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SISB Public Company Limited
2Q2021 Performance Update
8 September 2021
Incorporated in 2001 by a group of parents with
35 students
The first Singapore international school in
Thailand. Emphasizes on English, Math and
Science with Chinese language in curricula.
Operates school under owned brand “SISB”
with blended UK, SG and IB curricula
Nov 2018, Listed on the Stock Exchange of
Thailand
Y2020, Recognized by Forbes in its annual Best
Under A Billion list
Y2021, 20th Anniversary of SISB School.
Our Beginning and Corporate Structure
Note: (1) Licenses are under Thailand - Private School Act B.E. 2550
(2) NR License is under application process. 1
Corporate Structure
CM License(1)
Outstanding shares: 940 M. Shares
PU License(1)
Singapore
International School
Chiangmai (CM)
50%SV License(1) TR License(1)
Founder
(Group of parents)Public
(On 11 Mar 2021, Free Float 20.1%)
28.7%71.3%
K-12 K-6 K-12
K-10
Singapore
International School of
Bangkok (PU)
Singapore
International School
Suvarnabhumi (SV)
Singapore
International School
Thonburi (TR)
SISB SIRI Co., Ltd.
(Paid-up Capital Baht
130M) (JV)
5) SISB Nonthaburi
(NR)
NR License(2)
Construction
1 2 3
4
5
Due to the delay of construction in 3rd Wave of COVID-19 outbreak
+ TR Phase 2 will ready in October 2021.
+ NR Phase 1 will be postponed to Y2023
SISB Trademark
Corporate VISION“To be the leading education provider, making quality education
accessible to all”
“To educate, enhance and empower diverse learning communities to
be contributing global citizens”
Corporate MISSION
3 5
Singapore International School Thonburi (TR) TR Phase 2 [+600 seat capacity]: Investment Budget 460 Mil. Baht. TR Phase 2 will be ready in October 2021.
Note: TR Phase 2 will be ready in October 2021 2
Aug 2021
Aug 2021Aug 2021Aug 2021
Aug 2021
SISB Nonthaburi (NR) on 14.8 rai NR Phase 1 [1,000 seat capacity]: Estimated Investment 400 Mil. Baht. The opening of NR Phase 1 will be postponed to Y2023.
Note: Due to the directive of Thai government in order to control COVID-19 outbreak on construction site, the construction at SISB Nonthaburi is unlikely to complete as schedule. Therefore, SISB postpones the opening of SISB Nonthaburi to Y20233
A
A
B
B
Aug 2021
Aug 2021
Singapore International School Bangkok (PU) Renovation of Nursery and Kindergarten Section: Investment Budget 42 Mil. Baht. The renovation was completed on August 2021.
4
SISB in COVID-19 Pandemic Situations and Potentials Impacts
5
1st Wave of COVID-19
[Mar – Jun 2020]
2nd Wave of COVID-19
[Jan 2021]
3nd Wave of COVID-19
[April 2021 - Present]
1. School Closure:
Refund not provided
services
i.e. F&B/Extra activities
18 March 2020 – 15 June 2020
3 months (Term2&3 of AY19/20)
11 Jan 2021 – 31 Jan 2021
3 weeks (Term2 of AY20/21)
19 April 2021 – 30 Jun 2021
2.5 months (Term3 of AY20/21)
30 August 2021 – Present
n.a. months (Term1 of AY21/22)
2. Direct Discount:
Give one time support
5-20% discount on Tuition Fee
(Term3 of AY19/20)-
5-15% discount on Tuition Fee
(Term1 of AY21-22)
3. School Fees Increase Postpone Term1 of AY20/21 Tuition Fee
Increase
5% increase on Tuition Fee
(Term2 of AY20/21)
Decide not to increase School Fees for
AY 21/22 (Term1, 2 and 3)
4. Financial Period Impacts
1) Mar – Aug 2020: 3 months closure
2) May – Aug 2020: 5-20% discount
3) (4Q2020 back to normal except Tuition Fee
Increase)
1) Jan – April 2021: 3 weeks closure
2) Jan 2021 onwards: 5% increase
on Tuition fee
1) May – Aug 2021: 2.5 months closure
2) Sept 2021 onwards: n.a. month closure
3) Sept – Dec 2021: 5-15% discount
4) Sept 2021 – Aug 2022: not to increase
school fees
Note: Guideline for School Term VS Revenue recognition on financial statement(F/S).
