花旗：中国 K12 教育服务_看好教育集团（EDU），看淡思考乐教育（G TAL

V i e w p o i n t | 27 Jun 2025 05:08:50 ET │ 26 pages China K12 Educational Services U/G EDU, D/G TAL; Initiate Pair Trade to OW EDU's K12 Operating Leverage vs. UW TAL's Content Solutions Drag CITI'S TAKE We are initiating a pair trade to capitalize on the diverging operational trajectories and valuation dynamics within China's K-12 education sector as we upgrade EDU to Buy (TP US$77/HK$60, +54%/+54%) and downgrade TAL to Neutral (TP US$11.54, -14%). We expect the earnings momentum gap between the two com ...