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Wah good news ah
QueenMaya ( Date: 25-Feb-2026 08:59) Posted:
KKR?s US$1.3b XCL deal puts a spotlight on education value, Raffles Education still trades at a deep discount
Ven Sreenivasan, Editorial Director
Investors Edge 24 Feb 2026 5:50pm
A US$1.3 billion private equity cheque for a Singapore based school operator has reset the valuation conversation for the education sector.
KKR?s reported agreement to acquire a majority stake in XCL Education at a valuation of about US$1.3 billion is not just another buyout headline.
It provides a real market reference point for what scaled education platforms can command in private markets.
The sharper question for listed investors is this.
Why is Raffles Education trading at barely a fraction of its underlying asset base and revenue profile?
A clear benchmark
From its latest filed financial statements for the year ended 30 June 2024, XCL reported revenue of US$104.8 million and a net loss of US$27.4 million.
Total equity stood at US$200.2 million, while current liabilities exceeded current assets by US$54.2 million.
At a reported valuation of US$1.3 billion, the implied multiple is roughly 12 times revenue.
That valuation is not being paid for near term profitability.
It is being paid for scale, network depth and the long duration nature of fee income.
Private capital is underwriting structural demand for premium education.
Public market counterpart
Now consider Raffles Education.
For the six months ended 31 December 2025, the group reported revenue of S$56.63 million and an operating profit before tax of S$0.24 million, reversing a loss in the previous corresponding period.
Net cash generated from operating activities improved to S$22.53 million.
Net assets stood at S$669.65 million, with a disclosed net asset value of $0.3933 cents per share.
As of the latest available quote, Raffles shares were trading at S$0.146, implying a market capitalisation of about S$224.7 million.
Annualising first half revenue gives roughly S$113 million in sales.
At S$224.7 million, the stock trades at about 2 times revenue.
Set that against XCL?s implied 12 times revenue valuation.
The valuation gap is stark.
Balance sheet moves
The divergence becomes more interesting when capital discipline is factored in.
Raffles has disclosed asset disposals expected to yield approximately S$132.3 million in cash proceeds.
Its Chairman and CEO has converted S$15.53 million of bonds and loans into equity.
These are tangible balance sheet actions aimed at strengthening liquidity and reducing leverage.
Meanwhile, XCL?s FY2024 accounts show continuing losses and a working capital deficit.
One platform is being recapitalised and tightened in public markets.
The other is being acquired at a premium valuation despite still being in loss making territory.
Two prices, one sector
Private equity is paying for long term enrolment resilience and recurring cash flows.
Public markets appear to be pricing Raffles primarily on its past volatility rather than on its asset backing and improving operating cash generation.
The two companies are not identical in scale or positioning.
But valuation spreads of this magnitude invite closer examination.
If US$1.3 billion is a fair price for a loss making education platform with US$104.8 million in revenue, then a S$224.7 million valuation for a company with S$669.65 million in net assets and positive operating cash flow looks increasingly difficult to justify.
In private markets, capital is voting decisively.
In public markets, Raffles Education still trades at a deep discount.
PQTPQK ( Date: 24-Feb-2026 09:19) Posted:
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KKR?s US$1.3b XCL deal puts a spotlight on education value, Raffles Education still trades at a deep discount
Ven Sreenivasan, Editorial Director
Investors Edge 24 Feb 2026 5:50pm
A US$1.3 billion private equity cheque for a Singapore based school operator has reset the valuation conversation for the education sector.
KKR?s reported agreement to acquire a majority stake in XCL Education at a valuation of about US$1.3 billion is not just another buyout headline.
It provides a real market reference point for what scaled education platforms can command in private markets.
The sharper question for listed investors is this.
Why is Raffles Education trading at barely a fraction of its underlying asset base and revenue profile?
A clear benchmark
From its latest filed financial statements for the year ended 30 June 2024, XCL reported revenue of US$104.8 million and a net loss of US$27.4 million.
Total equity stood at US$200.2 million, while current liabilities exceeded current assets by US$54.2 million.
At a reported valuation of US$1.3 billion, the implied multiple is roughly 12 times revenue.
That valuation is not being paid for near term profitability.
