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Campaigns / Muddy Waters → TAL Education Group
Muddy Waters vs. TAL Education Group

TAL Education Group · TAL

1 deck published between 2018-06-13 and 2018-06-13 — 71 pages, 71 analysed slides total.

initial thesis

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2018-06-13 initial thesis

    2018 06 MWR_TAL_Part I_20180613

    71pp · research_note

    TAL is a real business with fake financials: two asset-parking transactions inflated FY2016-FY2018 pre-tax profits by $153M (28.4%) while Deloitte China was starved of audit hours.