We initiate coverage on SISB with a BUY recommendation based on a target price of Bt11.20, implying an upside of 15% from the current price. We derive our target price from a 30% premium to the PB/ROE of Thai Consumer Discretionary due to SISB’s resilient business and apply a 15% small-cap discount.
Investment thesis:
Risks: Potential shortage of qualified educators, increased competition, dependency on key management, adverse regulatory changes regarding private education.
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