It is being paid for scale, network depth and the long duration nature of fee income.
Private capital is underwriting structural demand for premium education.
Public market counterpart
Now consider Raffles Education.
For the six months ended 31 December 2025, the group reported revenue of S$56.63 million and an operating profit before tax of S$0.24 million, reversing a loss in the previous corresponding period.
Net cash generated from operating activities improved to S$22.53 million.
Net assets stood at S$669.65 million, with a disclosed net asset value of $0.3933 cents per share.
As of the latest available quote, Raffles shares were trading at S$0.146, implying a market capitalisation of about S$224.7 million.
Annualising first half revenue gives roughly S$113 million in sales.
At S$224.7 million, the stock trades at about 2 times revenue.
Set that against XCL?s implied 12 times revenue valuation.
The valuation gap is stark.
Balance sheet moves
The divergence becomes more interesting when capital discipline is factored in.
Raffles has disclosed asset disposals expected to yield approximately S$132.3 million in cash proceeds.
Its Chairman and CEO has converted S$15.53 million of bonds and loans into equity.
These are tangible balance sheet actions aimed at strengthening liquidity and reducing leverage.
Meanwhile, XCL?s FY2024 accounts show continuing losses and a working capital deficit.
One platform is being recapitalised and tightened in public markets.
The other is being acquired at a premium valuation despite still being in loss making territory.
Two prices, one sector
Private equity is paying for long term enrolment resilience and recurring cash flows.
Public markets appear to be pricing Raffles primarily on its past volatility rather than on its asset backing and improving operating cash generation.
The two companies are not identical in scale or positioning.
But valuation spreads of this magnitude invite closer examination.
If US$1.3 billion is a fair price for a loss making education platform with US$104.8 million in revenue, then a S$224.7 million valuation for a company with S$669.65 million in net assets and positive operating cash flow looks increasingly difficult to justify.
In private markets, capital is voting decisively.
In public markets, Raffles Education still trades at a deep discount.
PQTPQK ( Date: 24-Feb-2026 09:19) Posted:
cheong ?
Neutral_Guy ( Date: 24-Feb-2026 08:52) Posted:
| This clearly shows that Singapore education stocks are priced too low. Anyway, this company will be the next target by China?s educational giants. |
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cheong ?
Neutral_Guy ( Date: 24-Feb-2026 08:52) Posted:
| This clearly shows that Singapore education stocks are priced too low. Anyway, this company will be the next target by China?s educational giants. |
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This clearly shows that Singapore education stocks are priced too low. Anyway, this company will be the next target by China?s educational giants.
Just a matter of time ... need to clean up the books (and increase credibility) first
TraderBen ( Date: 24-Feb-2026 08:12) Posted:
Why don?t buy RE lol
QueenMaya ( Date: 24-Feb-2026 07:53) Posted:
KKR agrees to buy Singapore-based XCL Education in US$1.3 billion deal: sources
KKR outbid other investment firms for the stake held by TPG
[HONG KONG] KKR & Co has agreed to buy a majority stake in XCL Education Holdings in a deal that values the South-east Asian school operator at about US$1.3 billion, according to people familiar with the matter.
KKR outbid other investment firms for the stake held by TPG, the people said, without disclosing the exact size of the holding. A transaction is pending regulatory approvals and closing conditions, the people said, asking not to be identified because the information is private.
Representatives for KKR and TPG declined to comment.
XCL had drawn interest from other private equity firms including Warburg Pincus, Blackstone and EQT AB, people familiar with the matter said in December.
The company has K-12 school campuses across South-east Asia, including XCL World Academy in Singapore, the American School of Bangkok?s Sukhumvit campus, and Vietnam Australia International School, according to its website. Its other shareholders include Singapore state investor Temasek Holdings.
KKR invests widely in education, backing firms including Lighthouse Learning in India and Taylor?s Education Group, which operates international schools in South-east Asia, as well as EQuest Education and Vinschools in Vietnam and Cognita Schools in Asia.
KKR has deployed about US$15 billion in South-east Asia. It led a group that agreed to buy data centre operator STT GDC for S$6.6 billion in cash earlier this month.
