SISB Public Company Limited (SET: SISB) revealed its 3-year plan (2024-2026) by increasing the number of students by an average of 9%, or 400 students per year, and expected its revenue to increase by an average of 14% per year. The company aimed to increase the number of students to 5,400 by 2026, compared to 4,600 in 2024, while expecting revenue to accelerate by 20-25%, supported by a 5% increase in tuition fees and higher extra-curriculum income.
Mr. Yew Hock Koh, CEO of SISB, stated that the company set its goal for a 3-year period (2024-2026) for Singapore International School Bangkok, or SISB as a top 1 international school in Thailand, to add the number of students (CAGR) by an average of 9%, or at least 400 students per year. An increase in numbers of students will boost SISB’s total revenue by an average of 14% per year to reach THB 2,850 million by 2026, compared to THB 1,930 in 2023.
As for 2024, the company expected the number of students to reach 4,600, compared to 4,197 in 2023, which included 3,057 Thai students and 1,140 foreign students, as 74% of the foreigners were Chinese. As for 2025 and 2026, the company expected the number of students to increase to 5,000 and 5,400, respectively.
As for the present and the future, SISB had gradually expanded the student capacity to support the increasing number of students with 1) the expansion of new branches in 2023, including Nonthaburi (Phase 1) and Rayong (Phase 1), which added the capacity to 6,715 seats, compared to 4,675 seats in 2022; 2) the expansion of the existing branches, especially the ones with dense enrollments of 400-500 students per year, including 300 expanded seats in Chiang Mai (Phase 2), and the preparation for 300 and 900 seat expansion in Pracha-Uthit (Phase 3) and Thonburi (Phase 3), respectively. The capacity in 2024 would add up to 7,315 seats and increase further to 8,365 seats in 2025 and 2026.
SISB was confident that the new student base would increase by at least 400 and could potentially exceed expectations in 2024. The total revenue was expected to increase by 20-25%, compared to 2023, as admissions continuously expanded due to the popularity among parents and students who prioritized education or parents who wanted their children to thoroughly develop, as well as opportunities during the academic break in Thailand, which allowed parents to explore schools for their children.
Meanwhile, the number of foreign students has also continuously increased, especially Chinese students. There were difficulties regarding the visa, but the visa waiver scheme helped ease the matter. Thus, the company continued to observe the admission trend among Chinese students while also drawing more students by offering opportunities for Chinese parents to take their children to try out courses in the summer (July).
Regarding the direction for 1Q24 business performance, the company would maintain its operation as planned. There were 70-80 students who enrolled in the middle of the semester. The number of students usually reached its peak every third quarter of the calendar year, as it was the start of the first semester (August). The revenue from extracurricular activities continuously grew, while the tuition fees also consistently increased by 5%.
In addition, the company also carried out a new plan to develop new types of schools with the same standard to make them more accessible to parents and conform to the demand for enrollment in international schools. SISB planned to expand its business to perimeter and provincial areas with tuition fees of THB 300,000, compared to the normal level of THB 500,000 to 600,000. Tentatively, the provinces on the list included Chiang Rai, Udon Thani, Khon Kaen, Nakhon Ratchasima, Chonburi, Nakhon Sawan, Phuket, and Nakhon Sri Thammarat.
