Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

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

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Equity Bottom-Up

SISB Public Company Limited / Equity Bottom-Up

<p>For our next Smartkarma Corporate Webinar, we are glad to welcome <a href="https://www.smartkarma.com/entities/sisb-pcl" target="_blank" data-smartkarma-citation="entities:27425:1" rel="noopener">SISB Public Company Limited (SISB TB)</a> ’s CEO and Co-Founder, Kelvin Koh.</p>
<p>SISB is a leading provider and manager of Singapore International Schools in Thailand. Founded in 2001, SISB currently owns and manages five campuses, which adopt the Singapore and UK curricula as the foundation for teaching and learning. The SISB name is inspired by its first campus, Singapore International School of Bangkok, which pioneered the Singapore education curriculum in Thailand.</p>
<p>In this Webinar, Kelvin will share a short company presentation and engage in a fireside chat with Smartkarma Insight Provider <a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr. Andrew Stotz, CFA</a>, followed by a live Q&amp;A session.</p>
<h3>The Corporate Webinar will be hosted on Tuesday, 3 August 2021 17:00 SGT / 16:00 ICT</h3>
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<h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=84357894288" target="_blank" rel="noopener">Register for the Webinar here</a></h2>
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<p>Corporate Webinars by <a href="https://www.smartkarma.com/home/corporate-solutions/" target="_blank" rel="noopener">Smartkarma Corporate Solutions</a> feature discussions with IROs and Executives, discussing their companies, the challenges they face, and the opportunities in their sectors and markets.</p>

For our next Smartkarma Corporate Webinar, we are glad to welcome SISB Public Company Limited (SISB TB) ’s CEO and Co-Founder, Kelvin Koh.
SISB is a leading provider and manager of Singapore International Schools in Thailand. Founded in 2001, SISB currently owns and manages five campuses, which adopt the Singapore and UK curricula as the foundation for teaching and learning. The SISB name is inspired by its first campus, Singapore International School of Bangkok, which pioneered the Singapore education curriculum in Thailand.
In this Webinar, Kelvin will share a short company presentation and engage in a fireside chat with Smartkarma Insight Provider Dr. Andrew Stotz, CFA, followed by a live Q&amp;A session.
The Corporate Webinar will be hosted on Tuesday, 3 August 2021 17:00 SGT / 16:00 ICT

Register for the Webinar here

Corporate Webinars by Smartkarma Corporate Solutions feature discussions with IROs and Executives, discussing their companies, the challenges they face, and the opportunities in their sectors and markets.

Smartkarma Corporate Webinar | SISB TB: Bringing International Education to Thai Students

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

<p><strong>We keep our BUY recommendation on SISB based on a maintained target price of Bt11.20, implying an upside of 18% from the current price. We think SISB deserves to trade at a premium to the Thai Consumer Discretionary sector due to its resilient business, and we maintain our 2021E target PB of 5.2x.</strong></p>
<p><strong>Investment thesis:</strong></p>
<ul>
<li>Growing wealthy class increases demand for private international education</li>
<li>Ongoing expansions help growing student capacity</li>
<li>Maintaining high educational standards to remain competitive</li>
</ul>
<p><strong>Interim:</strong> Revenue was up 6% YoY as tuition fees normalized. The Thonburi expansion is expected to complete on time in August 2021. Plus, the recent announcement of building a new campus in Nonthaburi drives our positive outlook.</p>
<p><strong>Risks:</strong> Potential shortage of qualified educators, increased competition, dependency on key management, adverse regulatory changes regarding private education.</p>

We keep our BUY recommendation on SISB based on a maintained target price of Bt11.20, implying an upside of 18% from the current price. We think SISB deserves to trade at a premium to the Thai Consumer Discretionary sector due to its resilient business, and we maintain our 2021E target PB of 5.2x.
Investment thesis:

Growing wealthy class increases demand for private international education
Ongoing expansions help growing student capacity
Maintaining high educational standards to remain competitive

Interim: Revenue was up 6% YoY as tuition fees normalized. The Thonburi expansion is expected to complete on time in August 2021. Plus, the recent announcement of building a new campus in Nonthaburi drives our positive outlook.
Risks: Potential shortage of qualified educators, increased competition, dependency on key management, adverse regulatory changes regarding private education.

SISB: Capacity Expansion Captures Rising Demand for Private Education

<section><div id="ember5290"><div id="ember5291"><div><p>Welcome to Business DNA, a chance for us to dig into the essential makeup of business leaders and their organizations. Our focus is not on the short term but rather on understanding the driving forces of a business. Our guest today is Kelvin Koh, CEO and Co-founder of <a href="https://www.smartkarma.com/entities/sisb-pcl" target="_blank" data-smartkarma-citation="entities:27425:1" rel="noopener">SISB Public Company Limited (SISB TB)</a>.</p></div></div></div></section>

Welcome to Business DNA, a chance for us to dig into the essential makeup of business leaders and their organizations. Our focus is not on the short term but rather on understanding the driving forces of a business. Our guest today is Kelvin Koh, CEO and Co-founder of SISB Public Company Limited (SISB TB).

