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TAL Education Group ADR TAL

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TAL Education: Restructuring Headwind in the Near Term

Analyst Note

| Philip Gorham, CFA, FRM |

TAL Education announced on Nov. 11 that in compliance with the Chinese government to alleviate stress for students in mandatory education and after-school tutoring (also known as AST services) opinion and applicable rules, regulations and measures, it plans to cease offering tutoring services related to academic subjects to students from kindergarten through grade nine (also known as K-9) at all learning centers across China by end-2021.

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Company Profile

Business Description

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.

6 Danling Street, 15th Floor, Danling SOHO
Beijing, 100080, China, People's Republic of
T +86 1052926658
Sector Consumer Defensive
Industry Education & Training Services
Most Recent Earnings Feb 28, 2021
Fiscal Year End Feb 28, 2022
Stock Type
Employees 70,914