains intact. At the same time, we are seeing signs that the worst of the declines may be behind us as global cyclical Sectors show RS improvements while defensive Sectors display early signs of RS deterioration. • Regional/Country Overview. The U.S., Europe, and Japan all remain in downtrends from a price perspective, though major resistance levels are...

Steve O'Hare

Tal Education

​XRS is enjoying a strong uptrend on the back of positive operating results, and a demand backdrop that is seeing steady growth on the back of increasing levels of EM disposable income

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