School Term 1 (Aug - Dec) will be recognized as revenue during Sep – Dec on F/S.
School Term 2 (Jan – April) will be recognized as revenue during Jan – April on F/S.
School Term 3 (April – June) will be recognized as revenue during May – Aug on F/S.
Q2+Q3
2020Q1 2021
Q2+Q3
2021
SEP 2021
onwards
1,532
1,705
2,061
2,176
2,274 2,334
2,369
2,454
2,539 2,582 2,611 2,639
2,598 2,596 2,638 2,628
2,589
1,532
1,705
1,977
2,074
2,164 2,191 2,222
2,305 2,375 2,405 2,433 2,450
2,408 2,414 2,462 2,447
2,409
DEC 2015 DEC 2016 DEC 2017 MAR 2018 JUN 2018 SEP 2018 DEC 2018 MAR 2019 JUN 2019 SEP 2019 Dec 2019 MAR 2020 JUN 2020 SEP 2020 DEC 2020 MAR 2021 JUN 2021
SISB SISB ex CM
+155 +98 +60 +35 +85 +85 +43 +29 +28 (41)
(134)*
(2) +42 (10) (39)
Net Add Student +173 +356 ------------------------ +308 ------------------------ ------------------------ +242 ------------------------ ------------------------ +27 ------------------------
SISB Student Number Track Record
Note: JUN 2020, There were 134 dropped students. If excluded dropped students, student number should be at 2,464. 6
Y2020Y2019Y2018 Y2021
From Y2015 to Y2019 (Before COVID Impact)
SISB - CAGR = 14.3%
SISB ex CM - CAGR =12.3%
1st Wave
Covid
2nd and 3rd
Wave Covid
704 742
922 1,014
1,092
979 999
1,084
1,153
1,004 1,023 1,083
926 875 891 903 869
667
748
889 900 920
1,059 1,075 1,077
1,101
1,245 1,254 1,241 1,222
1,328 1,342 1,320 1,308
161 215
250 262 262 296 295 293 285
333 334 315 316 393 405 405 412
-
200
400
600
800
1,000
1,200
1,400
1,600
DEC 2015 DEC 2016 DEC 2017 MAR 2018 JUN 2018 SEP 2018 DEC 2018 MAR 2019 JUN 2019 Sep 2019 Dec 2019 MAR 2020 JUN 2020 SEP 2020 DEC 2020 MAR 2021 JUN 2021
NK Primary Secondary
SISB Student Number by Education Level
Note: NK Seasonal Effect During JUN and SEP 7
Y2020Y2019Y2018 Y2021
1st Wave
Covid
2nd and 3rd
Wave Covid
100
300
500
700
900
1,100
N2 K1 K2 P1 P2 P3 P4 P5 P6 G7 G8 G9 G10 G11 G12
Global Benchmarking Curricula with Affordable Price
8Source: School Website, August 2021
Affordable tuition fees to be able to provide quality education to meet standards and to be
competitive with other international schools in Thailand
Quality curriculum – Singapore curriculum is ranked top in the world for mathematics and
science which build a strong foundation for students
Unique strength in facilitating trilingual school: English, Thai and Chinese
Wide range of extra-curricular activities
World-class facilities
Excellent learning environment
Expertise and experienced teachers and assistants
School Fees Y2021/22
ISB
St.
