28February2020DeutscheBankResearchAsiaChinaConsumerEducationServicesIndustryChinaEducationDateInitiationofCoverageK-12ASTboomgoesfromstrengthtostrength;Toppicks:TAL&GSXOnlineeducationagamechangerWebelieveafter-schooltutoring(AST)isthemostattractivesubsectorwithinthefastgrowingeducationspace.WeexpectK-12ASTmarkettoaccelerateto16%CAGRin2018-2023Eonthebackof:1)Onlinebeingagamechangertodrivetake-up,2)lowASTpenetrationrate(27%inChinavs.73%inKoreain2018);and3)fierceGaokaocompetition(c.3%toptieruniversityacceptancerate).Moreover,weforecastOnlineASTgrowing5xtoaRMB330bnmarketin2023Evs2019E,andexpectthebigtogetbiggerinwhathasbeenafragmentedsector.Withthatinmind,TAL...
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