On Thursday, the share price of SISB Public Company Limited (SET: SISB) at the time of 4.16 p.m. was at THB 14.80, a THB 0.80 or 5.71% increase with a total trading value of THB 65.02 million.
TISCO Securities expects SISB to post a net profit of THB 235 million in 2Q25, up 12% year-on-year but edging down 1% quarter-on-quarter. The anticipated growth is largely driven by an increase in student enrollment, particularly at the Nonthaburi campus. However, the absence of non-curricular income this quarter is expected to slightly weigh on profits.
With an addition of 43 students, this brings the total student numbers to around 4,650, mainly attributed to the Nonthaburi campus. Enrollment at the Thonburi campus remained stable, while the Pracha Uthit campus saw a slight decrease due to fluctuations among international students, notably Chinese students. Conversely, the Chiangmai and Rayong campuses experienced modest growth in student numbers.
The company expects both gross profit margin and expenses for this quarter to remain in line with the previous quarter, as the majority of costs are related to teachers, which tend to be fixed.
For the overall outlook for 2025–2026, SISB projects average annual net profit growth of 10%, with student numbers forecasted to rise by 200 and 300, respectively. Tuition fees are also expected to be incrementally adjusted by 3% and 5%, supported by a planned 1,800-seat expansion—approximately 27%—at existing campuses and the strong performance of the Nonthaburi campus.
In 2026, the company anticipates a net increase of about 300 students, including a 100-student rise at the Rangsit campus, without factoring in the impact of any delay in the academic year to 2027.
With costs regarding teachers remaining largely fixed, the company expects to achieve improved margins through higher teacher utilization, as the student-teacher ratio improves to 8:1, allowing SISB to benefit from economies of scale.
As a result, TISCO Securities maintains a “Buy” recommendation for SISB, with a target price of THB 25 per share, citing continued growth momentum in student numbers, schools located in high-potential areas, and tuition fees that are moderate compared to other premium international schools.
