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piscesmonkey Supreme	25-Feb-2026 09:14        piscesmonkey About Contact  Quote this Post!
x 1   x 0  Alert Admin	Wah good news ah QueenMaya      ( Date: 25-Feb-2026 08:59) Posted: KKR?s US$1.3b XCL deal puts a spotlight on education value, Raffles Education still trades at a deep discount Ven Sreenivasan, Editorial Director Investors Edge 24 Feb 2026 5:50pm A US$1.3 billion private equity cheque for a Singapore based school operator has reset the valuation conversation for the education sector. KKR?s reported agreement to acquire a majority stake in XCL Education at a valuation of about US$1.3 billion is not just another buyout headline. It provides a real market reference point for what scaled education platforms can command in private markets. The sharper question for listed investors is this. Why is Raffles Education trading at barely a fraction of its underlying asset base and revenue profile? A clear benchmark From its latest filed financial statements for the year ended 30 June 2024, XCL reported revenue of US$104.8 million and a net loss of US$27.4 million. Total equity stood at US$200.2 million, while current liabilities exceeded current assets by US$54.2 million. At a reported valuation of US$1.3 billion, the implied multiple is roughly 12 times revenue. That valuation is not being paid for near term profitability. It is being paid for scale, network depth and the long duration nature of fee income. Private capital is underwriting structural demand for premium education. Public market counterpart Now consider Raffles Education. For the six months ended 31 December 2025, the group reported revenue of S$56.63 million and an operating profit before tax of S$0.24 million, reversing a loss in the previous corresponding period. Net cash generated from operating activities improved to S$22.53 million. Net assets stood at S$669.65 million, with a disclosed net asset value of $0.3933 cents per share. As of the latest available quote, Raffles shares were trading at S$0.146, implying a market capitalisation of about S$224.7 million. Annualising first half revenue gives roughly S$113 million in sales. At S$224.7 million, the stock trades at about 2 times revenue. Set that against XCL?s implied 12 times revenue valuation. The valuation gap is stark. Balance sheet moves The divergence becomes more interesting when capital discipline is factored in. Raffles has disclosed asset disposals expected to yield approximately S$132.3 million in cash proceeds. Its Chairman and CEO has converted S$15.53 million of bonds and loans into equity. These are tangible balance sheet actions aimed at strengthening liquidity and reducing leverage. Meanwhile, XCL?s FY2024 accounts show continuing losses and a working capital deficit. One platform is being recapitalised and tightened in public markets. The other is being acquired at a premium valuation despite still being in loss making territory. Two prices, one sector Private equity is paying for long term enrolment resilience and recurring cash flows. Public markets appear to be pricing Raffles primarily on its past volatility rather than on its asset backing and improving operating cash generation. The two companies are not identical in scale or positioning. But valuation spreads of this magnitude invite closer examination. If US$1.3 billion is a fair price for a loss making education platform with US$104.8 million in revenue, then a S$224.7 million valuation for a company with S$669.65 million in net assets and positive operating cash flow looks increasingly difficult to justify. In private markets, capital is voting decisively. In public markets, Raffles Education still trades at a deep discount. PQTPQK      ( Date: 24-Feb-2026 09:19) Posted: cheong
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QueenMaya Senior	25-Feb-2026 08:59        QueenMaya About Contact  Quote this Post!