In November, KKR provided Chandra Asri Group with US$750 million in financing for its acquisition of ExxonMobil?s Esso-branded retail fuel stations in Singapore.
After a soft year for mergers and acquisitions in South-east Asia, 2026 is off to a good start with the volume of deals nearing US$12 billion, more than four times higher than the same period last year, according to data compiled by Bloomberg. Beyond STT GDC, other significant deals include Malaysian builder Sunway Bhd?s offer to acquire smaller rival IJM Corp Bhd for about RM11 billion (S$3.2 billion). |
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Why don?t buy RE lol
QueenMaya ( Date: 24-Feb-2026 07:53) Posted:
KKR agrees to buy Singapore-based XCL Education in US$1.3 billion deal: sources
KKR outbid other investment firms for the stake held by TPG
[HONG KONG] KKR & Co has agreed to buy a majority stake in XCL Education Holdings in a deal that values the South-east Asian school operator at about US$1.3 billion, according to people familiar with the matter.
KKR outbid other investment firms for the stake held by TPG, the people said, without disclosing the exact size of the holding. A transaction is pending regulatory approvals and closing conditions, the people said, asking not to be identified because the information is private.
Representatives for KKR and TPG declined to comment.
XCL had drawn interest from other private equity firms including Warburg Pincus, Blackstone and EQT AB, people familiar with the matter said in December.
The company has K-12 school campuses across South-east Asia, including XCL World Academy in Singapore, the American School of Bangkok?s Sukhumvit campus, and Vietnam Australia International School, according to its website. Its other shareholders include Singapore state investor Temasek Holdings.
KKR invests widely in education, backing firms including Lighthouse Learning in India and Taylor?s Education Group, which operates international schools in South-east Asia, as well as EQuest Education and Vinschools in Vietnam and Cognita Schools in Asia.
KKR has deployed about US$15 billion in South-east Asia. It led a group that agreed to buy data centre operator STT GDC for S$6.6 billion in cash earlier this month.
In November, KKR provided Chandra Asri Group with US$750 million in financing for its acquisition of ExxonMobil?s Esso-branded retail fuel stations in Singapore.
After a soft year for mergers and acquisitions in South-east Asia, 2026 is off to a good start with the volume of deals nearing US$12 billion, more than four times higher than the same period last year, according to data compiled by Bloomberg. Beyond STT GDC, other significant deals include Malaysian builder Sunway Bhd?s offer to acquire smaller rival IJM Corp Bhd for about RM11 billion (S$3.2 billion).
Barcalo ( Date: 20-Feb-2026 15:48) Posted:
| https://links.sgx.com/FileOpen/RafflesEdu_PR_1H2026%20-16%20February%202026.ashx?App=Announcement&FileID=87528 |
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KKR agrees to buy Singapore-based XCL Education in US$1.3 billion deal: sources
KKR outbid other investment firms for the stake held by TPG
[HONG KONG] KKR & Co has agreed to buy a majority stake in XCL Education Holdings in a deal that values the South-east Asian school operator at about US$1.3 billion, according to people familiar with the matter.
KKR outbid other investment firms for the stake held by TPG, the people said, without disclosing the exact size of the holding. A transaction is pending regulatory approvals and closing conditions, the people said, asking not to be identified because the information is private.
Representatives for KKR and TPG declined to comment.
XCL had drawn interest from other private equity firms including Warburg Pincus, Blackstone and EQT AB, people familiar with the matter said in December.
The company has K-12 school campuses across South-east Asia, including XCL World Academy in Singapore, the American School of Bangkok?s Sukhumvit campus, and Vietnam Australia International School, according to its website. Its other shareholders include Singapore state investor Temasek Holdings.
KKR invests widely in education, backing firms including Lighthouse Learning in India and Taylor?s Education Group, which operates international schools in South-east Asia, as well as EQuest Education and Vinschools in Vietnam and Cognita Schools in Asia.
KKR has deployed about US$15 billion in South-east Asia. It led a group that agreed to buy data centre operator STT GDC for S$6.6 billion in cash earlier this month.
In November, KKR provided Chandra Asri Group with US$750 million in financing for its acquisition of ExxonMobil?s Esso-branded retail fuel stations in Singapore.
