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TAL EDUCATION GROUP

(TAL)
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China's TAL Education expects hit from new private tutoring rules

07/25/2021 | 09:59pm EDT
FILE PHOTO: Children leave a school in the Shekou area of Shenzhen

HONG KONG (Reuters) - China's TAL Education Group said on Sunday that its operations and business prospects could take a hit as a result of Beijing barring for-profit tutoring in core school subjects to ease financial pressures on families.

News of the rule changes on Friday sent shockwaves through China's $120 billion private tutoring sector and triggered a massive sell-off in the shares of companies including TAL and Gaotu Techedu. TAL's New York-listed shares plunged 71%.

Under the new rules, all institutions offering tutoring on the school curriculum will be registered as non-profit organisations, and no new licences will be granted, according to an official document.

TAL said in its statement on Sunday that it expects the new rules to have "material adverse impact on its after-school tutoring services ... which in turn may adversely affect" its operations and prospects. It did not elaborate.

China's for-profit education sector has been under scrutiny as part of Beijing's push to ease pressure on school children and reduce a cost burden on parents that has contributed to a drop in birth rates.

In May, China said it would allow couples to have up to three children, from two previously.

(Reporting by Sumeet Chatterjee; Editing by Susan Fenton)


ę Reuters 2021
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Analyst Recommendations on TAL EDUCATION GROUP
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Financials (USD)
Sales 2022 4 951 M - -
Net income 2022 9,70 M - -
Net cash 2022 4 287 M - -
P/E ratio 2022 -84,3x
Yield 2022 -
Capitalization 2 811 M 2 811 M -
EV / Sales 2022 -0,30x
EV / Sales 2023 -0,34x
Nbr of Employees 70 914
Free-Float 58,4%
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Mean consensus HOLD
Number of Analysts 23
Last Close Price 4,36 $
Average target price 28,78 $
Spread / Average Target 560%
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Managers and Directors
Bang Xin Zhang Chief Executive Officer & Director
Yun Feng Bai Chairman & President
Rong Luo Chief Financial Officer
Tian Mi Chief Technology Officer
Ya Chao Liu Chief Operating Officer