Raffles Education (NR7) AI Stock Analysis

• Market Cap: S$242.31M
• Dividend Yield: N/A
• Average Volume (3M): 9.84M
• Price to Earnings (P/E): 30.9
• Beta (1Y): 0.50
• Revenue Growth: -0.68%
• EPS Growth: N/A
• Country: SG
• Employees: 2,500
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Education & Training Services
• EPS (TTM): 0.00
• Shares Outstanding: 1,530,727,900
• 10 Day Avg. Volume: 15,499,879
• 30 Day Avg. Volume: 9,840,323
• PEG Ratio: -0.05
• Price to Book (P/B): 0.10
• Price to Sales (P/S): 0.52
• P/FCF Ratio: 401.11
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 49 Neutral
• Price Target: S$0.18 ▲(39.23% Upside)

The score is held back primarily by weak financial performance driven by steep revenue decline and poor cash flow conversion, despite a reasonably stable balance sheet. Technicals are supportive but look overextended, and valuation is a headwind given the high P/E and lack of dividend yield data.

Positive Factors

Geographic and program diversification

A diversified program mix and multi-country footprint provide structural resilience: tuition revenue from diplomas, undergrad and postgrad programs across Asia reduces single-market exposure, supports steady enrollment pipelines and long-term revenue stability as regional demand grows.

Moderate leverage and stable balance sheet

A moderate debt-to-equity ratio gives the company financial flexibility to weather enrollment cyclicality. Lower leverage reduces solvency risk, enables funding of strategic investments or partnerships without heavy refinancing pressure, and supports long-term operational continuity.

Improving operating and gross margins

Material margin improvement indicates better cost control and operating efficiency. If sustained, higher operating margins enhance cash generation potential per student, improving profitability leverage as enrollment recovers and supporting durable cash flow improvements over multiple reporting periods.

Negative Factors

Steep revenue decline

A >50% revenue decline is a structural concern: it weakens pricing power, campus utilization and referral pipelines. Recovery likely requires multiple enrollment cycles; sustained top-line weakness can erode fixed-cost coverage and constrain strategic investments over the medium term.

Weak cash flow conversion

Very poor cash conversion undermines self-funding ability. With FCF collapsing and OCF barely tracking net income, the firm may need external financing for capex or expansion, increasing funding risk and reducing flexibility to invest in programs or cushion future enrollment shocks.

Low return on equity and modest margins

Low ROE and modest net margins signal limited capital efficiency and weak profitability per unit of equity. This reduces retained earnings for reinvestment, limits dividend capacity, and makes it harder to build scale advantages or fund strategic initiatives without diluting shareholders.

Raffles Education Business Overview & Revenue Model

Company Description

Raffles Education Corporation Limited, an investment holding company, provides education and related services in ASEAN, North Asia, South Asia, Australasia, and Europe. It operates through four segments: Education, Education Facilities Rental Service, Real Estate Investment & Development, and Corporate & Others. The company offers degree, diploma, and full-time certificate programs in design and business-oriented disciplines; pre-tertiary education; and K12 curriculum. In addition, it operates Raffles University Iskandar; Tianjin University of Commerce Boustead College; Raffles American School that offers American K-12 education; and Oriental University City campus. Further, it engages in education facilities leasing and commercial leasing activities for supporting facilities; and real estate investment and development activities. Additionally, the company offers education supporting, and business and management consultancy services. It operates through a network of 18 colleges and universities across 10 countries. Raffles Education Corporation Limited was founded in 1990 and is based in Singapore.

How the Company Makes Money

Raffles Education generates revenue primarily through tuition fees paid by students enrolled in its various programs. The company has multiple revenue streams, including course fees for diploma and degree programs, short-term courses, and workshops. Additionally, Raffles Education may benefit from partnerships with industry players and educational institutions, enhancing its program offerings and attracting more students. The institution's strategic focus on expanding its presence in high-demand markets across Asia also contributes to its financial performance.

Raffles Education Financial Statement Overview

Summary

Overall fundamentals are weak: revenue fell sharply (-50.4%) and cash generation deteriorated (free cash flow growth -108.03%, low cash conversion vs. net income). The balance sheet is relatively stable with moderate leverage (debt-to-equity 0.39), but profitability is limited (ROE 1.38%) despite improved operating margins.

