Mr. Yew Hock Koh, CEO of SISB Public Company Limited (SET: SISB), revealed to ‘Kaohoon’ that the company continues to emphasize its strength in implementing the Singapore curriculum to provide a solid academic foundation from the primary level, with the integration of modern technologies such as AI, coding, and robotics into its ICT curriculum.
In addition, SISB distinguishes itself by establishing a strong foundation in the Chinese language from an early age and provides university guidance for leading universities in China, Western countries, Australia, and New Zealand, supporting students with portfolio preparation and interview training.
Looking ahead, the company has set a target of reaching 4,600 students by the end of 2026, up from the current figure of approximately 4,400 students. With the first semester running from mid-August to December, Mr. Koh expressed confidence in achieving this goal, although he noted that the overall economic environment and stricter government policies regarding foreign nationals could impact decision-making for international families considering enrollment.
SISB is also planning to enter a new segment with the launch of a new school brand in 2027, aiming to broaden its customer base. Tuition fees for this brand are planned to range from THB 300,000–500,000 per student per term, catering to parents seeking affordable international education amid a slowdown in the economy and consumer spending. Lowering tuition fees, meanwhile, does not equate to reduced education quality; rather, the focus is on effective cost and operational management to make SISB’s standard of education more accessible.
“Education is a fundamental and enduring factor. SISB’s business is therefore suitable as a long-term investment that delivers stability, not just short-term gains. SISB prioritizes maintaining educational quality and continually updating curricula to instill confidence in parents over the long term,” Mr. Koh commented. He acknowledged that all sectors are facing challenges stemming from both local and international economic factors, but emphasized that a focus on quality and adaptability is key for sustainable business operations.
Mr. Koh further added that international schools and education are crucial factors that bolster confidence among investors and expatriate families choosing to move to Thailand, as they ensure quality educational opportunities for their children. While international education serves to attract foreigners, SISB remains focused primarily on serving Thai students, as they have a longer and more predictable student cycle compared to expatriate students, who often relocate based on family assignments.
“SISB continues to welcome foreign students equally, but external factors such as the global economy and strict government immigration screening policies present challenges for attracting international families. Therefore, clear and stable government policies are vital in instilling confidence for expatriate families to relocate and enroll their children in Thailand,” Mr. Koh concluded.
Separately, Krungsri Securities (KSS) maintains a ‘Buy’ recommendation on SISB with a target price of THB 16.00 per share, viewing the company as a defensive stock with attractive prospects. The brokerage sees potential earnings recovery in 2027, supported by a rising student base and possible tuition fee increases.
SISB also stands to benefit from expanding its customer base in the mid-market segment due to its high educational quality and accessible pricing. Regular positive cash flow and consistent dividend payouts, with the possibility of increased dividend payout ratios, add to the company’s appeal.
However, the analyst notes a slightly negative view from recent meetings with SISB management, mainly due to a slower-than-expected student enrollment recovery given economic conditions and intense price competition. The company recently adjusted its 2026 student target downward to 4,600, aligning closely with analysts’ estimates, and the potential downside risk remains if enrollment dips to 4,400 students, which could pressure revenue in the second half of 2026. Moreover, there are no new drivers for short-term growth at present.
For 2026, earnings are expected to decline by 8% due to incomplete student recovery and high fixed costs. In 2027, net profit is projected to increase gradually by 2% as revenues improve, and a tuition fee hike of around 3-5% for the 2027/28 academic year may provide further upside to next year’s estimates, according to Krungsri.
