Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-China in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on CCB, ALIBABA, TAL Education, JD.COM, REMEGEN, ZIJIN MINING, XTALPI, TENCENT.</li>
</ul>


We analysed the earning revision of component stocks of MS-China in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on CCB, ALIBABA, TAL Education, JD.COM, REMEGEN, ZIJIN MINING, XTALPI, TENCENT.


MS-China Index Earning Revision (Jan): CCB, ALIBABA, TAL Education, JD.COM, REMEGEN, ZIJIN MINING

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

<ul>
<li><a href="https://www.smartkarma.com/entities/netdragon-websoft-inc" target="_blank" data-smartkarma-citation="entities:3703:1" rel="noopener">Netdragon Websoft (777 HK)</a> stock has begun to rerate on the back of its deal with with Zhongke Wenge to integrate and launch AI applications outside of China.</li>
<li>NetDragon will integrate Wenge's LLM, YaYi, with its education products.  In August 2025, Cherrypicks and Wenge jointly launched AI applications, including social listening and multimodal content creation tools globally.</li>
<li>NetDragon has consistently enhanced shareholder returns through substantial dividends and since its earnings announcement in August has begun buying back shares in the market.</li>
</ul>


Netdragon Websoft (777 HK) stock has begun to rerate on the back of its deal with with Zhongke Wenge to integrate and launch AI applications outside of China.
NetDragon will integrate Wenge's LLM, YaYi, with its education products.  In August 2025, Cherrypicks and Wenge jointly launched AI applications, including social listening and multimodal content creation tools globally.
NetDragon has consistently enhanced shareholder returns through substantial dividends and since its earnings announcement in August has begun buying back shares in the market.


NETDRAGON (777 HK): Getting Schooled on AI !!!

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>TAL Education Group reported robust financial performance for the first quarter of fiscal year 2026, showcasing significant revenue growth while managing to improve operational efficiency.</li><li>The company recorded net revenues of $575 million, marking a 38.8% increase year-over-year, with a notable rise in gross margin from 51.7% to 54.9%.</li><li>Operating income improved significantly with TAL turning a previous operating loss into a profit of $14.3 million, demonstrating enhanced operational leverage and cost management.</li></ul>

TAL Education Group reported robust financial performance for the first quarter of fiscal year 2026, showcasing significant revenue growth while managing to improve operational efficiency.The company recorded net revenues of $575 million, marking a 38.8% increase year-over-year, with a notable rise in gross margin from 51.7% to 54.9%.Operating income improved significantly with TAL turning a previous operating loss into a profit of $14.3 million, demonstrating enhanced operational leverage and cost management.

TAL Education Group: What Is The Expected Impact Of AI-Powered Content & Learning Tools?

<ul><li>TAL Education Group's latest quarter and fiscal year performance presents a mixed picture, with notable expansions alongside challenges in profitability.</li><li>Key areas such as Learning Services and Content Solutions have shown significant revenue growth, demonstrating the company’s efforts to broaden its educational offerings.</li><li>In fiscal 2025, TAL Education Group recorded a considerable increase in net revenues, reaching USD 2.3 billion, a 51% rise from the previous year.</li></ul>

TAL Education Group's latest quarter and fiscal year performance presents a mixed picture, with notable expansions alongside challenges in profitability.Key areas such as Learning Services and Content Solutions have shown significant revenue growth, demonstrating the company’s efforts to broaden its educational offerings.In fiscal 2025, TAL Education Group recorded a considerable increase in net revenues, reaching USD 2.3 billion, a 51% rise from the previous year.

TAL Education Group: Innovation in Learning Devices

<ul><li>TAL Education Group reported strong financial performance for its third quarter of fiscal year 2025, showcasing a marked year-over-year revenue growth of 62.4% in USD terms to $606.4 million.</li><li>This growth is primarily attributed to its various learning services and products, including traditional in-person classes and newer digital platforms and devices.</li><li>Notably, the Peiyou Small Class Enrichment programs emerged as a significant contributor, thanks to growing customer acceptance and demand for enrichment learning.</li></ul>

TAL Education Group reported strong financial performance for its third quarter of fiscal year 2025, showcasing a marked year-over-year revenue growth of 62.4% in USD terms to $606.4 million.This growth is primarily attributed to its various learning services and products, including traditional in-person classes and newer digital platforms and devices.Notably, the Peiyou Small Class Enrichment programs emerged as a significant contributor, thanks to growing customer acceptance and demand for enrichment learning.

TAL Education Group: Expansion of Enrichment Learning Programs Driving Our Bullishness! - Major Drivers

China

TAL Education Group provides educational services. The Company offers comprehensive tutoring services to students covering core academic subjects such as mathematics, English, Chinese, physics, chemistry, political science, history, and biology. TAL Education Group serves students in China.

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TAL Education (TAL US)

MS-China Index Earning Revision (Jan): CCB, ALIBABA, TAL Education, JD.COM, REMEGEN, ZIJIN MINING

We analyzed MS-China's consensus for Jan 2026 and highlighted changes of EPS in CCB, ALIBABA, TAL Education, JD.COM, REMEGEN, ZIJIN MINING, XTALPI,...

Ke Yan, CFA, FRM

NETDRAGON (777 HK): Getting Schooled on AI !!!

Netdragon Websoft (777 HK) stock has begun to rerate on the back of its deal with with Zhongke Wenge to integrate and launch AI applications...

David Mudd

TAL Education Group: What Is The Expected Impact Of AI-Powered Content & Learning Tools?

TAL Education Group reported robust financial performance for the first quarter of fiscal year 2026, showcasing significant revenue growth while...

Baptista Research

TAL Education Group: Innovation in Learning Devices

TAL Education Group's latest quarter and fiscal year performance presents a mixed picture, with notable expansions alongside challenges in...

Baptista Research

TAL Education Group: Expansion of Enrichment Learning Programs Driving Our Bullishness! - Major Drivers

TAL Education Group reported strong financial performance for its third quarter of fiscal year 2025, showcasing a marked year-over-year revenue...

Baptista Research

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