External broker reports(aggregated public sources), KGI Securities Singapore

KGI Securities

External broker reports(aggregated public sources)

KGI Securities Singapore

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Equity Bottom-Up

Raffles Education Corp / Equity Bottom-Up

<ul><li>Company Update:15 December 2025 Core Education segment normalisation with stronger unit economics.Raffles Education’s student enrolment stabilised above 22,000 in FY22–25, with the FY25 drop of ~4,800 students largely driven by strategic network rationalisation rather than demand weakness.</li><li>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.</li><li>Operating metrics remain healthy: course fees/personnel cost stayed above 1.8×, while a 13.7% YoY rise in personnel expenses—well above typical salary increments—signals active headcount expansion to support growth.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Company Update:15 December 2025 Core Education segment normalisation with stronger unit economics.Raffles Education’s student enrolment stabilised above 22,000 in FY22–25, 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—well above typical salary increments—signals active headcount expansion to support growth.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Raffles Education Ltd (NR7 SP): Undergoing a Multi-Year Turnaround

Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>
<a href="https://smartkarma.com/entities/raffles-education-corp-ltd">Raffles Education Corp</a> (REC) is a premier private education provider in Asia-Pacific, with a network of 16 colleges and universities across 9 countries. The company's core business is providing post-secondary education in design and business-oriented disciplines.</li>
  <li>The company has been facing profitability challenges, with volatile net income and a downward trend in revenue over the past decade. However, recent financial data shows a return to profitability in the latest fiscal year.</li>
  <li>REC is undertaking strategic initiatives to strengthen its financial position, including asset disposals to reduce debt and a focus on cost management. The company has also recently completed several tranches of a bond issuance to improve liquidity.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Raffles Education Corp (REC) is a premier private education provider in Asia-Pacific, with a network of 16 colleges and universities across 9 countries. The company's core business is providing post-secondary education in design and business-oriented disciplines.
  The company has been facing profitability challenges, with volatile net income and a downward trend in revenue over the past decade. However, recent financial data shows a return to profitability in the latest fiscal year.
  REC is undertaking strategic initiatives to strengthen its financial position, including asset disposals to reduce debt and a focus on cost management. The company has also recently completed several tranches of a bond issuance to improve liquidity.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Raffles Education Corp (RLS SP) - Dec 2025

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li>Wing Tai chairman Cheng Wai Keung continues building deemed interest Heavy lifting specialist Sin Heng Heavy Machinery also bought back 648,200 shares at an average price of S$0.49 per share.</li><li>Wing Tai Holdings chairman and managing director Cheng Wai Keung continued to build his deemed interest in the company, through his spouse Helen Chow acquiring shares.</li></ul>

Wing Tai chairman Cheng Wai Keung continues building deemed interest Heavy lifting specialist Sin Heng Heavy Machinery also bought back 648,200 shares at an average price of S$0.49 per share.Wing Tai Holdings chairman and managing director Cheng Wai Keung continued to build his deemed interest in the company, through his spouse Helen Chow acquiring shares.

Wing Tai Chair Cheng Wai Keung Continues Building Deemed Interest

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/aims-amp-capital-industrial" target="_blank" data-smartkarma-citation="entities:933" rel="noopener">AIMS APAC REIT (AAREIT SP)</a> issues S$250m 5.375% perpetual securities</h3><p>AAREIT has priced the S$250m perpetual securities at 5.375%. The Series 003 Perpetual Securities will be issued under the S$750m Multicurrency Debt Issuance programme, expected to be issued on 1Sep21. The net proceeds will be used for the general corporate purposes, finance general working capital, capital expenditure and investments and the partial or full refinancing of existing borrowings. AAREIT has an existing S$125m 5.65% perpetual securities issued in Aug20, bringing its total perps exposure to S$375m (a look-through debt+perps/asset to ~46%).</p><h3>Residential property volume, prices could continue rising for the rest of 2021</h3><p>Residential property demand and prices are expected to tick higher. OrangeTee noted that demand for public and private properties has been rising and listings for both new launches and resale flats are being snapped up on the same day. Buyers are more willing to spend on bigger but older flats due to work-from-home requirements. According to OrangeTee, more than 14,000 resale HDB flats changed hands in 1H21. Prices increased 6% over that period and are just 2% below the peak in 2Q13. Total HDB resales could hit 27,000-29,000 units this year (vs. 24,748 units in 2020 and 23,714 in 2019), while prices of resale flats may rise by 9-11% for the whole of 2021. Meanwhile, a total of 8,449 private homes, including new launches and resale units, were sold in 2Q21, up 4.3% QoQ. Overall home prices may rise by 6-9% this year, possibly driven by resale volumes.</p>

SingaporeAIMS APAC REIT (AAREIT SP) issues S$250m 5.375% perpetual securitiesAAREIT has priced the S$250m perpetual securities at 5.375%. The Series 003 Perpetual Securities will be issued under the S$750m Multicurrency Debt Issuance programme, expected to be issued on 1Sep21. The net proceeds will be used for the general corporate purposes, finance general working capital, capital expenditure and investments and the partial or full refinancing of existing borrowings. AAREIT has an existing S$125m 5.65% perpetual securities issued in Aug20, bringing its total perps exposure to S$375m (a look-through debt+perps/asset to ~46%).Residential property volume, prices could continue rising for the rest of 2021Residential property demand and prices are expected to tick higher. OrangeTee noted that demand for public and private properties has been rising and listings for both new launches and resale flats are being snapped up on the same day. Buyers are more willing to spend on bigger but older flats due to work-from-home requirements. According to OrangeTee, more than 14,000 resale HDB flats changed hands in 1H21. Prices increased 6% over that period and are just 2% below the peak in 2Q13. Total HDB resales could hit 27,000-29,000 units this year (vs. 24,748 units in 2020 and 23,714 in 2019), while prices of resale flats may rise by 9-11% for the whole of 2021. Meanwhile, a total of 8,449 private homes, including new launches and resale units, were sold in 2Q21, up 4.3% QoQ. Overall home prices may rise by 6-9% this year, possibly driven by resale volumes.

