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

<ul><li>9M26 results review. Raffles Education’s 9M26 update showed a materially stronger balance sheet despite softer revenue.</li><li>Revenue declined 5% YoY to S$81.14m, while adjusted EBITDA/core earnings fell 5% YoY to S$22.71m; however, PAT rose 274% YoY to S$24.18m, supported by asset monetisation and lower finance-cost pressure.</li><li>Total borrowings fell sharply to S$84.99m as at 31 Mar 2026, from S$206.78m a year earlier, while standalone bank borrowings were reduced to zero and cash/bank balances rose to S$46.18m.</li></ul>

9M26 results review. Raffles Education’s 9M26 update showed a materially stronger balance sheet despite softer revenue.Revenue declined 5% YoY to S$81.14m, while adjusted EBITDA/core earnings fell 5% YoY to S$22.71m; however, PAT rose 274% YoY to S$24.18m, supported by asset monetisation and lower finance-cost pressure.Total borrowings fell sharply to S$84.99m as at 31 Mar 2026, from S$206.78m a year earlier, while standalone bank borrowings were reduced to zero and cash/bank balances rose to S$46.18m.

Raffles Education Limited (RLS Sp) - Capital Restructure Delivered, Operation Turnaround on Tract

<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

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.

Singapore

Raffles Education is a premier education group offering a full spectrum of academic and vocational programs, including undergraduate and postgraduate courses in design, business, and hospitality management. The group operates a network of educational institutions and also leases education facilities to other institutions. Headquartered in Singapore, the company was founded in 1990.

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Raffles Education (RLS SP)

Raffles Education Limited (RLS Sp) - Capital Restructure Delivered, Operation Turnaround on Tract

Total borrowings fell sharply to S$84.99m as at 31 Mar 2026, from S$206.78m a year earlier, while standalone bank borrowings were reduced to zero...

KGI Securities

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

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

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