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  "documentTitle": "TAL Education Group (TAL)",
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  "authorName": "Carson C. Block",
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  "presentationDate": "2018-07-25 00:00:00",
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  "notes": "The slide presents two distinct calculation scenarios (Method 3) and compares them against reported data to expose discrepancies in ASP growth.",
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      "text": "This scenario of strong Peiyou offline growth results in 36.8% small-class ASP growth, whereas TAL disclosed that small-class ASPs declined by 9.9%.",
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      "text": "Small classes ASP growth: 36.8%",
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      "text": "Applying Method 3 from above, FY2015 Q4 growth in Peiyou offline continued to be flat to negative, depending on one's exact choices within the “low single digit” Peiyou offline ASP growth range provided by management.",
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      "text": "Held True as Basis For Calculation: FY2018 Q4. Revenue figures and ASP growth rates as per TAL. Total Peiyou was 73% of revenue. Total Peiyou enrollments grew 72% YoY. Peiyou online's discount to Peiyou offline was assumed to be 30%.",
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      "text": "Held True as Basis For Calculation: FY2018 Q4. Revenue figures and enrollment growth rates as per TAL. Total Peiyou was 73% of revenue. Total Peiyou enrollments grew 72% YoY. Peiyou online's discount to Peiyou offline was assumed to be 30%.",
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      "text": "This scenario of strong Peiyou offline growth results in 36.8% small-class ASP growth, whereas TAL disclosed that small-class ASPs declined by 9.9%.",
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      "text": "Method 3: Assuming FY2016 to FY2018 revenue figures and ASP growth rates for TAL's three business units are accurate, as is FY2018 Q4 Peiyou offline ASP growth.",
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      "text": "12 TAL FY2018, Q4 earnings call",
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      "text": "Check ASP growth: Small classes ASP growth (5.0%) (10.5%) 28.7% 36.8%. Small classes TRUE TRUE FALSE FALSE",
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