- XRS2018-10-09
T. H. Data Flash – TAL Education Group (TAL) – FY2Q19E: Enrollments and Course Structural Changes Drive FY2Q19 Revenue but Policy Uncertainty Remains
We expect TAL to have positive performance in the quarter, but we see continued uncertainty from government policies and regulations. In 2018, the government issued multiple new regulations and policies in the non-public education area and we cannot rule out the possibility of no more potential policies/regulations to follow.…… - 2018-06-25
T. H. Data Flash - Chinese TAL Education Group – FY1Q19E: Buy on Valuation Dip; Possible Better Results Driven by Higher Portion of High Price Courses and Increase In Utilization Rates; Maintain BUY
Based on our data and calculations, we believe TAL’s FY1Q19 is likely to be better than consensus expectation on the topline, driven by rapid growth in higher priced courses as well as their utilization rates. We believe its FY1Q19 revenue is likely to be around $530.0M, vs. consensus at $514.62M and the company’s guidance at $508.6M to $515.0M. …… - EDU2018-06-21
T.H. Data Flash - New Oriental Education & Technology – FY4Q18: K-12 Courses and Faster Expansion to Drive FY4Q18 Growth; Maintain BUY
The faster expansion as well as higher ramping pace led to high growth of course offerings and attendee capacity; the high demand led to the improvement of utilization in FY4Q18. Based on our data and calculations, we believe EDU is likely to deliver better results for both the topline and margins in the May 2018 quarter. …… - 2018-04-18
T. H. Data Flash – Chinese TAL Education Group (TAL) – FY4Q18E: Revenue Growth Driven by Course Pricing Structure Changes; Better Margin Due to Less Expansion; Maintain BUY
TAL will report FY4Q18 results on Thursday, April 26 before the markets open with an 8am EST conference call. Starting from last quarter, the growth driver for TAL switched from course offering volumes (as a result of expansion) to average revenue capacity per course (as a result of course pricing structure adjustment). …… - EDU2018-04-16
T. H. Data Flash – New Oriental Education & Technology (EDU) – FY3Q18: Expansion and Courses’ Pricing Mixture Change Drive Revenue Growth; Maintain BUY
EDU will report FY3Q18 results on Tuesday, April 24th before the markets open with an 8am EST conference call. Starting from FY1Q18, EDU has started its faster expansion by opening more learning centers while adjusting its course pricing structure to increase average price. As a result, its total attendees and quarterly average fees per attendee are both growing and making contributions to top line growth. …… - XRS2018-01-24
TAL: Expect Solid FY3Q18 Results and Margin Improvement; Maintain BUY Rating
TAL will report FY3Q18 results before the market opens on Thursday, January 25, 2018 with an 8:00AM EST conference call. We believe the results can be solid. The company started to slow down the pace of expansion in FY3Q18; however, TAL concentrated on ramping up new centers as well as making adjustments to the course structure. …… - EDU2018-01-05
T. H. Data Flash - New Oriental Education & Technology (EDU) – FY2Q18: Rapid Expansion Drives Growth of Courses, Attendees and Revenues in FY2Q18
EDU has started its rapid expansion since last quarter due to high demand from students and parents. As a result, our proprietary data shows that the company’s total course offerings, attendees as well as revenue are likely to experience high growth in FY2Q18.…… - XRS2017-12-20
T. H. Data Flash - Chinese TAL Education Group (TAL) – FY3Q18: Slower Pace of Expansion Aims to Improve Utilization Rates; Maintain Buy
Starting from last quarter, TAL reversed its rapid learning center expansion and growth decelerated a bit. We believe the company is trying to mitigate the possible side effects from rapid expansion, such as the potential lowering of course utilization rate and teaching quality. We believe such adjustment may need a couple of quarters. …… - XRS2017-10-20
TAL: Margins Are Likely To Improve Going Forward As A Result of Ramping Up Of Recently Added Centers; Expect Strong FY2Q18 Top Line; Maintain BUY Rating
TAL will report FY2Q18 results before the market opens on Thursday, October 26, 2017 with an 8:00AM EST conference call. Starting from FY3Q18, we are going to see slower expansion, but TAL will offer more high-price offerings. The company is modifying its high speed expansion to moderate expansion in physical locations. At the same time TAL has increased the quantity of higher price class offerings, which will contribute to top line growth going forward. We believe such changes are also positive…… - EDU2017-10-19
EDU: High Expansion Driving Higher Growth in FY2Q18; FY1Q18 is Benefiting From Higher Expansion and Utilization; Maintain Buy Rating
EDU will report FY1Q18 results on Tuesday, October 24th before the markets open with an 8am EST conference call. The company has been conservative in terms of its expansion, but EDU recently changed its approach to one of higher expansion, with high growth in new learning centers and course offerings. Based on our proprietary data, we believe expansion as well as its higher utilization rate is likely to drive high growth in its topline in FY1Q18, but more so in FY2Q18. Consensus for FY1Q18 at $6…… - XRS2017-10-05
T. H. Data Flash – Chinese TAL Education Group (TAL) – FY2Q18: Strong FY2Q18 Driven by High Growth of Course Offerings; Maintain BUY
Course offerings upsignificantly in FY2Q18 -According to our proprietary data for FY2Q18, the number of total courses offered increased 67.9% Y/Y to 131,230. Along with that, fully registered courses at 84,869 increased 40.7% Y/Y in FY2Q18 (Figure 1). …… - EDU2017-09-28
T. H. Data Flash – New Oriental Education & Technology (EDU) – FY1Q18: Continued Growth in Courses and Attendees in FY1Q18; Raise Price Target
