Great work. I found something a bit similar in PH called STI Education growing well low valuation, though not an international school like SISB and reviews were quite poor. I actually like the setup here, you probably have a lot of brand value as you’re one of the few premium schools
Clarification: SISB’s reported student numbers include its Chiang Mai (CM) campus, which is a 50% joint venture (JV).
Because it is a JV, CM's revenue is excluded from SISB's total revenue. Instead, SISB directly recognizes its 50% share of the profits under ‘Income on Equity Investment’. In 2025, this share was roughly THB 40 mn, accounting for less than 5% of SISB's total net profit.
A 100% accurate treatment would involve removing the CM student numbers from SISB's reported student numbers and adding the fair value of the JV to the equity value of SISB.
Because CM is not material, I did not do this. I directly used SISB's reported student numbers, which includes its CM campus.
This impacts my intrinsic value estimate by less than 2%.
Thanks for introducing this business. I do like the set up. Through which brokerage did you invest? I have IBKR and it doesn't allow Thai stocks
Thanks for your kind words.
I used OCBC Securities Singapore. They offer access to most Asian markets, and the fees are reasonable.
If you like, I can message you my broker’s email. He can probably provide better advice. Let me know.
I don’t receive any recommendation benefits.
Great work. I found something a bit similar in PH called STI Education growing well low valuation, though not an international school like SISB and reviews were quite poor. I actually like the setup here, you probably have a lot of brand value as you’re one of the few premium schools
STI Education looks interesting. I might look into it in the future. Thanks for sharing!
Thanks!
You’re right that international schools are considered premium in Thailand. This is an advantage.
Among international schools, SISB is currently considered tier-2.
Despite that, one of my subscribers told me that at the international education fair, their booths were packed.
The parents targeted are parents that want academic excellence over wellbeing of children. This is a typical Asian parenting style.
I believe that’s one of the reasons why they’re popular, besides their more affordable fees.
Clarification: SISB’s reported student numbers include its Chiang Mai (CM) campus, which is a 50% joint venture (JV).
Because it is a JV, CM's revenue is excluded from SISB's total revenue. Instead, SISB directly recognizes its 50% share of the profits under ‘Income on Equity Investment’. In 2025, this share was roughly THB 40 mn, accounting for less than 5% of SISB's total net profit.
A 100% accurate treatment would involve removing the CM student numbers from SISB's reported student numbers and adding the fair value of the JV to the equity value of SISB.
Because CM is not material, I did not do this. I directly used SISB's reported student numbers, which includes its CM campus.
This impacts my intrinsic value estimate by less than 2%.