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  "documentTitle": "TAL Education Group (TAL)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-07-25 00:00:00",
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  "notes": "The slide uses a 'Check' table format to highlight negative financial indicators (FALSE, negative percentages) as evidence of potential fraud or misrepresentation.",
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      "text": "We believe that FY2018's declining disclosures are intended to mislead investors and analysts from meaningfully understanding the company.",
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      "text": "Other Outputs: Peiyou offline enrollments grew by 1.5%; Peiyou online to offline ratio of enrollments was 0.676:1",
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      "text": "We believe that FY2018's declining disclosures are intended to mislead investors and analysts from meaningfully understanding the company. Whereas before we could verify, now we just have to trust. TAL's incongruous utterances have shown they are not a company that merits investor faith.",
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      "text": "No matter which offline ASP growth values or reasonable Peiyou online-offline discount selections we made, one of three things happened: either Peiyou offline revenue declined year-over-year, Peiyou online revenue declined sequentially quarter-on-quarter, or all were flat. None of these outcomes suggest Peiyou is displaying the continuous healthy growth that management implies.",
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      "text": "Check revenue growth table showing Q3/Q4 2018 metrics for small classes, Peiyou offline revenue growth, and Peiyou online sequential revenue growth.",
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