$好未来(TAL)$ #老虎财报季#
Buy: Long-term expansion on track
好未来(TAL)
2Q revenue beat but margin miss due to business expansion
Long-term capacity expansion and online initiatives on track
Maintain Buy and increase TP to USD35 from USD28.33
Capacity expansion and online initiative on track. TAL Education has beensuccessfully expanding its foot print by: 1) fast-learning center capacity expansion, and2) online education initiatives. From February to August 2017 (1HFY18), TAL added 2knew classrooms, compared to the full-year high-end guidance of 4k additions. Thecompany guides that capacity expansion in the next 2 to 3 years will still be 30-50% y-o-y,which should support top-line growth in the long run. Investment in online educationcontinues to bear fruit. In 2QFY18, the online course enrolment accounted for 30% of totalenrolment and grew 200% y-o-y. The initiatives, although likely to drag down margins andASP in the short run, should fuel growth in the long term.[汇丰银行]
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