x 0   x 0  Alert Admin	KKR?s US$1.3b XCL deal puts a spotlight on education value, Raffles Education still trades at a deep discount Ven Sreenivasan, Editorial Director Investors Edge 24 Feb 2026 5:50pm A US$1.3 billion private equity cheque for a Singapore based school operator has reset the valuation conversation for the education sector. KKR?s reported agreement to acquire a majority stake in XCL Education at a valuation of about US$1.3 billion is not just another buyout headline. It provides a real market reference point for what scaled education platforms can command in private markets. The sharper question for listed investors is this. Why is Raffles Education trading at barely a fraction of its underlying asset base and revenue profile? A clear benchmark From its latest filed financial statements for the year ended 30 June 2024, XCL reported revenue of US$104.8 million and a net loss of US$27.4 million. Total equity stood at US$200.2 million, while current liabilities exceeded current assets by US$54.2 million. At a reported valuation of US$1.3 billion, the implied multiple is roughly 12 times revenue. That valuation is not being paid for near term profitability. It is being paid for scale, network depth and the long duration nature of fee income. Private capital is underwriting structural demand for premium education. Public market counterpart Now consider Raffles Education. For the six months ended 31 December 2025, the group reported revenue of S$56.63 million and an operating profit before tax of S$0.24 million, reversing a loss in the previous corresponding period. Net cash generated from operating activities improved to S$22.53 million. Net assets stood at S$669.65 million, with a disclosed net asset value of $0.3933 cents per share. As of the latest available quote, Raffles shares were trading at S$0.146, implying a market capitalisation of about S$224.7 million. Annualising first half revenue gives roughly S$113 million in sales. At S$224.7 million, the stock trades at about 2 times revenue. Set that against XCL?s implied 12 times revenue valuation. The valuation gap is stark. Balance sheet moves The divergence becomes more interesting when capital discipline is factored in. Raffles has disclosed asset disposals expected to yield approximately S$132.3 million in cash proceeds. Its Chairman and CEO has converted S$15.53 million of bonds and loans into equity. These are tangible balance sheet actions aimed at strengthening liquidity and reducing leverage. Meanwhile, XCL?s FY2024 accounts show continuing losses and a working capital deficit. One platform is being recapitalised and tightened in public markets. The other is being acquired at a premium valuation despite still being in loss making territory. Two prices, one sector Private equity is paying for long term enrolment resilience and recurring cash flows. Public markets appear to be pricing Raffles primarily on its past volatility rather than on its asset backing and improving operating cash generation. The two companies are not identical in scale or positioning. But valuation spreads of this magnitude invite closer examination. If US$1.3 billion is a fair price for a loss making education platform with US$104.8 million in revenue, then a S$224.7 million valuation for a company with S$669.65 million in net assets and positive operating cash flow looks increasingly difficult to justify. In private markets, capital is voting decisively. In public markets, Raffles Education still trades at a deep discount. PQTPQK      ( Date: 24-Feb-2026 09:19) Posted: cheong ? Neutral_Guy      ( Date: 24-Feb-2026 08:52) Posted: This clearly shows that Singapore education stocks are priced too low. Anyway, this company will be the next target by China?s educational giants.
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PQTPQK Supreme	24-Feb-2026 09:19        PQTPQK About Contact  Quote this Post!
x 0   x 0  Alert Admin	cheong ? Neutral_Guy      ( Date: 24-Feb-2026 08:52) Posted: This clearly shows that Singapore education stocks are priced too low. Anyway, this company will be the next target by China?s educational giants.
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Neutral_Guy Senior	24-Feb-2026 08:52        Neutral_Guy About Contact  Quote this Post!
x 0   x 0  Alert Admin	This clearly shows that Singapore education stocks are priced too low. Anyway, this company will be the next target by China?s educational giants.
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Jiyaji Senior	24-Feb-2026 08:27        Jiyaji About Contact  Quote this Post!
