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SmallSmall Supreme	16-Dec-2025 09:07        SmallSmall About Contact  Quote this Post!
x 0   x 1  Alert Admin	THE CONTEXT &bull Raffles Education has faced significant challenges for more than a decade, including a prolonged legal dispute, failed board ouster attempts, and allegations of high executive perks, and governance issues. &bull   The COVID-19 pandemic exacerbated woes, causing student enrollment drops, and revenue declines, compounded by high debt burdens and China regulatory pressures. &bull   Its stock performance reflects this: From ~S$0.80 in late 2010, shares trended downward over years, hitting a low of S$0.03 in Jan 2025. However, 4Q momentum has pushed it to ~S$0.132. &bull   KGI Securities' initiation report dated Dec 15, 2025 highlights an expected multi-year recovery for Raffles in Asian private education. &bull   Analyst Chen Guangzhi recommends OUTPERFORM for the stock with TP  S$0.54,  and a  TP of  S$0.34  when convertible bonds are turned into equity. Read more below ... Excerpts from KGI report Analyst:  Chen Guangzhi   Raffles Education: Undergoing a Multi-year Turnaround &bull   Core Education segment normalisation with stronger unit  economics. Raffles Education&rsquo s student enrolment  stabilised above 22,000 in FY22&ndash 25, with the FY25 drop of  ~4,800 students largely driven by strategic network  rationalisation rather than demand weakness. The Group  shifted towards higher-value programmes, lifting average  fees per student from below S$3,700 in FY23 to above  S$5,000 in FY25, which helped offset the enrolment decline. Operating metrics remain healthy: course fees/personnel  cost stayed above 1.8× , while a 13.7% YoY rise in personnel  expenses&mdash well above typical salary increments&mdash signals  active headcount expansion to support growth. &bull   Refined geographic focus: expanding ASEAN, reducing  China exposure. ASEAN course-fee revenue grew from  S$30.1m in FY2021 to S$46.9m in FY2025, supported by  resilient demand for its K12 and higher-education  programmes, including the 500 students in Raffles American  School Johor. In contrast, North Asia revenue fell from  S$54.6m to S$40.6mn as the Group intentionally scaled  back its China footprint through campus rationalisation and  exits from lower-margin operations. This strategic  rebalancing positions Raffles Education more squarely in  ASEAN&rsquo s structurally high-growth private-education market. &bull   Balance-sheet repair gaining traction through lower  gearing and falling interest costs. Profitability has long been  constrained by thin interest coverage, but the environment  is turning supportive as global rates fall and the Group  actively deleverages. Key initiatives include monetising low yielding  core and non-core assets&mdash the proposed disposal of  Wanbo College announced on 26 November and the proposed S$121.8m sale of 51 Merchant Road announced  on 1 December&mdash to repay major secured loans, as well as  converting approximately S$15.5m of insider funding into  equity. With the recent surge in share price, the convertible  bonds are now effectively equity holders are incentivised to  convert, given the opportunity to more than double their  initial investment. Beyond the convertible bonds, further  balance-sheet repair is expected through continued asset  divestments and debt-to-equity conversions, collectively positioning the Group for a structurally lower interest  burden and a more sustainable capital structure. &bull   Attractive asset-value arbitrage from undervalued real  estate portfolio. Raffles Education owns sizable rental generating  and owner-occupied properties across  Singapore, Malaysia, Indonesia, Thailand and China that are  carried at historical cost, contributing to its depressed  P/NTA. The rental assets alone are worth roughly the  Group&rsquo s entire market cap, implying investors are effectively  getting the core education business and remaining land  bank for free &mdash offering a wide margin of safety. Furthermore, the market has yet recognized the  value of its intangible assets such as university and colleges  licences which the company owns in various countries and  the brand name of " Raffles Education" .   Valuation & Action We initiate Raffles Education with an OUTPERFORM recommendation at a fully diluted TP of S$0.34 and a current  TP of S$0.54 using a DCF valuation methodology with a WACC  of 8.0% and a terminal growth rate of 2.5%. Chen Guangzhi, analystGiven the decline  in debt levels and lower interest rates, should the Group&rsquo s profitability improve substantially onwards with potential  increase in school fees. Outlook: Raffles Education will focus its expansion efforts on ASEAN markets, particularly in Malaysia, Indonesia, and Thailand. The Group is expected to emerge largely debt-free, except for approximately S$20mn of debt at the OUCHK level. OUCHK is a separately listed entity on the HKEX. With the substantial reduction in borrowings, the resulting interest savings will be significant. The Company also plans to re-establish a dividend policy, which will reward shareholders and further strengthen the alignment between management and shareholder interests. Risks:  The student enrolment decline in FY25 highlights ongoing demand volatility amid competitive and cyclical pressures. Operating across multiple jurisdictions also exposes the Group to regulatory shifts, while rising staff costs, inflation, and currency movements pose margin risks. Finally, the business remains highly dependent on brand reputation, where any deterioration in perceived quality could materially impact pricing power and future enrolment.
