K12 After-School Tutoring Services:  China’s Best Consumption Story
In this note, we present our long investment thesis on the leading provider of China’s K12 tutoring service, Tal Education (TAL US) with a top-down...
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Koolearn (新东方在线) IPO Review - Yet to See Results from Increased Spending
Koolearn (1797 HK) is looking to raise up to US$S234m in its upcoming IPO. We have previously covered the company in: Koolearn (新东方在线) Pre-IPO -...
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Global Equity Strategy: Constructive Outlook Intact, Bottoming Process Continues
We remain constructive overall and continue to believe that global equities (MSCI ACWI) are going through a bottoming process. Opportunities exist...
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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...
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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...
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