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

KGI Securities

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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

Raffles Education Corp / Equity Bottom-Up

<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