Overseas Education

Overseas Education: Maybank-KE’s channel checks guides that bigger international schools in Singapore still experience high demand, and that newer entrants may be drawing students from smaller schools, leaving established players like Overseas Education relatively untouched. On the Iskandar front, the two most prominent international schools in the Iskandar region that Singapore-based parents can send their children are Marlborough College and the upcoming Raffles American School. This should not significantly affect Singaporean international schools as: 1) The all-in costs to attend Marlborough and RAS are equally or if not more expensive than Singapore’s international schools. 2) The travelling time that can consume up to 2 hours per day is also hardly appealing. 3) Boarding as an option is only available for 9th graders and above. 4) RAS offers only American curriculum, practical only for someone with American Universities in mind. Maybank KE maintains Buy on Overseas Education with TP of $1.02