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logoMorningstarMay 05, 2021

TAL Education Group: TAL Education’s Margin Uncertainty Remains

Consumer Defensive
Current Price
Fair Value
Economic Moat

Founded in 2003, TAL Education is one of the leading K-12 after-school tutoring providers in China. The firm offers tutoring services to students from pre-school to the twelfth grade via small classes, one-on-one personalized premium services, and online courses. In fourth quarter fiscal 2021, TAL's small classes account for 53% of its revenue, one-on-one 6%, and 32%. Its tutoring services cover the core academic subjects in China’s school curriculum, such as Math (K-12), English (K-12), Chinese (K-12), Physics (Grade 8-12), Chemistry (Grade 9-12), and Biology (Grade 10-12). TAL's learning centers currently cover 101 cities in China and a total of 1,098 learning centers. In fourth-quarter fiscal 2021, current normal priced long-term course student enrolment was 6.7 million.

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Analyst Profile

Jenny Tsai

Senior Equity Analyst
Jenny Tsai is a senior equity analyst for Morningstar Investment Management Asia Limited, a wholly owned subsidiary of Morningstar, Inc. She covers the China education sector with experience in IPOs.Before joining Morningstar in 2019, Tsai spent more than eight years working for BNP Paribas, conducting Greater China consumers and China education research. Prior to that, she was an analyst for Morgan Stanley for three years covering non-technology companies, and a junior analyst for Goldman Sachs for 3.5 years, covering the Taiwan TFT-LCD and DRAM sector.Tsai holds a bachelor's degree in finance from the University of San Francisco. She also holds a master's degree in finance from Tamkang University.