Andrew
NIST
Shrewsbury
BPS
Global Benchmarking Curricula along Education Pathway Affordable and Competitive Pricing
Unit: ’000 THB
Primary School
(G1-6)
Sixth from School
(G11-12)
Pre-School Secondary School
(G7-10)
Early Years
Foundation
Stage (UK)
SISB
Harrow
KIS
EK InterAccreditations from World-class Organizations
An international school community with over 1,360 institutions representing 123 countries with
goals to provide students with the knowledge, skills and abilities and a commitment to high quality
international education
Reviewed by the National Association of Independent Schools’ Commission on Accreditation (US)
and deemed in compliance with the criteria for effective accreditation practices.
The Council of International Schools (CIS)
A member of the Kiatnakin Phatra Financial Group
Financial Performance Update
Quarterly Financial Highlight
Note: JUN 2020, There were 134 dropped students. If excluded dropped students, student number should be at 2,464. 10
226.1 226.9 237.4
257.0 268.6 272.4
289.7 298.5
283.3
226.4
265.5
293.7 296.0
270.2
58.0 60.9 68.7 69.4 73.5 85.7 93.7 99.5 104.1
47.2
71.4
111.1 113.6 108.5
22.9 20.8 27.9 32.0 42.5 52.0
60.4 66.0 58.9
4.3 28.7
68.1 70.6 65.5
25.7% 26.8%29.0%
27.0% 27.4%
31.4% 32.3% 33.4%
36.7%
20.8%
26.9%
37.8% 38.4%40.2%
13.3% 14.1%16.1% 15.0% 16.1%
19.9%21.2%
22.5% 22.8%
3.5%
12.1%
24.9% 25.5% 26.2%
10.1% 9.2%11.7% 12.4%
15.8%
19.1%20.8%
22.1%20.8%
1.9%
10.8%
23.2% 23.9% 24.3%
Q1-2018 Q2-2018 Q3-2018 Q4-2018 Q1-2019 Q2-2019 Q3-2019 Q4-2019 Q1-2020 Q2-2020 Q3-2020 Q4-20202 Q1-2021 Q2-2021
Total Revenues EBITDA Net Profit EBITDA Margin EBIT Margin Net Profit Margin
FY2020FY2019FY2018
Million Baht IPO, Nov 2018
# Students 2,176 2,274 2,334 2,369 2,454 2,593 2,582 2,611 2,639 2,598* 2,596 2,638 2,628 2,589
+155 +98 +60 +35 +85 +85 +43 +29 +28 (41) (2) +42 (10) (39)
(134)
1st Wave
Covid
2nd and 3rd
Wave Covid
Y2021
Financial Position and Key Financial Ratio
11
Total Assets Total Liabilities & Shareholder Equity
1,385.9 1,419.3 1,556.41,805.0
367.3 261.5512.3
275.50.0
347.7 337.3672.1 1,019.9
749.8 681.82,425.32,700.7
3,166.1 3,099.6
Y2018 Y2019 Y2020 2Q21
Property, plant and equipment Cash and cash equivalents Right-of-use assets Other assets
214.1 238.1 200.2 362.8
613.2 636.9 650.0 360.2
6.7438.7
434.7
1,598.01,818.9
1,877.2 1,941.8
2,425.32,700.7
3,166.1 3,099.6
Y2018 Y2019 Y2020 2Q21
Other liabilities Deferred income Lease liabilities agreements Equity
0.50.5
0.7
0.6
0.0 0.0
0.2
0.2
Y2018 Y2019 Y2020 2Q21
Debt to equity ratio Interest bearing debt to equity ratio
Debt to Equity Ratio
Million Baht Million Baht
Times
5.0%
8.6%
5.5%
8.3%6.5%
11.6%
12.9%
8.7%
14.1%
10.4%
Y2018 Y2019 Y2020 2Q21
ROA ROA, excluded extraordinary loss ROE ROE, excluded extraordinary loss
ROAA and ROAE
%
A member of the Kiatnakin Phatra Financial Group
Growth Strategies and Developments Progress
Growth Strategies
Higher fee per student from
Student Graduation
School Expansion and New CampusOpen new campuses and target to increase in SISB student
number to be more than 4,000 students in next 5 years
New Businesses• Halving Project” (HVP) -
Lower tuition fee
international school in
upcountry/suburb area to
capture unmet demand
13
1
2
3
Attractive International School Industry Outlook
Note: (1) Capgemini World Wealth Report, 2018 & 2020
(2) Ministry of Interior and the Office of the National Economic and Social Development Council
(3) Ministry of Labour
(4) World bank
(5) National Statistic Office
