In today’s briefing:
- TAL Education Group: A Tale Of Expansion and Diversification in Learning Devices! – Major Drivers
- Dai Ichi Cutter Kogyo Kk (1716 JP): Full-year FY06/24 flash update
- European Airlines – Moving Parts Within Group Performances Illustrate Structural Requirements
- UGRO: View 2Q Delay, Restatement as Immaterial; Setting up 3Q, Reiterate Buy
TAL Education Group: A Tale Of Expansion and Diversification in Learning Devices! – Major Drivers
- TAL Education Group delivered a robust set of results in its fiscal first quarter of 2025, showcasing significant revenue growth and strategic expansions in both its learning services and content solutions sectors.
- These outcomes reflect the company’s focused execution on its operational strategies and its adaptability to the evolving educational needs.
- Financially, TAL Education Group reported a net revenue of USD 414.2 million, a substantial increase of 50.4% from the previous year, paralleled by a 56.9% increase in RMB terms.
Dai Ichi Cutter Kogyo Kk (1716 JP): Full-year FY06/24 flash update
- Revenue in FY06/24 declined 5.6% YoY, mainly due to the exclusion of a subsidiary from consolidation.
- The FY06/25 forecast calls for revenue of JPY21.0bn (+0.4% YoY) and operating profit of JPY2.5bn (+1.8% YoY).
- Earnings exceeded initial estimates through FY06/23, but FY06/24 performance was in line with the initial plan.
European Airlines – Moving Parts Within Group Performances Illustrate Structural Requirements
- Following highly challenged 1H24 performances from Air France-KLM and Lufthansa, but strength from IAG, we publish a deep dive on the drivers of divergent performances.
- We raise our forecasts at IAG but make heavy cuts at Air France-KLM and Lufthansa, with concerns over their ability to improve over pre-pandemic performances.
- This critical juncture, as each carrier implements some type of transformation plan, and carriers around the world see earnings re-set downwards, requires strong governance for expanding portfolios of airlines.
UGRO: View 2Q Delay, Restatement as Immaterial; Setting up 3Q, Reiterate Buy
- We are reiterating our Buy rating, $8 price target and slightly tweaking our projections after urban-gro, as part of their engagement with a new accounting firm, announced a restatement of historic results, driven by deferred tax liabilities.
- We note the restatement will have no material impact on historic Revenue, Adjusted EBITDA and cash flows.
- That said, we now do not expect the company to announce 2Q24 results now before October.
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