After a soft year for mergers and acquisitions in South-east Asia, 2026 is off to a good start with the volume of deals nearing US$12 billion, more than four times higher than the same period last year, according to data compiled by Bloomberg. Beyond STT GDC, other significant deals include Malaysian builder Sunway Bhd?s offer to acquire smaller rival IJM Corp Bhd for about RM11 billion (S$3.2 billion).
Barcalo ( Date: 20-Feb-2026 15:48) Posted:
https://links.sgx.com/FileOpen/RafflesEdu_PR_1H2026%20-16%20February%202026.ashx?App=Announcement&FileID=875283
Barcalo ( Date: 20-Feb-2026 15:45) Posted:
| Announcement made on the Eve of CNY. |
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https://links.sgx.com/FileOpen/RafflesEdu_PR_1H2026%20-16%20February%202026.ashx?App=Announcement&FileID=875283
Barcalo ( Date: 20-Feb-2026 15:45) Posted:
Announcement made on the Eve of CNY.
Sunraku ( Date: 20-Feb-2026 15:37) Posted:
Raffles Education Delivers Positive Operating Profit and Improves Operating Cash Flow with Balance Sheet Further Strengthening in the 1st Half of FY2026
- Highlighting the resiliency of the Company and its education business model, revenue remained stable with positive operating profit in the 1st Half of FY2026.
- Net cash generated from operating activities improved to S$22.53 million in the 1st Half of FY2026, supported by S$14.81 million in course fees collected in advance.
- Liquidity position improved with increased cash and bank balances of S$35.20 million and net gearing lowering to 29% in the 1st Half of FY2026.
- Net assets increased to S$669.65 million that are anchored by substantial freehold property assets with net asset value per ordinary share of 39.33 SG cents as at 31 December 2025.
- Shareholders&rsquo approval was obtained at the EGM held on 23 January 2026 for the Company&rsquo s Chairman and CEO, Mr Chew Hua Seng, to convert approximately S$15.53 million of the Company&rsquo s bonds (S$11.75 million) and loan (S$3.78 million) into ordinary shares of the Company.
- To further strengthen its balance sheet, shareholders&rsquo approval was obtained at the EGM held on 3 February 2026 with total cash proceeds of approximately S$132.3 million expected as follows:
- S$121.3 million from the sale of 51 Merchant Road
- S$11.0 million from the sale of Raffles Hefei
https://links.sgx.com/FileOpen/RafflesEdu_PR_1H2026%20-16%20February%202026.ashx?App=Announcement& FileID=875283
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Announcement made on the Eve of CNY.
Sunraku ( Date: 20-Feb-2026 15:37) Posted:
Raffles Education Delivers Positive Operating Profit and Improves Operating Cash Flow with Balance Sheet Further Strengthening in the 1st Half of FY2026
- Highlighting the resiliency of the Company and its education business model, revenue remained stable with positive operating profit in the 1st Half of FY2026.
- Net cash generated from operating activities improved to S$22.53 million in the 1st Half of FY2026, supported by S$14.81 million in course fees collected in advance.
- Liquidity position improved with increased cash and bank balances of S$35.20 million and net gearing lowering to 29% in the 1st Half of FY2026.
- Net assets increased to S$669.65 million that are anchored by substantial freehold property assets with net asset value per ordinary share of 39.33 SG cents as at 31 December 2025.
- Shareholders&rsquo approval was obtained at the EGM held on 23 January 2026 for the Company&rsquo s Chairman and CEO, Mr Chew Hua Seng, to convert approximately S$15.53 million of the Company&rsquo s bonds (S$11.75 million) and loan (S$3.78 million) into ordinary shares of the Company.
- To further strengthen its balance sheet, shareholders&rsquo approval was obtained at the EGM held on 3 February 2026 with total cash proceeds of approximately S$132.3 million expected as follows:
- S$121.3 million from the sale of 51 Merchant Road
- S$11.0 million from the sale of Raffles Hefei
https://links.sgx.com/FileOpen/RafflesEdu_PR_1H2026%20-16%20February%202026.ashx?App=Announcement& FileID=875283
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Raffles Education Delivers Positive Operating Profit and Improves Operating Cash Flow with Balance Sheet Further Strengthening in the 1st Half of FY2026
- Highlighting the resiliency of the Company and its education business model, revenue remained stable with positive operating profit in the 1st Half of FY2026.