(6) United Nations, Department of Economic and Social Affairs, Population Division (2018)
14
Supporting Demands for International School in Thailand
Increasing Urbanization Rate in Thailand
43.9%
69.5%
2010 2020 2050F
Urbanization will increase population density in cities hence increase demand for
better quality of education
Upcoming infrastructure projects to support the urbanization trend in Thailand
• New rail links in greater BKK areas
- Yellow Line: Lat Phrao-Samut Prakan
- Red Lines: Bang Sue-Taling Chan, Bang Sue-Rangsit
• High-speed trend
- Bangkok-Nakhon Ratchasima route
- Connecting 3 airports (Don Mueang–Suvarnabhumi–U-Tapao)
• New expressway
- Chalong Rat-Nakhon Nayok-Saraburi
- Thonburi - Pak Tho (Rama 2)
Expected Urbanization rate in Thailand(6)
Parents Pay More Attention to Children’s Education
Key future trends
• Aging society and low fertility population
resulted in smaller families size. Therefore,
parents focus more on the quality of education
their for children
• Globalization and importance of English
• Demands for quality and highly skilled workforce
in the future
• 158 of EP program schools in Thailand3.21people per
household
2.97people per
household
2011 2020
Thai Population per Household(5)
2019 2037F
0-19 years 23% 19%
20-59 years 60% 51%
60+ years 17% 31%
Thai Population by age groups (%)(2)
Expected the demand for international school
in Thailand to continue to rise
• Expected Thailand GDP and GDP per capita to
continue to increase with increase of HNWI
• Investment promotion measures in the Eastern
Economic Corridor (EEC) supporting demands
of highly skilled labor from other countries
Unit: ‘000 people
65
134
2011 2019
High Net Worth Individual: HNWI in Thailand(1)
Unit: ‘000 Workers
100
143
262
2011 2020 2033-2037F
Number of Foreigners working in Thailand (LHS)(2)(3)
Thailand GDP Forecast(2)(4)
502
562
2020 2023
7,189 8,021
Unit: USD bn USD per capita
Higher Fee per Student from Student Graduation
15Source: School Website and Phone call, Sep 2020
Note: (1) NK Seasonal Effect During JUN and SEP
Student Distribution Capacity
(Seat)
#Student
1Q2021
%
Utilization
School
Fee
(THB)
780 405 51.9% 651K
1,825 1,320 72.3% 499K
1,360 903 66.4% 405K
Total 3,965 2,628 66.3%
The higher academic year, the higher tuition fee per student
that SISB could require
Current majority of SISB student is primary class which expected
to continue secondary class in the future
SS
PS
NK
Conversion rate 79.1%
Conversion rate 91.4%
Remaining capacity Students Edu. Level Capacity (Seat) # Student 2Q2021 % Utilization
NK 1,360 869 63.9%
PS 1,825 1,308 71.7%
SS 780 412 52.8%
Total 3,965 2,589 65.3%
704
742
922
999 1,023 1,083
926 875 891 903 869
667
748
889
1,075
1,254 1,241 1,222 1,328 1,342 1,320 1,308
161 215 250 295 334 315 316
393 405 405 412
DEC 2015 DEC 2016 DEC 2017 DEC 2018 Dec 2019 MAR 2020 JUN 2020 SEP 2020 DEC 2020 MAR 2021 JUN 2021
NK Primary Secondary
SISB Student Number by Education Level(1)
1st Wave
Covid
2nd and 3rd
Wave Covid
1
1st Wave
Covid
New Campuses Located in High Demand Area
16(1) Source OPEC, MOE and Google Map, As of July 2021, 138 out of 226 International School are located in greater BKK ( BKK and Vicinity)
1,221
1,315 1,365
1,396 1,418
1,373 1,382 1,420
1,443 1,450 1,464 1,450 1,422 1,413 1,430
1,399 1,362
259 303
…
462 478 519
558
633 646 676 678
748 772 784 789
239
286 262 279 283 271 275 285 288 272 273 278 270 253 260 264 258
72 104 91
96 99 85 87 81
86 50 50 46 38
