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Candis Chan

Senior Analyst at Daiwa

Candis Chan is a Senior Analyst at Daiwa Capital Markets, specializing in equity research and investment analysis for leading Chinese technology and education companies such as TAL Education, Youdao, and HUYA. She has demonstrated a commitment to data-driven stock recommendations, regularly issuing actionable upgrades and downgrades with evidence-based rationale; her calls have been publicly tracked, including upgrades like TAL Education to Buy in 2025 and signal changes for Youdao, reflecting market movements. Chan joined Daiwa after accumulating experience in equity derivatives analysis in Asia and has continually advanced her career within the firm's Hong Kong and London offices. While her securities licenses and FINRA registrations have not been publicly confirmed, her published recommendations and established analyst visibility highlight her reputable presence in Asian equity research.

Candis Chan's questions to TAL Education (TAL) leadership

Candis Chan's questions to TAL Education (TAL) leadership • Q3 2025

Question

Candis Chan of Daiwa asked for more detail on the drivers behind the quarter's strong revenue growth, seeking a breakdown by business line. She also requested commentary on the outlook for the following quarters.

Answer

Executive Jackson Ding stated that both the Learning Services and Content Solutions business lines experienced year-over-year growth. The primary growth drivers were the Peiyou enrichment small class programs and the smart learning devices, respectively. Ding noted that while growth in the Peiyou business is expected to continue, the rate may gradually taper off going forward due to higher comparison bases from previous periods.

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