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

KGI Securities

We are a pioneer Securities & Derivatives, Trading and Clearing Member of Singapore Exchange as well as a pioneer member of ICE Futures Singapore & ICE Clear Singapore. We offer our valued clients round the clock (24 hour) single-touch point for multi-asset clients and 24 hour high-touch desk for global products.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only.  Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

KGI Securities Singapore

We are a pioneer Securities & Derivatives, Trading and Clearing Member of Singapore Exchange as well as a pioneer member of ICE Futures Singapore & ICE Clear Singapore. We offer our valued clients round the clock (24 hour) single-touch point for multi-asset clients and 24 hour high-touch desk for global products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

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