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...
487 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...
613 Views
Can China’s Credit Easing Sequel 2019 Save Its Falling Economy?
Unsustainable Sentiment-Driven Multiple ExpansionsMarkets rallied on China’s credit easing starting in December and expect meaningful fiscal...
698 Views
New Oriental (EDU): Do Not Fear Q2 Record Losses, 27% Upside
The record net losses were mainly due to a seasonally weak quarter and recognition of the impairment in a subsidiary. Q2 revenues did not slow...
620 Views
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...
849 Views