Krungsri Securities (KSS) wrote in a recent analysis, maintaining a ‘Buy’ rating on SISB Public Company Limited (SET: SISB) with a target price of THB 23 per share. However, the latest analyst meeting with management presented a slightly negative tone regarding the outlook for 2026, highlighting some challenges ahead.
Currently, SISB’s student enrollment stands at 4,600, reflecting a stable year-on-year figure and a modest 1% quarter-on-quarter increase, driven by growth at the Nonthaburi campus. Management anticipates ending the year with 4,600 students, slightly below the initial target of 4,700.
For 2026, the company maintains its goal of 5,000 students, implying an increase of 300–400 students. Management acknowledged the heightened economic headwinds and rising competition facing the international school sector, though they see opportunities for growth in the mid-tier market segment.
Looking ahead, SISB’s investment strategy will focus more on selected projects, with capacity expansions progressing according to plan—such as increasing high school seats at the Pracha Uthit campus and moving forward with the construction of its seventh campus in Rangsit.
SISB expects 4Q25 normalized profit to surpass 3Q25 (excluding extraordinary items) and plans to sell approximately 25% of its holding in Thai Airways (SET: THAI)—around 6 million shares with an average cost of THB 1.6 per share—by early February 2026. There is also an expectation of a higher dividend payout ratio for this year.
The company’s end-2025 enrollment is expected to be 4,600, about 2% below Krungsri’s forecast of 4,690. KSS estimates enrollment will reach 4,840 in 2026, an increase of 150 students, also below the company’s target.
Nevertheless, the brokerage firm views the downside risk to the net profit forecast as limited. SISB currently trades at 12 times forward 2026 price-to-earnings, which remains below the historical -2.0 standard deviation range.
