At 3:10 P.M., the share price of SISB Public Company Limited (SET: SISB) was at THB 13.00 per share, up THB 0.90 or 7.44%, with a trading value of THB 154.57 million, driven by strong margins and positive outlook. The stock price surged to its highest level in nearly five months, compared to when it stood at THB 13.30 per share on September 22, 2025.
Mr. Yew Hock Koh, Chief Executive Officer of SISB, told “Kaohoon” that the overall operating results in 4Q25 remained stable compared to the previous quarter and the same period last year. As a result, the overall performance for 2025, with total revenue, was within forecasted expectations, with 4,600 students enrolled.
Nonetheless, the profit margin stood at a robust average of 35%, higher than the international school industry average of 30%, due to stringent cost and expense controls.
For the 2026 business plan, the company aims to have 5,000 students enrolled and targets total revenue of THB 2.8 billion, with growth of no less than 5-6%, in line with the increasing number of students and an average tuition fee adjustment of 3-5%.
The extent of the adjustment will depend on the prevailing economic conditions, and the situation will be closely monitored throughout 2026. The company also emphasizes continued cost and expense management from 2025.
Meanwhile, the company estimates that its 1Q26 performance will remain stable from 4Q25, as it is the second semester of the 2025/2026 academic year, which typically sees little change in student numbers. Additionally, the Singapore International School Pracha Uthit Campus, Phase 3, with a capacity of 600 seats, has commenced operations, offering improved efficiency in accommodating students.
2Q26 will be the semester break and a period when many Thai students decide to transfer to international schools. Hence, it is expected that in 3Q26, the first semester of the 2026/2027 academic year, a significant number of students will enroll, as is usually the case each year.
Krungsri Securities (KSS) recommends a “BUY” with a target price of THB 17 per share, using the DCF method with a WACC of 9.3%, and favors SISB for its strong fundamentals as a defensive stock. This is based on 1) profit growth supported by an increasing student base and grade promotions, 2) operating leverage from a capital structure with 70-80% fixed costs, and 3) growth potential from expanding into the mid-tier market.
Profit forecasts (excluding extraordinary items) for 2025 have been revised down by 1% to THB 942 million from THB 948 million. Projections for 2026 and 2027 have been cut by 7% to THB 962 million from THB 1.03 billion and by 13% to THB 1 billion from THB 1.15 billion, respectively.
This reflects: 1) an expected reduction in total students by 2-6%; with 40 fewer new students in 2025, and 50 and 100 new students in 2026 and 2027 respectively; 2) an average tuition fee adjustment down by 3-5%; and 3) an EBITDA margin adjustment down by 2% per year for 2026 and 2027.
In 2026, normal profit is expected to expand by 2%, driven by a projected 2% increase in revenue from both the number of students and average tuition fee. Gross profit margin is also expected to improve to 54.2% from 53.9% in 2025, due to higher student enrollment and increased economies of scale, with the current student-to-teacher ratio at 8:1, plus efficient cost management. Furthermore, 4Q25’s net profit is expected to be THB 235 million, decreasing 4% year-over-year and 15% quarter-over-quarter.
