SISB Expects a Record High in 4Q23 with Annual Revenue Near THB2,000 Million

SISB signaled a highly positive trend for 4Q/23 that would support its annual revenue in 2023 to expand 30%, while expecting 2024 performance to grow at least 30%. The number of students is expected to reach 4,600 from 4,200 at the end of 2023. The analyst recommended “BUY” on SISB at a target price of THB 44. The 4Q/23 results are expected to reach a record high at THB 190 million, increased by 48%.

Sources from SISB Public Company Limited (SET: SISB) revealed to “Kaohoon” regarding the listing of the company in SET100 index that the company recognized the matter as an acceptance from investors and reflected on a continuous growth in company’s performance. SISB was also listed in MSCI Global Small Cap Index, as the company was awarded a number of honors. This gave a boost to the confidence of the market and marked the company as the number one international school in Thailand.


Regarding the trend of the company’s performance in 4Q/23, it is expected that the figures will be as close as what the analysts estimated, following the growing number of students and none of one-time expenses in 4Q/2023. Meanwhile, at the end of 2023, the number of students in the system was 4,200, compared to 3,114 students in 2022. This boosted the total revenue of 2023, exceeding the target by 30% compared to 2022, as the total revenue was THB 1,344.41 million.

In 2024, the company aimed to reach the total revenue target of growing at least 30% YoY and maintain the profit margin of at least 30%. The amount of students in the system will increase to 4,600.


KGI Securities (Thailand) gave a “BUY” recommendation on SISB with a target price in 2024 at THB 44 per share, following the surge in the last two months. From a positive trend of the company’s performance and the listing of the company in SET100, the expected total revenue in 2023 was THB 1.917 billion, with a net profit of THB 624 million. The number increased when compared to the total revenue of THB 1.319 billion with a net profit of THB 369 million in 2022. The expected total revenue in 2024 is THB 2.399 billion with a net profit of THB 833 million.

Meanwhile, the performance in 4Q/23 was estimated to be impressive as the net profit was expected to reach a new record of THB 190 million, increased by 48% YoY and 47.8% QoQ. The number was higher than what was estimated in the analysis on 18 December 2023 that the net profit will be at least THB 180 million. However, the performance in 4Q/23 will reflect as follows:

  1. The company had already passed the worst quarter of the year in 3Q/23 and came back to record its revenue and capital as usual, after adding two more schools (Nonthaburi and Rayong) in August 2023.
  2. The number of students continuously grew to around 4,190 at the end of 4Q/23 from 4,125 at the end of 3Q/23.
  3. A full-recognition of tuition fees in this quarter.
  4. Expenses from selling, general and administration (SG&A) were at a manageable level.

The number of students was expected to increase to 4,190, increased by 34.6% YoY and 1.6% QoQ, while the tuition fees in 4Q/23 were estimated at an average of THB 140,000 a quarter per student, increased by 12.4% YoY and 21.7% QoQ.


Regarding the revenue in 4Q/23, SISB is expected to bookTHB 590 million, increased by 51.3% YoY and 23.6% QoQ, and gross profit margin was expected to remain strong at 53% from 53.3% in 4Q/22 and 44.3% in 3Q/23.


Regarding the trend of the performance in 2024, the company is expected to grow continuously. The estimated net profit is at THB 833 million, increased by 33% YoY. The surge in profit will be from an increased number of students from 4,190 in 2023 to 4,600 in 2024. The gross profit margin will grow, and expenses from selling, general and administration (SG&A) will be at the manageable level. The long-term trend for the company will remain positive. The analysts favor SISB in terms of the potential to grow in the long run as an international school in Thailand, as the demand increases from the need for employers around the world to use English as a mean in communication, the demand from advanced education, and the affordability of parents to enroll their children to study in private schools (international schools).