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SmallSmall Supreme	16-Dec-2025 09:06        SmallSmall About Contact  Quote this Post!
x 0   x 0  Alert Admin	Featured in Nextinsight for those interested
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Sgvale Supreme	16-Dec-2025 08:59        Sgvale About Contact  Quote this Post!
x 0   x 0  Alert Admin	Lai lai
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treetops Elite	16-Dec-2025 08:05        treetops About Contact  Quote this Post! Style: Flexible   Mood: Yells: "Moments Today, Memories Tomorrow!"
x 0   x 0  Alert Admin	Should be more to come. PQTPQK      ( Date: 15-Dec-2025 20:47) Posted: Gap up tomorrow? tankoksee      ( Date: 15-Dec-2025 18:59) Posted: 25 cts coming...50 cts O T O T..........
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PQTPQK Supreme	15-Dec-2025 20:47        PQTPQK About Contact  Quote this Post!
x 0   x 0  Alert Admin	Gap up tomorrow? tankoksee      ( Date: 15-Dec-2025 18:59) Posted: 25 cts coming...50 cts O T O T.......... tofudidi      ( Date: 15-Dec-2025 16:35) Posted: Nice to see bb killing Shortist? penny rally
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tankoksee Supreme	15-Dec-2025 18:59        tankoksee About Contact  Quote this Post!
x 0   x 0  Alert Admin	25 cts coming...50 cts O T O T.......... tofudidi      ( Date: 15-Dec-2025 16:35) Posted: Nice to see bb killing Shortist? penny rally
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tofudidi Supreme	15-Dec-2025 16:35        tofudidi About Contact  Quote this Post!
x 0   x 0  Alert Admin	Nice to see bb killing Shortist? penny rally
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Neutral_Guy Senior	15-Dec-2025 16:29        Neutral_Guy About Contact  Quote this Post!
x 0   x 0  Alert Admin	Shsss. Just keep and don?t mention target prices. Lastly don?t contra.
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PQTPQK Supreme	15-Dec-2025 16:15        PQTPQK About Contact  Quote this Post!
x 0   x 0  Alert Admin	should test 0.15 soon .. eric998      ( Date: 15-Dec-2025 16:02) Posted: Surprise got buyers at 131/132 millions of shares. Profits taking and shortists took advantage. BBs want to catch shortists? Thought 130 can?t clear but it cleared. PQTPQK      ( Date: 15-Dec-2025 15:53) Posted: wow..
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eric998 Supreme	15-Dec-2025 16:02        eric998 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Surprise got buyers at 131/132 millions of shares. Profits taking and shortists took advantage. BBs want to catch shortists? Thought 130 can?t clear but it cleared. PQTPQK      ( Date: 15-Dec-2025 15:53) Posted: wow... SmallSmall      ( Date: 15-Dec-2025 15:35) Posted: Target price by KGI $0.3
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PQTPQK Supreme	15-Dec-2025 15:53        PQTPQK About Contact  Quote this Post!
x 0   x 0  Alert Admin	wow... SmallSmall      ( Date: 15-Dec-2025 15:35) Posted: Target price by KGI $0.34 WBdisciple      ( Date: 15-Dec-2025 15:14) Posted: Full report here: https://www.kgieworld.sg/research/company-report-raffles-education-ltd-nr7-sp/ Education biz is good...sticky and defensive. Look at their EBITDA per year...in excess of S$20m...once debt is fully paid...all profits go to shareholders.
