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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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      "kind": "callout",
      "text": "Notably, there is no online-offline discount that generates positive revenue YoY growth in both offline Peiyou and sequential growth in online Peiyou",
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      "text": "Held True as Basis For Calculation: FY2018 Q4\nTotal Peiyou was 73% of revenue\nTotal Peiyou enrollments grew 72% YoY\nPeiyou offline ASP grew 3% YoY\nPeiyou online's discount to Peiyou offline was 30%",
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      "text": "Peiyou offline revenue growth: -3.4%",
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      "text": "In the FY2018 Q4 call, TAL's Head of IR stated that Peiyou offline ASP grew by low single digits. If we assume this means 3% ASP growth and apply Method 1 to Q4 results, we get that Peiyou offline revenue declined by 3.4% YoY...",
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      "text": "A Deutsche Bank analyst note dated April 27, 2018, reports that the pricing discount of the Peiyou online business is c.30%. A Jefferies analyst note, also dated April 27, 2018, reports that the pricing discount of the Peiyou online business is still 40%. — Deutsche Bank / Jefferies",
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      "text": "9 TAL FY2018, Q4 earnings call.\n10 A Deutsche Bank analyst note dated April 27, 2018, reports that the pricing discount of the Peiyou online business is c.30%. A Jefferies analyst note, also dated April 27, 2018, reports that the pricing discount...",
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      "text": "Check revenue growth | FY | Q1 | Q2 | 2018 Q3 | Q4\nCheck small classes | | | | TRUE | TRUE\nCheck Peiyou | | | | TRUE | TRUE\nPeiyou offline revenue growth per model | | | | (4.5%) | (3.4%)\nCheck Peiyou offline | | | | FALSE | \nPeiyou online sequential revenue growth per model | | | | | 5.2%",
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      "kind": "title",
      "text": "Method 1: Assuming FY2016 to FY2018 revenue figures and enrollment growth rates for TAL's three business units are accurate, as is FY2018 Q4 Peiyou offline ASP growth",
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