<p><strong>We keep our BUY recommendation on SISB based on a maintained target price of Bt11.20, implying an upside of 20% from the current price. We think SISB deserves to trade at a premium to the Thai Consumer Discretionary sector due to its resilient business, and we maintain our 2021E target PB of 5.2x. </strong></p>
<p><strong>Investment thesis:</strong></p>
<ul>
<li>Growing wealthy class increases demand for private international education</li>
<li>Renovations and ongoing expansions help growing student capacity</li>
<li>Maintaining high educational standards to remain competitive</li>
</ul>
<p><strong>Interim:</strong> Revenue was down only 0.6% YoY, showing that operations continue to normalize. Given the surge in the number of new students and the recovery of tuition fees, we keep seeing a promising mid-term outlook.</p>
<p><strong>Risks:</strong> Potential shortage of qualified educators, increased competition, dependency on key management, adverse regulatory changes regarding private education.</p>

We keep our BUY recommendation on SISB based on a maintained target price of Bt11.20, implying an upside of 20% from the current price. We think SISB deserves to trade at a premium to the Thai Consumer Discretionary sector due to its resilient business, and we maintain our 2021E target PB of 5.2x. 
Investment thesis:

Growing wealthy class increases demand for private international education
Renovations and ongoing expansions help growing student capacity
Maintaining high educational standards to remain competitive

Interim: Revenue was down only 0.6% YoY, showing that operations continue to normalize. Given the surge in the number of new students and the recovery of tuition fees, we keep seeing a promising mid-term outlook.
Risks: Potential shortage of qualified educators, increased competition, dependency on key management, adverse regulatory changes regarding private education.

SISB: Demand for Private Education on the Rise

<p><strong>We keep our BUY recommendation on SISB based on an unchanged target price of Bt11.20, implying an upside of 24% from the current price. We think SISB deserves to trade at a premium to the Thai Consumer Discretionary due to its resilient business and we maintain our 2021E target PB of 5.2x.</strong></p>
<p><strong>Investment thesis:</strong></p>
<ul>
<li>Growing wealthy class increases demand for private international education</li>
<li>Renovations and ongoing expansions help growing student capacity</li>
<li>Maintaining high educational standards to remain competitive</li>
</ul>
<p><strong>Interim:</strong> Revenue was down 7% YoY, but grew 17% QoQ as operations began to normalize following the shutdown in 2Q20. With its ongoing expansion plans and recovery of tuition fees, we see a promising mid-term outlook.</p>
<p><strong>Risks:</strong> Potential shortage of qualified educators, increased competition, dependency on key management, adverse regulatory changes regarding private education.</p>

We keep our BUY recommendation on SISB based on an unchanged target price of Bt11.20, implying an upside of 24% from the current price. We think SISB deserves to trade at a premium to the Thai Consumer Discretionary due to its resilient business and we maintain our 2021E target PB of 5.2x.
Investment thesis:

Growing wealthy class increases demand for private international education
Renovations and ongoing expansions help growing student capacity
Maintaining high educational standards to remain competitive

Interim: Revenue was down 7% YoY, but grew 17% QoQ as operations began to normalize following the shutdown in 2Q20. With its ongoing expansion plans and recovery of tuition fees, we see a promising mid-term outlook.
Risks: Potential shortage of qualified educators, increased competition, dependency on key management, adverse regulatory changes regarding private education.

SISB: Expect Further Upside in Thai Private Education

Thailand

SISB operates a premium K-12 international school in Thailand, adopted Singapore, UK and IBDP curriculum as a blended student pathway in schools. SISB was established in 2001 with the school license under the Private School Act. Currently, there are 6 international schools with over 4,000 students.

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SISB Public Company Limited (SISB TB)

Smartkarma Corporate Webinar | SISB TB: Bringing International Education to Thai Students

Join us on 3 August, 5pm SGT, for a Corporate Webinar with the CEO and Co-Founder of the Singapore International School of Bangkok, Kelvin Koh, who...

Smartkarma Research

SISB: Capacity Expansion Captures Rising Demand for Private Education

We keep our BUY recommendation on SISB based on a maintained target price of Bt11.20, implying an upside of 18% from the current price.

A. Stotz Investment Research

Business DNA: Kelvin Koh of SISB

Business DNA interview with Kelvin Koh of SISB. Business DNA is a chance for us to dig into the essential makeup of business leaders and their...

A. Stotz Investment Research

SISB: Demand for Private Education on the Rise

We keep our BUY recommendation on SISB based on a maintained target price of Bt11.20, implying an upside of 20% from the current price.

A. Stotz Investment Research

SISB: Expect Further Upside in Thai Private Education

We keep our BUY recommendation on SISB based on an unchanged target price of Bt11.20, implying an upside of 24%. We think SISB deserves to trade at...

A. Stotz Investment Research

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52-week Range

Market Cap (USDm)

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