Yew Hock Koh, CEO of SISB Public Company Limited (SET: SISB), outlined the company’s strategic direction for 2026, focusing on expanding its Thai student base through more affordable tuition and integrating artificial intelligence (AI) technology into its standard curriculum. The aim is to equip students for success in a rapidly evolving, technology-driven world.
For 2026, SISB targets a total student count of 4,800 by year-end, up from 4,600 currently, with about 200 new students expected next semester. If this is achieved, revenue growth for the year is forecast at 3 – 5%. Despite inflationary pressures, the company will freeze tuition fees in 2026 to help alleviate the financial burden on parents.
The Pracha Uthit campus inaugurated a new 600-seat building (Phase 3) in January 2026 to serve high school students. The building not only increases the overall student capacity but also clearly separates middle and high school students, providing dedicated space and enhancing educational quality for senior students.
In August, SISB will introduce AI education from Grade 1, adhering to Organization for Economic Co-operation and Development (OECD) standards. The focus will be on AI Literacy, ensuring students understand and use AI correctly, strictly for educational benefit rather than as a cost-saving initiative.
Addressing fluctuations in international student enrollments—especially from China—and seeking to broaden its Thai student market, SISB launched a second brand, “Marina Singapore International School.” The new school offers tuition fees 30-40% lower than SISB’s primary brand.
The inaugural campus is located in Rangsit Khlong 3, with an office already accepting inquiries and registrations. Construction is progressing, with two buildings for 1,200 students, a total investment of THB 400 million, and planned completion in April 2027 before an August 2027 opening.
SISB is debt-free and maintains strong cash flow, supporting ongoing expansion. The group recently acquired 23 rai of land in the Suvarnabhumi area to support future growth for both SISB and Marina brands, leveraging local demographic and economic potential.
Krungsri Securities (KSS) expects SISB’s 2Q26 normalized profit to decline both YoY and QoQ, attributed to flat tuition fees, stable student numbers, lower supplementary income, and increased depreciation from expanded capacity. For 2026, a 6% decline in normalized profit is projected, though improvement is likely in the second half as new student cohorts lift average fees.
KSS maintains a “Buy” rating for SISB with a THB 15 target price, citing profit growth potential as student numbers rise, the benefit of a fixed cost structure, effective cost controls, and the company’s mid-market segment expansion. The stock is trading at an attractive 2026 P/E of 11 times, indicating limited downside risk.