x 0   x 0  Alert Admin	Just a matter of time ... need to clean up the books (and increase credibility) first  TraderBen      ( Date: 24-Feb-2026 08:12) Posted: Why don?t buy RE lol QueenMaya      ( Date: 24-Feb-2026 07:53) Posted: KKR agrees to buy Singapore-based XCL Education in US$1.3 billion deal: sources KKR outbid other investment firms for the stake held by TPG [HONG KONG] KKR & Co has agreed to buy a majority stake in XCL Education Holdings in a deal that values the South-east Asian school operator at about US$1.3 billion, according to people familiar with the matter. KKR outbid other investment firms for the stake held by TPG, the people said, without disclosing the exact size of the holding. A transaction is pending regulatory approvals and closing conditions, the people said, asking not to be identified because the information is private. Representatives for KKR and TPG declined to comment. XCL had drawn interest from other private equity firms including Warburg Pincus, Blackstone and EQT AB, people familiar with the matter said in December. The company has K-12 school campuses across South-east Asia, including XCL World Academy in Singapore, the American School of Bangkok?s Sukhumvit campus, and Vietnam Australia International School, according to its website. Its other shareholders include Singapore state investor Temasek Holdings. KKR invests widely in education, backing firms including Lighthouse Learning in India and Taylor?s Education Group, which operates international schools in South-east Asia, as well as EQuest Education and Vinschools in Vietnam and Cognita Schools in Asia. KKR has deployed about US$15 billion in South-east Asia. It led a group that agreed to buy data centre operator STT GDC for S$6.6 billion in cash earlier this month. In November, KKR provided Chandra Asri Group with US$750 million in financing for its acquisition of ExxonMobil?s Esso-branded retail fuel stations in Singapore. After a soft year for mergers and acquisitions in South-east Asia, 2026 is off to a good start with the volume of deals nearing US$12 billion, more than four times higher than the same period last year, according to data compiled by Bloomberg. Beyond STT GDC, other significant deals include Malaysian builder Sunway Bhd?s offer to acquire smaller rival IJM Corp Bhd for about RM11 billion (S$3.2 billion).
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TraderBen Supreme	24-Feb-2026 08:12        TraderBen About Contact  Quote this Post!
x 0   x 0  Alert Admin	Why don?t buy RE lol QueenMaya      ( Date: 24-Feb-2026 07:53) Posted: KKR agrees to buy Singapore-based XCL Education in US$1.3 billion deal: sources KKR outbid other investment firms for the stake held by TPG [HONG KONG] KKR & Co has agreed to buy a majority stake in XCL Education Holdings in a deal that values the South-east Asian school operator at about US$1.3 billion, according to people familiar with the matter. KKR outbid other investment firms for the stake held by TPG, the people said, without disclosing the exact size of the holding. A transaction is pending regulatory approvals and closing conditions, the people said, asking not to be identified because the information is private. Representatives for KKR and TPG declined to comment. XCL had drawn interest from other private equity firms including Warburg Pincus, Blackstone and EQT AB, people familiar with the matter said in December. The company has K-12 school campuses across South-east Asia, including XCL World Academy in Singapore, the American School of Bangkok?s Sukhumvit campus, and Vietnam Australia International School, according to its website. Its other shareholders include Singapore state investor Temasek Holdings. KKR invests widely in education, backing firms including Lighthouse Learning in India and Taylor?s Education Group, which operates international schools in South-east Asia, as well as EQuest Education and Vinschools in Vietnam and Cognita Schools in Asia. KKR has deployed about US$15 billion in South-east Asia. It led a group that agreed to buy data centre operator STT GDC for S$6.6 billion in cash earlier this month. In November, KKR provided Chandra Asri Group with US$750 million in financing for its acquisition of ExxonMobil?s Esso-branded retail fuel stations in Singapore. After a soft year for mergers and acquisitions in South-east Asia, 2026 is off to a good start with the volume of deals nearing US$12 billion, more than four times higher than the same period last year, according to data compiled by Bloomberg. Beyond STT GDC, other significant deals include Malaysian builder Sunway Bhd?s offer to acquire smaller rival IJM Corp Bhd for about RM11 billion (S$3.2 billion). Barcalo      ( Date: 20-Feb-2026 15:48) Posted: https://links.sgx.com/FileOpen/RafflesEdu_PR_1H2026%20-16%20February%202026.ashx?App=Announcement&FileID=87528
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QueenMaya Senior	24-Feb-2026 07:53        QueenMaya About Contact  Quote this Post!
