K12 After-School Tutoring Services: China’s Best Consumption Story
In this note, we present our long investment thesis on the leading provider of China’s K12 tutoring service, Tal Education (TAL US) with a top-down...
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Koolearn (新东方在线) Trading Update - A Wobbly Start
Koolearn (1797 HK) raised about US$214m at HK$10.20 per share, the mid-point of its IPO price range. We have previously covered the IPO...
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Koolearn: Marketing Expenses Have Taken Operating Profits Down the Drain
Koolearn updated its IPS prospectus and posted operating losses for 1H2019 (ended Nov. 2018). The company spent significantly on online promotion,...
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China Demographics: One Party, One Child, One Huge Unfunded Pension Liability…
Ultimately, investing in China requires you to take a view on whether consumption of durables which are truly discretionary will be displaced by...
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TAL Education (TAL): Online Courses Improved Margin in 3Q19, Parents Returning, 44% Upside
We believe that parents of primary school children will bring their children back to tutoring schools when they become aware of the competition in...
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