|Over a week ago|
Tiger Global takes $110M stake in Peloton during Q1, exits Slack » 13:2805/1505/15/20
ATH, PTON, DNK, WORK, VXX, WDAY, RNG, BABA, DDOG, PLAN, EDU, APO, TDG, UBER, FLT, SPOT, GOOGL, JD, MSFT, FB, AMZN
Chase Coleman's Tiger Global disclosed in an SEC filing its holdings as of March 31, 2020. The fund made three new buys during the first quarter: 7.46M shares of Athene Holding (ATH), 4.15M shares of Peloton Interactive (PTON) and 1.85M shares of Phoenix Tree Holdings (DNK). Tiger exited two positions during the quarter, Slack Technologies (WORK) and iPath S&P 500 VIX Short-Term Futures (VXX). The fund increased its stake in 11 holdings, including Workday (WDAY), RingCentral (RNG), Alibaba (BABA), Datadog (DDOG), Anaplan (PLAN) and New Oriental Education (EDU). Tiger reduced its stake in 14 holdings, including Apollo Global (APO), TransDigm (TDG), Uber Technologies (UBER), FleetCor Technologies (FLT), Spotify (SPOT) and Alphabet (GOOG). The fund's top holdings as of March 31, in order of size, were JD.com Class A (JD), Microsoft (MSFT), Facebook (FB) Apollo Global and Amazon.com (AMZN).
|Over a month ago|
New Oriental Education upgraded to Buy from Outperform at CLSA » 10:3004/2204/22/20
CLSA analyst Youngrin Kim…
CLSA analyst Youngrin Kim upgraded New Oriental Education to Buy from Outperform with a price target of $142, down from $148. The company reported "decent" Q3 earnings but gave lower 4Q guidance, noted the analyst. Aside from its overseas test prep segment, its other businesses, including the K-12 segment, continues to grow "adequately" and the company is well prepared for the upcoming summer break, Kim tells investors.
New Oriental Education upgraded to Buy from Outperform at CLSA » 09:3204/2204/22/20
CLSA analyst Youngrin Kim…
CLSA analyst Youngrin Kim upgraded New Oriental Education to Buy from Outperform.
New Oriental Education negatives mostly priced in, says Citi » 06:3304/2204/22/20
Citi analyst Mark Li…
Citi analyst Mark Li lowered the firm's price target on New Oriental Education to $140 from $145 and keeps a Buy rating on the shares. The analyst reduced estimates to reflect greater headwinds in fiscal Q4 but believes the negatives are mostly priced in. Li highlights New Oriental's "undemanding valuation near its historical mean." However, the company could see a "weak" fiscal Q4, mainly on overseas test prep pressure, given suspension of international tests amid COVID-19, overseas school campus lock-downs and concerns on China-U.S. tensions, Li tells investors in a research note.
New Oriental Education sees Q4 revenue $774M-$806M, consensus $923.69M » 06:5104/2104/21/20
The company said,…
The company said, "We expect the impact on our business from the outbreak of COVID-19 pandemics around the globe will continue during our fourth fiscal quarter, especially on overseas related businesses including test preparation and consulting business. The exchange rate used to calculate expected revenues for the fourth quarter of fiscal year 2020 is 7.07. The historical exchange rate used to calculate revenues for the fourth quarter of fiscal year 2019 was 6.76."
New Oriental Education reports Q3 EPS 93c, consensus 79c » 06:4904/2104/21/20
Reports Q3 revenue…
Reports Q3 revenue $923.22M, consensus $918.65M. Reports Q3 enrollments up 2.3%. Michael Yu, New Oriental's executive chairman, commented, "Despite the challenges posed by the outbreak of COVID-19 in China, we recorded a top line growth of 15.9%, or 18.7% if measured in Renminbi for the third quarter of fiscal year 2020. The K-12 after-school tutoring business recorded a year-over-year revenue growth of approximately 24%, or 27% if measured in Renminbi. Furthermore, our U-Can middle and high school all-subjects after-school tutoring business grew by approximately 23%, or 26% if measured in Renminbi, while our POP Kids program achieved a growth of approximately 26%, or 29% if measured in Renminbi. From the end of January, we stopped the operation of all learning centers nationwide and effectively moved our offline classes to small size online live broadcasting classes through the self-developed OMO (online merging offline) system, which has played a fundamental role in cushioning the impact on our service and operation. We estimate that the COVID-19 pandemic negatively impacted our top line growth by 8% to 10% for this quarter, as we experienced higher-than-normal refund rates from cancellations and deferments in enrollments for the winter classes from registered students in February. Due to the recent outbreak of COVID-19 pandemics around the globe, we expect the impact on our business as well as the entire education industry in China will last over the coming one to two quarters, especially on overseas related businesses including test preparation and consulting business, which have been unavoidably affected by cancellation of overseas exams, suspension of overseas schools and restrictions on travels. That said, on the other hand, we are also seeing an effective control of the pandemic in China and are pleased to hear the announcement of public school resumption plans which have shed a positive light on our business domestically."
New Oriental Education put volume heavy and directionally bearish » 10:1504/2004/20/20
Bearish flow noted in New…
Bearish flow noted in New Oriental Education with 2,395 puts trading, or 20x expected. Most active are May-20 115 puts and May-20 95 puts, with total volume in those strikes near 1,600 contracts. The Put/Call Ratio is 8.37, while ATM IV is up nearly 7 points on the day. Earnings are expected on April 21st.
New Oriental Education upgraded to Conviction Buy from Buy at Goldman Sachs » 11:4704/0704/07/20
Goldman Sachs analyst…
Goldman Sachs analyst Christine Cho maintains a Buy rating on New Oriental Education with an unchanged price target of $152 and added the stock to the firm's AEJ Conviction List. The stock has dropped 22% since the peak in February and while Cho recognizes that near-term headwinds may impact its earnings in the next several quarters, she believes New Oriental's long-term value proposition as a leading consolidator in China "remains well-intact."
TAL Education upgraded to Buy from Neutral at BofA » 08:2803/0203/02/20
BofA analyst Lucy Yu…
BofA analyst Lucy Yu upgraded TAL Education (TAL) to Buy from Neutral with a $65.80 price target. Yu is turning more positive on Chinese education leaders TAL and New Oriental Education (EDU) given their consolidation opportunities and accelerating online penetration with a surging user base, she tells investors. She also believes the below-guidance revenue trends are well expected by the Street and that long-term structural growth could be "even more robust" when COVID-19 has passed.
New Oriental Education cuts Q3 revenue view to $902.1M-$933.2M » 17:0502/2802/28/20
Q3 consensus $998.56M.…
Q3 consensus $998.56M. The company previously announced its outlook which estimated the total net revenues for the third quarter to be in the range of $983M-$1.006B, representing year-over-year growth in the range of 23%-26%. The weaker-than-expected revenues are mainly due to the impact of the outbreak of coronavirus in China, which was significantly offset by measures taken by the company to effectively move its offline classes to small size online live broadcasting classes through the self-developed OMO system during the quarter.