TAL Education (TAL): Margin Reached 5-Year High, Too Late to Buy, Downgrade to Hold
The operating margin reached its 5-year record high and the revenue growth rate began to recover. We have reiterated many times that TAL can...
534 Views
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...
426 Views
Koolearn (新东方在线) IPO Review - Yet to See Results from Increased Spending
Koolearn (1797 HK) is looking to raise up to US$S234m in its upcoming IPO. We have previously covered the company in: Koolearn (新东方在线) Pre-IPO -...
580 Views
Global Equity Strategy: Constructive Outlook Intact, Bottoming Process Continues
We remain constructive overall and continue to believe that global equities (MSCI ACWI) are going through a bottoming process. Opportunities exist...
592 Views
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...
508 Views