Krungsri Securities (KSS) maintains a neutral view after a recent management meeting with SISB Public Company Limited (SET: SISB). The outlook reflects muted near-term prospects, as student enrollment numbers are stagnant, with no new positive catalysts on the horizon.
Since the beginning of the year, SISB’s total student enrollment is 4,583, largely unchanged from the 2025 year-end figure of 4,594. This stability is attributed to intensifying competition among international schools and diminished purchasing power among parents. The brokerage’s year-end student enrollment estimate stands at approximately 3% below SISB’s own 2026 target of 4,800 students.
Tuition fees for the 2026/27 academic year—set to begin in mid-August 2026—are currently under review. Should an increase be implemented, this year’s average tuition could exceed current assumptions. For 2026, SISB targets revenue growth of 3–5% year-on-year, underpinned by a planned net enrollment increase of 206 students.
Management noted that macroeconomic pressures, the ongoing Middle East conflict, and escalating competition are creating a challenging environment. Thus, SISB is focusing on parental affordability, competitive pricing, and enhanced marketing, both domestically and on international platforms.
Highlights from SISB’s expansion strategy include the opening of a new building at the Pracha Uthit branch (Phase 3) in January 2026, adding capacity for 600 upper secondary students (grades K10–12) along with new activity spaces. The seventh branch, at Pathum Thani (Rangsit Khlong 3, Phase 1), is scheduled to open in August 2027 and will target the mid-market segment with a new brand identity.
Furthermore, SISB has acquired land near its Suvarnabhumi branch (Namnuang–Bang Phli Road), currently limited to grades K-6. The company sees significant growth potential in this area due to ongoing residential development, and plans to establish a new facility offering instruction up to grade K-12 with modern amenities.
Krungsri maintains its 2026 financial forecasts for SISB, projecting normalized profit growth of 3% year-on-year, supported by a revenue boost of 2% year-on-year from higher average tuition and steady student enrollment. Gross margin is expected to improve to 54.2%, up from 53.1% in 2025, driven by projected enrollment of 4,644 students (+1% year-on-year) and greater cost management efficiency.
Despite the neutral view on operational momentum, the brokerage continues to recommend SISB with a ‘Buy’ rating alongside a target price of THB 17.00 per share.
SISB is seen as an attractive defensive play, underpinned by resilient earnings supported by enrollment base expansion, grade-level progression, and leveraged fixed cost structures, which account for 70%–80% of overall costs.
Growth potential from branch expansion into the mid-market segment is another upside in focus. At the current share price, SISB trades at a 10x forward P/E on 2026, which Krungsri sees as an opportunity for accumulation.
