Daiwa upgraded the firm’s view on the China education sector to Positive from Neutral citing improving industry growth visibility. Investors increasingly like the post-regulation recovery and growth visibility of China tutoring stocks, the analyst tells investors in a research note. The firm says earnings surprises will be driven by faster capacity expansion and operating leverage, creating “major share-price catalysts” for 2024. Daiwa reaffirmed Buy ratings on New Oriental (EDU) and TAL Education (TAL).
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