- Net cash generated from operating activities improved to S$22.53 million in the 1st Half of FY2026, supported by S$14.81 million in course fees collected in advance.
- Liquidity position improved with increased cash and bank balances of S$35.20 million and net gearing lowering to 29% in the 1st Half of FY2026.
- Net assets increased to S$669.65 million that are anchored by substantial freehold property assets with net asset value per ordinary share of 39.33 SG cents as at 31 December 2025.
- Shareholders&rsquo approval was obtained at the EGM held on 23 January 2026 for the Company&rsquo s Chairman and CEO, Mr Chew Hua Seng, to convert approximately S$15.53 million of the Company&rsquo s bonds (S$11.75 million) and loan (S$3.78 million) into ordinary shares of the Company.
- To further strengthen its balance sheet, shareholders&rsquo approval was obtained at the EGM held on 3 February 2026 with total cash proceeds of approximately S$132.3 million expected as follows:
- S$121.3 million from the sale of 51 Merchant Road
- S$11.0 million from the sale of Raffles Hefei
https://links.sgx.com/FileOpen/RafflesEdu_PR_1H2026%20-16%20February%202026.ashx?App=Announcement& FileID=875283
Becareful of pump and dump.
May tank further.
Still a risk till china property side have more information.
Stay clear first.
hschsc ( Date: 15-Feb-2026 09:50) Posted:
Do they even own that many properties? Aren' t they all sold out?
PQTPQK ( Date: 15-Feb-2026 08:39) Posted:
| Agree. Not to worry. Once they sell their property |
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CNY huat together ✌ ️ ✌ ️
Back to 160 again soon? 🧐
PQTPQK ( Date: 15-Feb-2026 08:39) Posted:
Agree. Not to worry. Once they sell their property.
Neutral_Guy ( Date: 14-Feb-2026 23:40) Posted:
| Don?t worry too much. Recently there are investors purchasing at 12.7 cents recently. There is a good reason for keeping. Huat ar. |
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There is quite a bit of fear mongering going on. The Merchant road site is held as ' asset for sale' under current assets valued @~$69 M. The net sale proceeds is $121 mill on closing. Means extra $50 mill in cash. Which in effect should reduce the ' going concern' issue. With such a high margin of safety $0.18-$0.19 is certain in 4-5 months. DYODD
hschsc ( Date: 15-Feb-2026 09:50) Posted:
Do they even own that many properties? Aren' t they all sold out?
PQTPQK ( Date: 15-Feb-2026 08:39) Posted:
| Agree. Not to worry. Once they sell their property |
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Do they even own that many properties? Aren' t they all sold out?
PQTPQK ( Date: 15-Feb-2026 08:39) Posted:
Agree. Not to worry. Once they sell their property.
Neutral_Guy ( Date: 14-Feb-2026 23:40) Posted:
| Don?t worry too much. Recently there are investors purchasing at 12.7 cents recently. There is a good reason for keeping. Huat ar. |
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Agree. Not to worry. Once they sell their property.
Neutral_Guy ( Date: 14-Feb-2026 23:40) Posted:
| Don?t worry too much. Recently there are investors purchasing at 12.7 cents recently. There is a good reason for keeping. Huat ar. |
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Don?t worry too much. Recently there are investors purchasing at 12.7 cents recently. There is a good reason for keeping. Huat ar.
Business time wrote the article until
Very bad.. saying liabilities exceeded assets. But their NAV is 0.34 cents seems like BT dint include the properties they are holding. Hmm. Looks confirm flush time on Monday. Or bad news already factored in?? Let?s see on a Monday half day trade . Happy new year to all!!
piscesmonkey ( Date: 12-Feb-2026 09:55) Posted:
133 soon alot selling
piscesmonkey ( Date: 11-Feb-2026 11:44) Posted:
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Opening 133?
Stocky901 ( Date: 14-Feb-2026 09:34) Posted:
| Profits dropped 60%..Very bad..🧐 |
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