Yew Hock Koh, Chief Executive Officer of SISB Public Company Limited (SET: SISB), revealed to “Kaohoon” that the overall performance for 4Q25 was stable compared to the previous quarter and the same period last year. This resulted in the overall 2025 performance aligning with forecasts, with the total number of students standing at 4,600.
Profitability (margin) remained strong at an average of 35%, higher than the international school industry average of 30%, due to effective cost and expense control. The company will hold a board meeting to approve and announce the financial statements on February 13, 2026.
For the business plan in 2026, the company set a target of 5,000 students, with total revenue targeted at THB 2.8 billion, expecting growth of no less than 5-6%, in line with the increasing number of students and a tuition fee adjustment averaging 3-5%. The tuition increment will be considered based on overall economic conditions, with close monitoring throughout 2026, and the company will continue focusing on cost and expense control from 2025.
Simultaneously, the company expects 1Q26 performance to remain stable compared to 4Q25, as the 2025/2026 academic year’s second term typically sees little change in student numbers. Meanwhile, the opening of the Singapore International School Pracha Uthit Campus Phase 3, with 600 seats, will enhance student accommodation efficiency.
In 2Q26, which is the typical school break period and when Thai students usually transfer to international schools in larger numbers, SISB expects that 3Q26—the academic year 2026/2027—will see a significant rise in students in the first term, as is usual every year.
Krungsri Securities recommends a “Buy” with a target price of THB 17, based on a DCF valuation with WACC at 9.3%. SISB is favored as a defensive stock, given that 1) profit continues to grow from rising student base and academic advancement, 2) operating leverage from a capital structure where 70-80% is fixed cost, and 3) growth opportunities from mid-market expansion.
Earnings (excluding special items) for 2025 were revised down by 1% to THB 942 million from THB 948 million, while 2026-2027 earnings were adjusted down by 7% to THB 962 million from THB 1,037 million and down by 13% to THB 1,005 million from THB 1,151 million respectively. This reflects 1) a downward revision of the total number of students by 2-6%, expecting 40 fewer new students in 2025, and 50 and 100 new students in 2026 and 2027, respectively, 2) a downward revision of average tuition by 3-5%, and 3) a reduction of EBITDA margin for 2026-2027 by 2% per year.
For 2026, normalized profit is expected to grow 2%, driven by a 2% revenue increase from higher student numbers and average tuition fees. Gross margin is projected to improve to 54.2% from 53.9% in 2025 due to increased student numbers and greater economies of scale from the current student-to-teacher ratio of 8:1, as well as efficient cost management. Additionally, 4Q25 net profit is expected at THB 235 million, down 4% year-on-year and down 15% from 3Q25.
