On Monday, the share price of SISB Public Company Limited (SET: SISB) in the morning session closed at THB 10.30, a THB 1.00 or 8.85% decrease with a total trading value of THB 186.56 million.
KGI Securities (Thailand) stated that SISB’s slump does not link to any new negative factors, but rather the existing downward sentiment due to the negative growth outlook. In the past, the continuous growth in student numbers each year supported operating results, but with the decline in student count, the sentiment has been increasingly more negative.
Although there are new student enrollments, they cannot compensate for the students leaving, especially Thai students, whose parents have been impacted by the economic slowdown. This raises difficulties as SISB could increase tuition by about 5% in the past. Furthermore, in the long term, there may be pressure from the continuously declining birth rate in Thailand.
Meanwhile, Krungsri Securities noted similarly regarding the absence of new significant negative factors. Currently, the total number of students stands at 4,580, which is stable compared to the end of 3Q25, when there were 4,571 students.
The analyst maintains SISB’s previous outlook for 4Q25, with normalized profit expected to be better than 3Q25 (excluding extraordinary items).
In early February 2026, the company will offload about 25% of its holding of Thai Airways International PCL (SET: THAI), amounting to 6 million shares, with an average cost of THB 1.6 per share. Moreover, the company is likely to increase its dividend payout this year.
Price-wise, the stock is trading at a fiscal year 2026 price-to-earnings (P/E) ratio of 9 times, or an equivalent to a forward P/E ratio of below -2.0SD, and is lower than in early 2022, when the stock price started to recover after the COVID period, while the current profit base is higher.
