TAL Education: First Look at 1QF27: The numbers speak for themselves

研报英文原文证据摘录

TAL Education: First Look at 1QF27: The numbers speak for themselves

J P M O R G A N Asia Pacific Equity Research

30 July 2026

TAL Education Overweight

TAL, TAL US

First Look at 1QF27: The numbers speak for Price (29 Jul 26):$10.89

themselves Price Target (Dec-26):$ 16.0

TAL's latest quarter should make investors look twice. OP soared +492% to an Co-Head of Asia Pacific Consumer

all-time high, beating consensus by +140%, while OPM reached ~20% - more than Research and Head of Asia Gaming/

double the Street's 9% and well above EDU's 7% - alongside 32% revenue growth. Leisure Research

After four consecutive quarters of strong beats, the profit-unlocking is evident in DS Kim AC

the numbers and bears out our thesis from a year ago (link to our report). (852) 2800-8597

ds.kim@jpmorgan.com

The pushback is understandable. TAL still has to win back investor confidence, J.P.MorganMorganBrokingSecurities(Hong (AsiaKong)Pacific)LimitedLimited/ J.P.

given its unorthodox IR policy and limited disclosure. But at some point, repeated Selina Li

execution matters. After a full year of beats now, we think the market — even the (852) 2800-8530

skeptics — may need to revisit TAL’s normalized earnings power. At only 10x selina.c.li@jpmorgan.com

CY27E based on pre-print EPS, the stock still does not reflect the scale of the beat J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Morgan Broking (Hong Kong) Limited

or profit expansion, in our view. We stay OW on TAL with a $16 price target (~35%

Lindsey Qian

potential upside), while EDU remains our top pick (OW) given better earnings

(86 21) 6106 6269

visibility and strong shareholder returns. lindsey.qian@jpmorgan.com

J.P. Morgan Securities (China) Company Limited

• Strong top-line. Revenue came in at $758m (+32% y/y), beating estimates by