China Education_ 2025 Kickoff_ More reasonable valuations, still-robust growth outlook; Buy EDU_TAL
-·2025-01-12 05:33
本文档仅供上海信鱼私募基金管理有限公司18860455898研究使用，请勿外传 8 January 2025 | 4:24PM HKT China Education 2025 Kickoff: More reasonable valuations, still-robust growth outlook; Buy EDU/TAL We are constructive about the Big Two in the China Education sector, EDU and TAL, into 2025, after a relatively disappointing share price performance in 2024 (EDU -12%/TAL -22%, lagging KWEB +6% and most small-cap education names, Exhibit 1). Despite our largely unchanged profit forecasts for FY25E/26E vs. 1 year ago, share prices have been dr ...