84 102 110
143 147 149 164 177 178 189 190 182 176 181 180
DEC2015
DEC2016
DEC2017
MAR2018
JUN2018
SEP2018
DEC2018
MAR2019
JUN2019
SEP2019
DEC2019
MAR2020
JUN2020
SEP2020
DEC2020
MAR2021
JUN2021
PU TR SV EK CM
Y2018 Y2021Y2019 Y2020
2nd & 3rd
Wave Covid
3+1 Campuses in Greater BKK
2
International School
Multi Level Kindergarten
NR
TR
PU
SV
2,150
3,120
4,175 4,060 3,965 3,965 3,965
4,565 4,565
5,565
1,705 (79.3%)
2,061 (66.1%)
2,369 (56.7%)
2,611 (64.3%)
2,638(66.5%)
2,628(66.3%)
2,589 (65.3%)
Y2016 Y2017 Y2018 Y2019 Y2020 1Q2021 2Q2021 Y2021 Y2022 Y2023
Unit: Number of
Seat/Student
17
SISB School Seat Capacity Expansion & Target Number of Net Add Student
1st Wave
Covid2nd & 3rd Wave Covid
Net Add
Student +173 +356 +308 +242 +27 (10) (39)
COVID-19
Outbreak+150 +300
+ 600 seats
Secondary @TR
+1,000 seats
NK and Primary @ NR
2
+ 2,025 seats
1.Secondary @ PU
2. NK and Primary @ TR & CM
Untapped International School Demands
18Source: school website and phone call
Chiang
mai
BKK
Udonthani
Konkean
Phuket
Pattaya
Public School
6,442,499
International School87,343
Private School
2,464,951
8,994,793 students
Opportunity to expand to capture untapped demands in EP
program of private school
No. of Student in Thailand in2019
Range of International school fee vs EP program
Looking for new demands in greater BKK and
upcountry/suburb areas with lower fee international school
business model
Tuition fee range
International School (No SISB presence) 150K-300K
EP Program 33K-160K
Example of Rangsit-Nakhon Nayok Location
PU
TR
SV
NRHalving Project (HVP)
Sizable target group (Low-range international schools
and EP program of Thai schools)
Comparable service quality at lower cost while
maintaining margin by cost saving model
Model to expand to upcountry
3
Current SISB
market
Potential
market in
EP program
for SISB
to capture
Under study phase
19
Disclaimer The information contained in our presentation is intended solely for your personal reference only. Please do not circulate this material. If you are not an
intended recipient, you must not read, disclose, copy, retain, distribute or take any action in reliance upon it. In addition, such information contains projections and
forward-looking statements that reflect our current views with respect to future events, financial performance and result of SISB’s activities. These views are based on
assumptions subject to various risks and uncertainties. No assurance is given that future events will occur, that projections will be achieved, or that our assumptions
are correct. Actual results may differ materially from those projected. The information contained in this presentation is subject to change without notice and SISB does
not undertake any duty to update the forward-looking statements, and the estimates and assumptions associated with them, except to the extent required by applicable
laws and regulations.
SINGAPORE INTERNATIONAL SCHOOL OF BANGKOK
To Stay Connected with us & Quick Download
SISB Website
SISB Investor Relations
MR. SUPAKORN UENHAPAIBUL
TEL: +662-158-9090 ext. 194
E-MAIL: [email protected]
2020 Annual Report2Q2021 Fin Statement
A member of the Kiatnakin Phatra Financial Group
Company Highlights
SISB at a Glance - Leading International School Network in Thailand with World-renowned Singapore Curriculum
22
Source SISB Internal Data, Y2020
Note: (1) International school network ranked by student number
(2) Including Tuition fee, Education material fee and Snack and Lunch fee.
