TAL Education Group (TAL)

Muddy Waters Capital · 2018-07

arc beats above · slides in the middle · loops below · scroll → 0 LOOPS

Deck intelligence map

coverage by narrative range · generated from this deck JSON

Narrative range 10 total

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Loops

Whole deck 10 slides 100% 10/10 slides 100% 10/10 slides · 35 hits

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30% 3/10 slides

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Slide inventory

every slide · same image gating as the playbook

front_matter

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frame_problem

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The slide uses these disclosures to set up a common-size model analysis that implies offline enrollment declines.expose_contradiction

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The slide uses a common-sizing approach to demonstrate the mathematical inconsistency in reported growth figures.analyze_data

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This is a mathematical derivation slide used to support a financial or operational claim.analyze_data

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This slide presents a mathematical sensitivity analysis for a financial model.analyze_data

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This slide uses a narrative of 'silence as admission' to imply the company was aware of the analyst's findings and chose to suppress them.expose_contradiction

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transition

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This is a standard legal disclaimer page for an activist short-seller report.other

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front_matter

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