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eric998 Supreme	15-Dec-2025 15:43        eric998 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Maybe people waiting for 20c then get interested. Now or so interested? SmallSmall      ( Date: 15-Dec-2025 15:35) Posted: Target price by KGI $0.34 WBdisciple      ( Date: 15-Dec-2025 15:14) Posted: Full report here: https://www.kgieworld.sg/research/company-report-raffles-education-ltd-nr7-sp/ Education biz is good...sticky and defensive. Look at their EBITDA per year...in excess of S$20m...once debt is fully paid...all profits go to shareholders.
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SmallSmall Supreme	15-Dec-2025 15:35        SmallSmall About Contact  Quote this Post!
x 0   x 0  Alert Admin	Target price by KGI $0.34 WBdisciple      ( Date: 15-Dec-2025 15:14) Posted: Full report here: https://www.kgieworld.sg/research/company-report-raffles-education-ltd-nr7-sp/ Education biz is good...sticky and defensive. Look at their EBITDA per year...in excess of S$20m...once debt is fully paid...all profits go to shareholders.
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WBdisciple Elite	15-Dec-2025 15:14        WBdisciple About Contact  Quote this Post!
x 0   x 0  Alert Admin	Full report here: https://www.kgieworld.sg/research/company-report-raffles-education-ltd-nr7-sp/ Education biz is good...sticky and defensive. Look at their EBITDA per year...in excess of S$20m...once debt is fully paid...all profits go to shareholders.
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SmallSmall Supreme	15-Dec-2025 14:45        SmallSmall About Contact  Quote this Post!
x 0   x 0  Alert Admin	$0.133 +$0.026 Vol 37 mil Power sia
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eric998 Supreme	15-Dec-2025 14:02        eric998 About Contact  Quote this Post!
x 0   x 0  Alert Admin	20 pips up, retrace to 120?
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eric998 Supreme	15-Dec-2025 13:26        eric998 About Contact  Quote this Post!
x 0   x 0  Alert Admin	130 not easy to clear.
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BBBulll Senior	15-Dec-2025 12:27        BBBulll About Contact  Quote this Post!
x 0   x 0  Alert Admin	Any link to the publication? Joelton      ( Date: 15-Dec-2025 10:30) Posted: KGI: Initiation of Raffles Education with an OUTPERFORM Recommendation at a fully diluted TP of S$0.34 and a current TP of S$0.54 using a DCF valuation methodology with a WACC of 8.0% and a terminal growth rate of 2.5%.    Core Education segment normalisation with stronger unit economics. Raffles Education&rsquo s student enrolment stabilised above 22,000 in FY22&ndash 25, with the FY25 drop of ~4,800 students largely driven by strategic network rationalisation rather than demand weakness. The Group shifted towards higher-value programmes, lifting average fees per student from below S$3,700 in FY23 to above S$5,000 in FY25, which helped offset the enrolment decline.   Operating metrics remain healthy: course fees/personnel cost stayed above 1.8× , while a 13.7% YoY rise in personnel expenses&mdash well above typical salary increments&mdash signals active headcount expansion to support growth.   &bull Refined geographic focus: expanding ASEAN, reducing China exposure. ASEAN course-fee revenue grew from S$30.1m in FY2021 to S$46.9m in FY2025, supported by resilient demand for its K12 and higher-education programmes, including the 500 students in Raffles American School Johor. In contrast, North Asia revenue fell from S$54.6m to S$40.6mn as the Group intentionally scaled back its China footprint through campus rationalisation and exits from lower-margin operations. This strategic rebalancing positions Raffles Education more squarely in ASEAN&rsquo s structurally high-growth private-education market.   &bull Balance-sheet repair gaining traction through lower gearing and falling interest costs. Profitability has long been constrained by thin interest coverage, but the environment is turning supportive as global rates fall and the Group actively deleverages. Key initiatives include monetising lowyielding core and non-core assets&mdash the proposed disposal of Wanbo College announced on 26 November and the proposed S$121.8m sale of 51 Merchant Road announced on 1 December&mdash to repay major secured loans, as well as converting approximately S$15.5m of insider funding into equity.    With the recent surge in share price, the convertible bonds are now effectively equity holders are incentivised to convert, given the opportunity to more than double their  initial investment. Beyond the convertible bonds, further balance-sheet repair is expected through continued asset divestments and debt-to-equity conversions, collectively positioning the Group for a structurally lower interest burden and a more sustainable capital structure.   &bull Attractive asset-value arbitrage from undervalued real estate portfolio. Raffles Education owns sizable renta lgenerating and owner-occupied properties across Singapore, Malaysia, Indonesia, Thailand and China that are carried at historical cost, contributing to its depressed P/NTA. The rental assets alone are worth roughly the Group&rsquo s entire market cap, implying investors are effectively getting the core education business and remaining land  bank for free &mdash offering a wide margin of safety. Raffles Education owns sizable rental-generating and owner owneroccupied properties across Singapore, Malaysia, and China that are carried at historical cost, contributing to its depressed P/NTA.    The rental assets alone are worth roughly the Group' s entire market cap, implying investors are effectively getting the core education business and  remaining land bank for free - offering a wide margin of safety.    Furthermore, the market has yet recognized the value of its intangible assets such as university and colleges licences which the company owns in various countries and the brand name of " Raffles Education" .