Increase in courseofferings and utilization rate driven by K-12 – According to our proprietary data for FY1Q18,the number of total courses offered was 135.0K in FY1Q18, up 24.8% Y/Y from108.1K in FY1Q17, and the number of fully registered courses increased 26.2%Y/Y to 39.4K in FY1Q18 from 31.3K in FY1Q17. …… - XRS2016-07-28
Chinese TAL Education Group: Upside Potential to FY2Q17 Outlook and Full Year Driven by Capacity Expansion; Maintain BUY
XRS reported strong FY1Q17 revenue results that beat consensus while the bottom line came in slightly below the Street. The FY2Q17 guidance was also solid, better than the Street expectation. For FY2017, the company is maintaining a rapid expansion plan. While the rapid growth in capacity may put pressure on margins, we believe it can be near term and the positives to both top line and margin growth can be long term. We see upside potential to FY2Q17 as well as for the full year based on our pro…… - XRS2016-07-23
Chinese TAL Education Group: Expect Strong FY1Q17 on Robust Enrollment and Course Growth; Increase in Capacity and Price Can Sustain Growth in FY2017; Maintain BUY and Raise PT to $68
XRS will report FY1Q17 results before the market opens on Tuesday, July 26, 2016with an 8:00AM EST conference call. Based on our proprietary data, we believeXRS’s FY1Q17 results are likely to outperform consensus expectation driven bystrong growth in total course offered and course attendees offset by the decline inASP. The growth in attendees, we believe, is mainly driven by the growth in itscapacity. As the capacity continues to increase, we also believe that the companyis likely to have high …… - EDU2016-07-22
New Oriental Education & Technology: Solid FY4Q16 Results; FY1Q17 Promotions May Benefit the Whole Year; Maintain Buy and Raise PT to $52
EDU reported strong FY4Q16 top line results of 20.1% Y/Y, which beat consensusexpectation, and EPS came in a penny below the Street after about 7% RMBdepreciation. For FY1Q17, the company guided revenue in USD terms belowconsensus due to the RMB depreciation. While FY1Q17 is a weak quarter, it is themost important quarter for the full year growth; therefore the company isaggressively doing promotions to recruit new students, which has already resultedin about 200K enrollments from the summer cla…… - EDU2016-07-15
New Oriental Education & Technology: Better FY4Q16 Driven by Increase in Utilization; Aggressive Promotion in FY1Q17 Can Be Positive for Full Year 2017, but Not For FY1Q17; Maintain Buy
EDU will report FY4Q16 results on Wednesday, July 20th before the markets openwith an 8am EST conference call. Based on our proprietary data, we expect EDU toreport FY4Q16 results better than consensus driven by the increase in utilization ofboth courses and attendees. For the bottom line, we are expecting better marginsas a result of less new school openings and higher tuition per student per course.For FY1Q17, the company is offering low rate courses aggressively. While it maypressure FY1Q17’s…… - XRS2016-04-01
T.H.Capital - Chinese TAL Education Group - Strong Enrollments To Driven Upside in FY4Q16; Expansions, Promotions and One-time Tax To Pressure Margins; Maintain BUY and Raise PT to $55.00
XRS will report FY4Q16 results before the market opens on Thursday, April 28,2016 with an 8:00AM EST conference call. Based on our proprietary data, webelieve the company is likely to deliver FY4Q16 revenue better than the consensusexpectation driven by strong growth in total course offered and course attendeesoffset by the decline in ASP as a result of expansion and promotions. Our data alsoshows that the strong promotions as well as one-time higher tax in the quarter maycause margin pressure. …… - XRS2016-01-19
XRS: Strong Growth in Courses Offered and Enrollments Drive Upside in FY3Q16; Maintain BUY and Lower PT to $48.00 from $54.00
XRS will report FY3Q16 results before the market opens on Wednesday, January 27, 2016 with an 8:00AM EST conference call. Based on our proprietary data, we believe the company is likely to deliver FY3Q16 revenue better than the consensus expectation driven by strong growth in total course offered and course attendees offset by the decline in ASP. Also, we believe the bottom line may also better than consensus due to better topline growth. We remain positive on the revenue outlook of XRS. Therefo…… - EDU2016-01-15
EDU: Expect Better FY2Q16, Upside Driven by Higher Enrollments and ASP; Maintain Buy & Raise PT
EDU will report FY2Q16 results on Tuesday, January 19th before the markets open with an 8am EST conference call. Based on our proprietary data, we expect EDU to report FY2Q16 revenue better than consensus driven by higher average spending per attendee and better course utilization rate. For the bottom line, we believe better utilization as well as less expansion can be positive to its margin. As EDU is making meaningful improvements in its K-12 course offerings and enrollments combined with its …… - XRS2015-12-18
XRS: FY3Q16 Shows Strong Growth in Courses and Enrollment Due To Expansion; Maintain BUY and Raise PT to $54.00
According to our proprietary data, both the number of courses and enrollments showed strong growth in FY3Q16. We remain positive on the revenue outlook of XRS. Therefore, we maintain our BUY rating and raise our price target to $54.00 from $36.00 based on our new estimates. ……
About
Contact
Careers
T.H. Capital is an independent research and investment advisory firm specializing in China. We offer real-time, on-the-ground, bottom-up research across a wide spectrum from macro and industry analysis to company specific projects, from China ADRs to international names that have meaningful exposure to the China market. We deliver relevant, comprehensive and data driven research adding immense value to clients.
Address:
5E, Tower D, Central International Trade Center, 6 Jianguomenwai Avenue, Beijing 100022, China
Email:services@thcapital-china.com
Do you enjoy pursuing original research in any aspect of the financial markets and have the ability to present research in a refreshing and captivating manner?