x 0   x 0  Alert Admin	KKR agrees to buy Singapore-based XCL Education in US$1.3 billion deal: sources KKR outbid other investment firms for the stake held by TPG [HONG KONG] KKR & Co has agreed to buy a majority stake in XCL Education Holdings in a deal that values the South-east Asian school operator at about US$1.3 billion, according to people familiar with the matter. KKR outbid other investment firms for the stake held by TPG, the people said, without disclosing the exact size of the holding. A transaction is pending regulatory approvals and closing conditions, the people said, asking not to be identified because the information is private. Representatives for KKR and TPG declined to comment. XCL had drawn interest from other private equity firms including Warburg Pincus, Blackstone and EQT AB, people familiar with the matter said in December. The company has K-12 school campuses across South-east Asia, including XCL World Academy in Singapore, the American School of Bangkok?s Sukhumvit campus, and Vietnam Australia International School, according to its website. Its other shareholders include Singapore state investor Temasek Holdings. KKR invests widely in education, backing firms including Lighthouse Learning in India and Taylor?s Education Group, which operates international schools in South-east Asia, as well as EQuest Education and Vinschools in Vietnam and Cognita Schools in Asia. KKR has deployed about US$15 billion in South-east Asia. It led a group that agreed to buy data centre operator STT GDC for S$6.6 billion in cash earlier this month. In November, KKR provided Chandra Asri Group with US$750 million in financing for its acquisition of ExxonMobil?s Esso-branded retail fuel stations in Singapore. After a soft year for mergers and acquisitions in South-east Asia, 2026 is off to a good start with the volume of deals nearing US$12 billion, more than four times higher than the same period last year, according to data compiled by Bloomberg. Beyond STT GDC, other significant deals include Malaysian builder Sunway Bhd?s offer to acquire smaller rival IJM Corp Bhd for about RM11 billion (S$3.2 billion). Barcalo      ( Date: 20-Feb-2026 15:48) Posted: https://links.sgx.com/FileOpen/RafflesEdu_PR_1H2026%20-16%20February%202026.ashx?App=Announcement&FileID=875283 Barcalo      ( Date: 20-Feb-2026 15:45) Posted: Announcement made on the Eve of CNY.
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Barcalo Master	20-Feb-2026 15:48        Barcalo About Contact  Quote this Post!
x 0   x 0  Alert Admin	https://links.sgx.com/FileOpen/RafflesEdu_PR_1H2026%20-16%20February%202026.ashx?App=Announcement&FileID=875283 Barcalo      ( Date: 20-Feb-2026 15:45) Posted: Announcement made on the Eve of CNY. Sunraku      ( Date: 20-Feb-2026 15:37) Posted: Raffles Education  Delivers Positive Operating Profit  and Improves Operating Cash Flow  with Balance Sheet Further Strengthening  in the 1st  Half of FY2026 Highlighting the resiliency of the Company and its education business model, revenue  remained stable with positive operating profit in the 1st  Half of FY2026. Net cash generated from operating activities improved to S$22.53 million in the 1st  Half  of FY2026, supported by S$14.81 million in course fees collected in advance. Liquidity position improved with increased cash and bank balances of S$35.20 million  and net gearing lowering to 29% in the 1st  Half of FY2026. Net assets increased to S$669.65 million that are anchored by substantial freehold  property assets with net asset value per ordinary share of 39.33 SG cents as at 31  December 2025. Shareholders&rsquo approval was obtained at the EGM held on 23 January 2026 for the  Company&rsquo s Chairman and CEO, Mr Chew Hua Seng, to convert approximately S$15.53  million of the Company&rsquo s bonds (S$11.75 million) and loan (S$3.78 million) into  ordinary shares of the Company. To further strengthen its balance sheet, shareholders&rsquo approval was obtained at the  EGM held on 3 February 2026 with total cash proceeds of approximately S$132.3  million expected as follows: S$121.3 million from the sale of 51 Merchant Road S$11.0 million from the sale of Raffles Hefei https://links.sgx.com/FileOpen/RafflesEdu_PR_1H2026%20-16%20February%202026.ashx?App=Announcement& FileID=875283
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Barcalo Master	20-Feb-2026 15:45        Barcalo About Contact  Quote this Post!
