$DAO is a high growth distance learning online platform in China that is making significant progress in under penetrated markets of rural areas and going after big competitive threats from $TAL and $EDU. End markets are big and there is room for multiple players. The company is differentiating itself by extensive use of digital pens, apps and cloud integration that supports sticky consumer base and creates a moat around business. This, plus many other things discussed. Full write up and slides are attached below.

 

For video presentation, slide deck and research note, please go HERE