Raffles Education: subsidiary signed a 80/20 JV with Education@Iskandar Sdn Bhd (EISB) to set up Raffles University Iskandar in EduCity, Iskandar Msia. The university will operate out of leased premises from Oct ‘11 while the permanent 65-acre campus is to be ready by 2013. The self-accrediting university will have an investment of ~RM200m and is expected to enroll 5k students in the first 5 yrs.
Stock trades at 14.7X P/E. Most recent ratings are largely neutral with TP btwn $0.45 - $0.90.
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