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  "documentTitle": "TAL Education Group (TAL)",
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      "text": "In our model, there is no combination of low single digit Peiyou offline ASP or Peiyou offline-online discount assumptions that yields positive YoY Peiyou offline growth and positive sequential Peiyou online growth simultaneously.",
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      "text": "Held True as Basis For Calculation: FY2018 Q4... Peiyou offline ASP grew 1.5% YoY",
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      "text": "Peiyou offline revenue growth: 2.6%",
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      "text": "Under a scenario of 1.5% offline ASP growth, Peiyou offline revenue grew 2.6% YoY, while online revenue declined by 6.0% sequentially quarter-on-quarter.",
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      "text": "Peiyou offline revenue shrank 3.4%. YoY, while online revenue grew 5.2% sequentially quarter on quarter. In our model, there is no combination of low single digit Peiyou offline ASP or Peiyou offline-online discount assumptions that yields positive YoY Peiyou offline growth and positive sequential Peiyou online growth simultaneously.",
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      "text": "Method 2: 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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      "text": "On the other hand, if we assume strong growth in Peiyou offline revenues—for example, an FY2018 Q4 continuation of the 52.4% offline growth insinuated in FY2018 Q3—, this would result in enormous Q4 small-class ASP growth as compared to TAL's stated decline of 9.9%.",
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      "text": "In the quarter, small-class ASP decreased by 9.9% in USD terms year-over-year. The decrease was mainly caused by significant enrollment contribution from Peiyou online, of which the price is much lower than Peiyou off-line classes. — Echo Yan, Director of Investor Relations, TAL FY2018, Q4 earnings call",
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      "text": "11 TAL FY2018, Q4 earnings call, Echo Yan, Director of Investor Relations, “In the quarter, small-class ASP decreased by 9.9% in USD terms year-over-year. The decrease was mainly caused by significant enrollment contribution from Peiyou online, of which, the price is much lower than Peiyou off-line classes.”",
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      "text": "Check revenue growth... Peiyou online sequential revenue growth per model (6.0%)",
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