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Asean (Thailand) Focused Independent Research

M Corp Review

M Corp is led by Athaporn Arayasantiparb who served as Head of Research for UOB and ANZ in Thailand and was an award-winning telecoms analyst at UBS in 2010 (AsiaMoney Thailand category) and Regional Strategist for DMG in Singapore. Prior to that, he also served as Kasikornbank credit analyst and scholar. He has a total work experience of 17 years, of which 14 were in research and 4 in research management roles. He started his career as an engineer for PTT and currently manages family investments. He holds an MBA from Stern (NYU) and CFA Charter since 2006. Apart from IPO Radar, which focuses on future listings, MCorp Review also provides six on-going thematic series ranked by frequency in descending order, namely: 1) Silicon Stories (technology) 2) Sathorn Series (financial services) 3) Thai-Coons (billionaire origin stories) 4) Reality Check (data-driven, investigative) 5) Thai Media Spotlight; and 6) Thai Macro Watch (global market drivers).

Equity Capital Markets

SISB Public Company Limited / Equity Capital Markets

<p> There are probably around 10 international schools in Bangkok catering to expatriates and very select Thai upper class. Though the majority are local brands and a few British (Shrewsberry, Harrow) and American (Stamford) ones, only Singapore's <a href="https://www.smartkarma.com/entities/27425" target="_blank" data-smartkarma-citation="entities:27425:1">Singapore International School of Bangkok (SISB TB)</a> has agreed to list. </p><p>A few things to note about the stock:</p><ul>
<li>
<strong>Valuations</strong>: We value the stock at Bt12.4/sh using DCF. The alternate valuation using PE is Bt9.4/sh. We are pretty confident this IPO will be well oversubscribed given its uniqueness and business model.</li>
<li>
<strong>Business Model. </strong>SISB may not be as good as top international schools, since only 10% of the student body is foreign. The Thai students come from wealthy but not super rich families. Their strongest suit is in kindergarten.</li>
<li>
<strong>Leverage </strong>is considered high (2x gearing) but manageable given very stable cash flows and inelastic demand for premium education.</li>
<li>
<strong>Demographics. </strong>High concentration of wealth, increasing need for English and international norms as the export- and tourism-oriented industries take a bigger share of the economy, and more foreigners enter Thailand to support that growth due to lack of local labor.</li>
</ul>

 There are probably around 10 international schools in Bangkok catering to expatriates and very select Thai upper class. Though the majority are local brands and a few British (Shrewsberry, Harrow) and American (Stamford) ones, only Singapore's Singapore International School of Bangkok (SISB TB) has agreed to list. A few things to note about the stock:

Valuations: We value the stock at Bt12.4/sh using DCF. The alternate valuation using PE is Bt9.4/sh. We are pretty confident this IPO will be well oversubscribed given its uniqueness and business model.

Business Model. SISB may not be as good as top international schools, since only 10% of the student body is foreign. The Thai students come from wealthy but not super rich families. Their strongest suit is in kindergarten.

Leverage is considered high (2x gearing) but manageable given very stable cash flows and inelastic demand for premium education.

Demographics. High concentration of wealth, increasing need for English and international norms as the export- and tourism-oriented industries take a bigger share of the economy, and more foreigners enter Thailand to support that growth due to lack of local labor.


IPO Radar: SISB...International Schools = License to Print Money

Singapore

Raffles Education Corp Ltd provides training programs and courses in various are as of design and management.  The Company's education services include fashion design, visual communication, multimedia design, interior design, design management, fashion marketing, and business administration.

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Raffles Education Corp (RLS SP)

Raffles Education Ltd (NR7 SP): Undergoing a Multi-Year Turnaround

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...

KGI Securities

Primer: Raffles Education Corp (RLS SP) - Dec 2025

Raffles Education Corp (REC) is a premier private education provider in Asia-Pacific, with a network of 16 colleges and universities across 9...

αSK

Wing Tai Chair Cheng Wai Keung Continues Building Deemed Interest

Wing Tai chairman Cheng Wai Keung continues building deemed interest Heavy lifting specialist Sin Heng Heavy Machinery also bought back 648,200...

Singapore Exchange Ltd (SGX)

ASEAN Builder's Scoop (24Aug21)

AAREIT issues S$250m perps; SG resi prices, volume continue rising; RCR offers IPO at 8% premium to NAV; CLI raises stake in reclamation firm MMDC;...

SCCM Asia Research

IPO Radar: SISB...International Schools = License to Print Money

There are probably around 10 international schools in Bangkok catering to expatriates and very select Thai upper class. Though the majority are...

Athaporn Arayasantiparb, CFA

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