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DS Ki Asia Pacific Equity Research
(852) 2800-8597 11 March 2020
ds.kim@jpmorgan.co
Table of Contents
Other key points (cont’d)2
Our two-cents on ‘online education fever’ 4
What’s happened? 4
What’s warranted, and what’s not? 5
A ‘TAM’ conversation 9
The numbers 12
What’s in the price? (Well, a lot) 15
What does Price-to-Sales tell us? 16
How much growth is the market looking for? 17
Our stock calls20
Appendix 2: Recapping the ‘products’ 24
Offline: Size matters24
Online: Different mode of delivery 26
GSX Techedu 29
Beautiful story, strong numbers, not such great risk/reward 29
Our forecasts and key assumptions 31
Valuation and Price Target 33
Koolearn36
Great for parents, not so great for investors 36
Our forecasts and key assumptions 38
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