x 0   x 0  Alert Admin	Announcement made on the Eve of CNY. Sunraku      ( Date: 20-Feb-2026 15:37) Posted: Raffles Education  Delivers Positive Operating Profit  and Improves Operating Cash Flow  with Balance Sheet Further Strengthening  in the 1st  Half of FY2026 Highlighting the resiliency of the Company and its education business model, revenue  remained stable with positive operating profit in the 1st  Half of FY2026. Net cash generated from operating activities improved to S$22.53 million in the 1st  Half  of FY2026, supported by S$14.81 million in course fees collected in advance. Liquidity position improved with increased cash and bank balances of S$35.20 million  and net gearing lowering to 29% in the 1st  Half of FY2026. Net assets increased to S$669.65 million that are anchored by substantial freehold  property assets with net asset value per ordinary share of 39.33 SG cents as at 31  December 2025. Shareholders&rsquo approval was obtained at the EGM held on 23 January 2026 for the  Company&rsquo s Chairman and CEO, Mr Chew Hua Seng, to convert approximately S$15.53  million of the Company&rsquo s bonds (S$11.75 million) and loan (S$3.78 million) into  ordinary shares of the Company. To further strengthen its balance sheet, shareholders&rsquo approval was obtained at the  EGM held on 3 February 2026 with total cash proceeds of approximately S$132.3  million expected as follows: S$121.3 million from the sale of 51 Merchant Road S$11.0 million from the sale of Raffles Hefei https://links.sgx.com/FileOpen/RafflesEdu_PR_1H2026%20-16%20February%202026.ashx?App=Announcement& FileID=875283
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Sunraku Member	20-Feb-2026 15:37        Sunraku About Contact  Quote this Post!
x 0   x 0  Alert Admin	Raffles Education  Delivers Positive Operating Profit  and Improves Operating Cash Flow  with Balance Sheet Further Strengthening  in the 1st  Half of FY2026 Highlighting the resiliency of the Company and its education business model, revenue  remained stable with positive operating profit in the 1st  Half of FY2026. Net cash generated from operating activities improved to S$22.53 million in the 1st  Half  of FY2026, supported by S$14.81 million in course fees collected in advance. Liquidity position improved with increased cash and bank balances of S$35.20 million  and net gearing lowering to 29% in the 1st  Half of FY2026. Net assets increased to S$669.65 million that are anchored by substantial freehold  property assets with net asset value per ordinary share of 39.33 SG cents as at 31  December 2025. Shareholders&rsquo approval was obtained at the EGM held on 23 January 2026 for the  Company&rsquo s Chairman and CEO, Mr Chew Hua Seng, to convert approximately S$15.53  million of the Company&rsquo s bonds (S$11.75 million) and loan (S$3.78 million) into  ordinary shares of the Company. To further strengthen its balance sheet, shareholders&rsquo approval was obtained at the  EGM held on 3 February 2026 with total cash proceeds of approximately S$132.3  million expected as follows: S$121.3 million from the sale of 51 Merchant Road S$11.0 million from the sale of Raffles Hefei https://links.sgx.com/FileOpen/RafflesEdu_PR_1H2026%20-16%20February%202026.ashx?App=Announcement& FileID=875283
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treetops Elite	20-Feb-2026 10:35        treetops About Contact  Quote this Post! Style: Flexible   Mood: Yells: "Moments Today, Memories Tomorrow!"
x 0   x 0  Alert Admin	Becareful of pump and dump. May tank further.