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Joelton Supreme	15-Dec-2025 10:30        Joelton About Contact  Quote this Post!
x 0   x 0  Alert Admin	KGI: Initiation of Raffles Education with an OUTPERFORM Recommendation at a fully diluted TP of S$0.34 and a current TP of S$0.54 using a DCF valuation methodology with a WACC of 8.0% and a terminal growth rate of 2.5%.    Core Education segment normalisation with stronger unit economics. Raffles Education&rsquo s student enrolment stabilised above 22,000 in FY22&ndash 25, with the FY25 drop of ~4,800 students largely driven by strategic network rationalisation rather than demand weakness. The Group shifted towards higher-value programmes, lifting average fees per student from below S$3,700 in FY23 to above S$5,000 in FY25, which helped offset the enrolment decline.   Operating metrics remain healthy: course fees/personnel cost stayed above 1.8× , while a 13.7% YoY rise in personnel expenses&mdash well above typical salary increments&mdash signals active headcount expansion to support growth.   &bull Refined geographic focus: expanding ASEAN, reducing China exposure. ASEAN course-fee revenue grew from S$30.1m in FY2021 to S$46.9m in FY2025, supported by resilient demand for its K12 and higher-education programmes, including the 500 students in Raffles American School Johor. In contrast, North Asia revenue fell from S$54.6m to S$40.6mn as the Group intentionally scaled back its China footprint through campus rationalisation and exits from lower-margin operations. This strategic rebalancing positions Raffles Education more squarely in ASEAN&rsquo s structurally high-growth private-education market.   &bull Balance-sheet repair gaining traction through lower gearing and falling interest costs. Profitability has long been constrained by thin interest coverage, but the environment is turning supportive as global rates fall and the Group actively deleverages. Key initiatives include monetising lowyielding core and non-core assets&mdash the proposed disposal of Wanbo College announced on 26 November and the proposed S$121.8m sale of 51 Merchant Road announced on 1 December&mdash to repay major secured loans, as well as converting approximately S$15.5m of insider funding into equity.    With the recent surge in share price, the convertible bonds are now effectively equity holders are incentivised to convert, given the opportunity to more than double their  initial investment. Beyond the convertible bonds, further balance-sheet repair is expected through continued asset divestments and debt-to-equity conversions, collectively positioning the Group for a structurally lower interest burden and a more sustainable capital structure.   &bull Attractive asset-value arbitrage from undervalued real estate portfolio. Raffles Education owns sizable renta lgenerating and owner-occupied properties across Singapore, Malaysia, Indonesia, Thailand and China that are carried at historical cost, contributing to its depressed P/NTA. The rental assets alone are worth roughly the Group&rsquo s entire market cap, implying investors are effectively getting the core education business and remaining land  bank for free &mdash offering a wide margin of safety. Raffles Education owns sizable rental-generating and owner owneroccupied properties across Singapore, Malaysia, and China that are carried at historical cost, contributing to its depressed P/NTA.    The rental assets alone are worth roughly the Group' s entire market cap, implying investors are effectively getting the core education business and  remaining land bank for free - offering a wide margin of safety.    Furthermore, the market has yet recognized the value of its intangible assets such as university and colleges licences which the company owns in various countries and the brand name of " Raffles Education" .
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treetops Elite	10-Dec-2025 17:46        treetops About Contact  Quote this Post! Style: Flexible   Mood: Yells: "Moments Today, Memories Tomorrow!"
x 0   x 0  Alert Admin	Looking at same run as MarcoPolo soon. Hold on to it till Jan 2026
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