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 !!!

Analyst, Schoolhouse Solutions

Daniel Su

Analyst

Schoolhouse Solutions

Schoolhouse is a strategy and research provider for the Education sector. We publish differentiated reports and bespoke research on the sector, focused on private and public companies in Asia-Pacific. Our team has decades of experience working with Education companies ranging from K-12 to Tertiary and Edtech.

Strategy and Research Provider

Thematic (Sector/Industry)

<ul>
<li>The education sector remains resilient despite headline privatisations, with market cap only slightly down to US$142bn after the removal of <a href="https://www.smartkarma.com/entities/powerschool-holdings-inc" target="_blank" data-smartkarma-citation="entities:36946:1" rel="noopener">PowerSchool Holdings (PWSC US)</a> and <a href="https://www.smartkarma.com/entities/instructure-holdings-inc" target="_blank" data-smartkarma-citation="entities:26502:1" rel="noopener">Instructure Holdings (INST US)</a>.</li>
<li>AI disruption is reshaping the landscape, with key players like <a href="https://www.smartkarma.com/entities/chegg-inc" target="_blank" data-smartkarma-citation="entities:10114:1" rel="noopener">Chegg Inc (CHGG US)</a> collapsing while innovators like <a href="https://www.smartkarma.com/entities/duolingo-inc" target="_blank" data-smartkarma-citation="entities:33531:1" rel="noopener">Duolingo (DUOL US)</a> surge, highlighting a potential shift in investor focus.</li>
<li>M&amp;A and IPO activity is reawakening, with <a href="https://www.smartkarma.com/entities/kindercare-learning-cos-inc" target="_blank" data-smartkarma-citation="entities:35721:1" rel="noopener">KinderCare Learning (KLC US)</a> 's IPO, India's robust upcoming pipeline, and renewed private equity interest pointing to a cyclical upturn.</li>
</ul>


The education sector remains resilient despite headline privatisations, with market cap only slightly down to US$142bn after the removal of PowerSchool Holdings (PWSC US) and Instructure Holdings (INST US).
AI disruption is reshaping the landscape, with key players like Chegg Inc (CHGG US) collapsing while innovators like Duolingo (DUOL US) surge, highlighting a potential shift in investor focus.
M&amp;A and IPO activity is reawakening, with KinderCare Learning (KLC US) 's IPO, India's robust upcoming pipeline, and renewed private equity interest pointing to a cyclical upturn.


Valuations, Visas & Venture Pullback: An Equity + M&A Overview of the Education Sector in Q1 2025

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

<ul><li>The author presents an analysis of TAL Education Group, highlighting its low valuation and steady growth among Chinese ADRs</li><li>TAL has a current market cap of $4.5B, net cash of $3.8B, and generated $200m in operating cash flow in the last quarter</li><li>The company is projected to have $4.5B in net cash by the end of 2025, with revenue expected to grow at a 30% CAGR and reach over $2.5B with a 15% operating margin by 2026</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

The author presents an analysis of TAL Education Group, highlighting its low valuation and steady growth among Chinese ADRsTAL has a current market cap of $4.5B, net cash of $3.8B, and generated $200m in operating cash flow in the last quarterThe company is projected to have $4.5B in net cash by the end of 2025, with revenue expected to grow at a 30% CAGR and reach over $2.5B with a 15% operating margin by 2026This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Tal Education Group (TAL) - Wednesday, Sep 11, 2024

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's second quarter fiscal year 2025 results provide an insightful look into the company's current trajectory, presenting both promising developments and areas to watch cautiously.</li><li>On the positive side, TAL Education's robust year-over-year growth in net revenues stands out, with reported figures of USD 619.4 million, marking an impressive increase of over 50%.</li><li>This growth is largely backed by the company's strategic expansion in its learning services, particularly the enrichment learning programs like Peiyou small classes.</li></ul>

TAL Education Group's second quarter fiscal year 2025 results provide an insightful look into the company's current trajectory, presenting both promising developments and areas to watch cautiously.On the positive side, TAL Education's robust year-over-year growth in net revenues stands out, with reported figures of USD 619.4 million, marking an impressive increase of over 50%.This growth is largely backed by the company's strategic expansion in its learning services, particularly the enrichment learning programs like Peiyou small classes.

TAL Education: Here Are The 6 Most Crucial Factors Impacting Its Performance In 2025 & Beyond!  - Major Drivers

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>Kweichow Moutai’s revenue rose by 17% YoY and net profit increased by 15% YoY in the first three quarters of 2024.</li>
<li>JD gives cents to prevent users from closing accounts after the public relation crisis.</li>
<li>Two tutoring schools, New Oriental and TAL, grew strongly in the most recent quarters.</li>
</ul>


Kweichow Moutai’s revenue rose by 17% YoY and net profit increased by 15% YoY in the first three quarters of 2024.
JD gives cents to prevent users from closing accounts after the public relation crisis.
Two tutoring schools, New Oriental and TAL, grew strongly in the most recent quarters.


China Consumption Weekly (28 Oct 2024): Kweichow Moutai, JD, New Oriental, TAL, Meituan

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)

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

Valuations, Visas & Venture Pullback: An Equity + M&A Overview of the Education Sector in Q1 2025

Education sector resilient post-privatisations, AI disruption reshaping landscape, M&A/IPO activity reawakening - potential shift in investor focus.

Daniel Su

Tal Education Group (TAL) - Wednesday, Sep 11, 2024

The author presents an analysis of TAL Education Group, highlighting its low valuation and steady growth among Chinese ADRs

Value Investors Club (VIC)

TAL Education: Here Are The 6 Most Crucial Factors Impacting Its Performance In 2025 & Beyond! - Major Drivers

TAL Education Group's second quarter fiscal year 2025 results provide an insightful look into the company's current trajectory, presenting both...

Baptista Research

China Consumption Weekly (28 Oct 2024): Kweichow Moutai, JD, New Oriental, TAL, Meituan

Kweichow Moutai’s revenue rose by 17% YoY in the first three quarters of 2024. JD prevents users from closing accounts after the public relation...

Ming Lu

Price Gauge

52-week Range

Market Cap (USDm)

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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

Valuations, Visas & Venture Pullback: An Equity + M&A Overview of the Education Sector in Q1 2025

​Education sector resilient post-privatisations, AI disruption reshaping landscape, M&A/IPO activity reawakening - potential shift in investor focus.

Daniel Su

Tal Education Group (TAL) - Wednesday, Sep 11, 2024

The author presents an analysis of TAL Education Group, highlighting its low valuation and steady growth among Chinese ADRs

Value Investors Club (VIC)

TAL Education: Here Are The 6 Most Crucial Factors Impacting Its Performance In 2025 & Beyond! - Major Drivers

TAL Education Group's second quarter fiscal year 2025 results provide an insightful look into the company's current trajectory, presenting both...

Baptista Research

China Consumption Weekly (28 Oct 2024): Kweichow Moutai, JD, New Oriental, TAL, Meituan

Kweichow Moutai’s revenue rose by 17% YoY in the first three quarters of 2024. JD prevents users from closing accounts after the public relation...

Ming Lu

Education sector resilient post-privatisations, AI disruption reshaping landscape, M&A/IPO activity reawakening - potential shift in investor focus.