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treetops Elite	19-Feb-2026 18:20        treetops About Contact  Quote this Post! Style: Flexible   Mood: Yells: "Moments Today, Memories Tomorrow!"
x 0   x 0  Alert Admin	Still a risk till china property side have more information. Stay clear first.  hschsc      ( Date: 15-Feb-2026 09:50) Posted: Do they even own that many properties? Aren' t they all sold out? PQTPQK      ( Date: 15-Feb-2026 08:39) Posted: Agree. Not to worry. Once they sell their property
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Stocky901 Supreme	19-Feb-2026 11:55        Stocky901 About Contact  Quote this Post!
x 0   x 0  Alert Admin	CNY huat together ✌ ️ ✌ ️
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Stocky901 Supreme	19-Feb-2026 11:47        Stocky901 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Back to 160 again soon? 🧐 PQTPQK      ( Date: 15-Feb-2026 08:39) Posted: Agree. Not to worry. Once they sell their property. Neutral_Guy      ( Date: 14-Feb-2026 23:40) Posted: Don?t worry too much. Recently there are investors purchasing at 12.7 cents recently. There is a good reason for keeping. Huat ar.
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Jiyaji Senior	16-Feb-2026 07:36        Jiyaji About Contact  Quote this Post!
x 0   x 0  Alert Admin	There is quite a bit of fear mongering going on. The Merchant road site is held as ' asset for sale' under current assets valued @~$69 M. The net sale proceeds is $121 mill on closing. Means extra $50 mill in cash. Which in effect should reduce the ' going concern'   issue. With such a high margin of safety $0.18-$0.19 is certain in 4-5 months. DYODD hschsc      ( Date: 15-Feb-2026 09:50) Posted: Do they even own that many properties? Aren' t they all sold out? PQTPQK      ( Date: 15-Feb-2026 08:39) Posted: Agree. Not to worry. Once they sell their property
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hschsc Master	15-Feb-2026 09:50        hschsc About Contact  Quote this Post! Style: Flexible   Mood: Yells: "Invest in financially healthy companies"
x 0   x 1  Alert Admin	Do they even own that many properties? Aren' t they all sold out? PQTPQK      ( Date: 15-Feb-2026 08:39) Posted: Agree. Not to worry. Once they sell their property. Neutral_Guy      ( Date: 14-Feb-2026 23:40) Posted: Don?t worry too much. Recently there are investors purchasing at 12.7 cents recently. There is a good reason for keeping. Huat ar.
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PQTPQK Supreme	15-Feb-2026 08:39        PQTPQK About Contact  Quote this Post!
x 0   x 0  Alert Admin	Agree. Not to worry. Once they sell their property. Neutral_Guy      ( Date: 14-Feb-2026 23:40) Posted: Don?t worry too much. Recently there are investors purchasing at 12.7 cents recently. There is a good reason for keeping. Huat ar.
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Neutral_Guy Senior	14-Feb-2026 23:40        Neutral_Guy About Contact  Quote this Post!
x 0   x 0  Alert Admin	Don?t worry too much. Recently there are investors purchasing at 12.7 cents recently. There is a good reason for keeping. Huat ar.
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TraderBen Supreme	14-Feb-2026 17:11        TraderBen About Contact  Quote this Post!
x 0   x 0  Alert Admin	Business time wrote the article until Very bad.. saying liabilities exceeded assets. But their NAV is 0.34 cents seems like BT dint include the properties they are holding. Hmm. Looks confirm flush time on Monday. Or bad news already factored in?? Let?s see on a Monday half day trade . Happy new year to all!! piscesmonkey      ( Date: 12-Feb-2026 09:55) Posted: 133 soon alot selling piscesmonkey      ( Date: 11-Feb-2026 11:44) Posted: Still waitin
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piscesmonkey Supreme	14-Feb-2026 15:43        piscesmonkey About Contact  Quote this Post!
x 0   x 1  Alert Admin	Opening 133? Stocky901      ( Date: 14-Feb-2026 09:34) Posted: Profits dropped 60%..Very bad..🧐
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