FSS Sees Further Upside on SISB, Expecting an Increase in Student Target to Push Revenue Higher

Prior to the analyst meeting today in the afternoon for SISB Public Company Limited (SET: SISB), Finansia Syrus Securities (FSS) wrote in the research expecting an increase in its student target. The latest data showed that SISB had 3,044 students at the end of 3Q22, a record high. Also, it was close to its 2022 target of 3,100 students.

FSS expected continued Q-Q and Y-Y profit growth in 4Q22 as it should make the 2022 profit jump by 68% Y-Y. In 2023, the earnings would surge by 42% due to the inauguration of a new campus in Nontaburi and Rayong. Also, SISB has changed the depreciation method for its new building.


In addition, FSS gave a “BUY” rating on SISB with a target price at THB21.20 per share. The share price is trading at THB20.50 per share before the closing in the afternoon session on December 7. It gained 115% so far this year after the situation of Covid-19 in Thailand eased and students were able to return to on-site lessons.