(3) Excluding extra loss in 2020 in total amount of THB 32.0 mm
Revenue Breakdown (FY2020)
Tuition fees and service
91.8%
Application& Enrollment
5.6%
Education Equipment
0.7%
Other Income1.9%
1,069MB
Global Benchmarking
Curricula with
Affordable Price Range
NPM: 24.0% / 18.0%
GPM and NPM in 1H21 / FY2020(3)
GPM: 49.9% / 42.7%
4 + 1 Campuses
in Greater BKK and Chiang Mai
Operating campuses
#2 Largest International
School Network with
2,589 students(1)
School Network Ranking in Thailand
and SISB No. of Student as of 2Q2021
+7.5%
CAGR
‘18-’20
Singapore International
School in Thailand
Unique strength in facilitating trilingual
school: English, Thai and Chinese
1st
SISB Student
Population Pyramid
As of 2Q2021, 83.7% are Thai nationality and
16.3% Foreign
Accreditations from
World-class Organizations
Total fees between THB 393K – 739K / Year from
SISB School Price List AY 2020/2021(2)
THB 566 / 1,069 mm
1H21 / FY 2020 Total Revenue
+6.2%
CAGR
‘18-’20
THB 136 / 192 mm
1H21 / FY 2020 Net Income(3)
+36.2%
CAGR
‘18-’20
Strong Brand Equity over
20 Years of Experience
+1.1%
YoY
+11.1%
YoY
+54.5%
YoY
Leading International School Network in Thailand
Source SISB Internal Data, Y2020
Note: (1) Market share compare to MOE Data as of 2019
3,079
2,638
2,049
1,445
Nord Anglia SISB Shrewsbury Cognita
3.5% 3.0% 2.3%
Unit: #student Market share(%)(1)
2
1.7%
Top 4 Group International School (Ranked by No. of Student as of Dec 2020)
Phuvit T. - University of Illinois at
Urbana-Champaign (USA),
Chulalongkorn University (TH), Illinois
Institute of Technology (USA), KMITl
(TH) and Purdue University (USA)
Intouch T. - Kyoto University
of Advanced Science in
Japan, Bachelor's Degree in
Electrical Engineering.
Arisa T - Tsinghua
University in Beijing,
Bachelor’s Degree in
architecture
SISB University Offer for Class of 2021
CANADA• University of British Columbia
USA• University of Illinois at Urbana-
Champaign
• Illinois Institute of Technology
• Purdue University
UK• University of Nottingham
• University of Leeds
• University of Manchester
• University of Southampton
CHINA• Tsinghua University
JAPAN• Kyoto University of
Advanced Science
SINGAPORE• Singapore Institute of
Management
THAILAND• Chulalongkorn University
• Thammasat University
• Mahidol University
• Kasetsart University
• MKITL
23
Student-to-Teacher Ratio
7.19
7.32
7.37
7.32
Y2018 Y2019 Y2020 2Q21
SISB Campeuses Location
Source: https://urbancreature.co/urban-planning-bangkok/, http://plan4bangkok.com/index.html
Note: (1) PU offers Boarding school
(2) Addition plots of land for TR Phase 2 are secured
(3) Plots of Land for NR are secured.
24
Name Level
Land Lease
Termination
Date
School
Ground
Area
Seat
Capacity
Student
Number
Q2 2021
%
Utilization
1) PU(1)K-12 Y2040,Y2044 31,085 m2 2,175 1,362 62.6%
2) SV K-6 Y2033 14,342 m2 510 258 50.6%
3) TR(2)K-12 Freehold 29,213 m2 910 789 86.7%
4) CM K-10 Y2031 (+15) 8,540 m2 370 180 48.6%
5) NR(3)TBA Freehold 23,680 m2 - - -
3,965 2,589 65.3%
SISB
TR
SISB
SV
SISB
PU
SISB
NR