Income Statement

Raffles Education has shown a volatile revenue trend with a significant decline in the most recent year. The gross profit margin has improved dramatically to 100% due to reduced costs, but the net profit margin remains modest at 6.89%. EBIT and EBITDA margins have improved, indicating better operational efficiency. However, the negative revenue growth rate of -50.4% is a concern.

Balance Sheet

The company maintains a moderate debt-to-equity ratio of 0.39, indicating a balanced approach to leveraging. Return on equity is low at 1.38%, suggesting limited profitability relative to shareholder equity. The equity ratio is not explicitly calculated, but the balance sheet shows a stable financial structure.

Cash Flow

Cash flow performance is weak, with a significant decline in free cash flow growth by -108.03%. The operating cash flow to net income ratio is low at 2.07%, indicating challenges in converting income into cash. The free cash flow to net income ratio is also low at 3.33%, highlighting cash flow constraints.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	114.28M	111.71M	112.47M	110.89M	105.37M	97.73M
Gross Profit	66.15M	111.71M	70.14M	10.02M	-4.40M	4.85M
EBITDA	24.28M	43.60M	15.75M	38.12M	62.02M	66.00M
Net Income	7.70M	7.70M	-19.26M	-5.30M	9.61M	16.39M
Balance Sheet
Total Assets	1.02B	1.02B	1.10B	1.15B	1.28B	1.38B
Cash, Cash Equivalents and Short-Term Investments	16.86M	16.86M	33.07M	24.21M	37.42M	29.53M
Total Debt	218.89M	218.89M	237.99M	288.69M	303.54M	396.01M
Total Liabilities	378.19M	378.19M	418.23M	454.21M	495.64M	598.81M
Stockholders Equity	555.83M	555.83M	589.98M	599.96M	675.17M	671.38M
Cash Flow
Free Cash Flow	146.00K	145.00K	5.70M	-12.12M	-15.83M	-13.06M
Operating Cash Flow	4.35M	4.35M	19.40M	4.26M	16.77M	14.20M
Investing Cash Flow	3.10M	3.10M	11.02M	2.41M	59.88M	-29.15M
Financing Cash Flow	-19.97M	-19.97M	-25.26M	-19.89M	-68.76M	36.27M

Raffles Education Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.13
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:NR7, the sentiment is Positive. The current price of 0.13 is below the 20-day moving average (MA) of 0.15, below the 50-day MA of 0.14, and above the 200-day MA of 0.07, indicating a bullish trend. The MACD of 0.01 indicates Positive momentum. The RSI at 58.82 is Neutral, neither overbought nor oversold. The STOCH value of 38.09 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:NR7.

Raffles Education Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BNE	69 Neutral	S$71.75M	2.61	54.02%	―	41.78%	―
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
NR7	49 Neutral	S$242.31M	30.91	1.33%	―	-0.68%	―

Raffles Education Corporate Events

Raffles Education Sells Bulk of Treasury Shares to Repay Debt and Boost Liquidity

Raffles Education Limited has sold 44,660,300 treasury shares on 16 January 2026 via a placement handled by Maybank Securities to a group of third-party investors that includes several prominent institutional funds and ultra high net worth individuals with no connections to the company’s directors or substantial shareholders. The sale, valued at approximately S$5.67 million, reduces the company’s treasury share balance from 47,185,300 to 2,525,000 shares, trimming treasury shares from 3.18% to 0.17% of issued shares, and is intended to strengthen the company’s financial position through repayment of borrowings and to support general working capital needs, signalling a move to bolster liquidity and balance sheet flexibility for stakeholders.

The most recent analyst rating on (SG:NR7) stock is a Hold with a S$0.14 price target. To see the full list of analyst forecasts on Raffles Education stock, see the SG:NR7 Stock Forecast page.

Raffles Education Issues New Shares on Convertible Bond Conversion

Raffles Education Limited has further reduced its outstanding convertible bond obligations through a new round of bond conversions, continuing to use equity issuance as a capital management tool. On 6 January 2026, the company allotted and issued 946,321 new ordinary shares at S$0.065 per share following the conversion of S$61,511 in principal amount of convertible bonds, increasing its issued share capital to 1,530,389,404 shares and reducing the remaining convertible bonds to S$39,418,204. The new shares, which rank pari passu with existing stock, will begin trading on the SGX Mainboard on 16 January 2026, slightly diluting existing shareholders while modestly strengthening the company’s equity base and lowering its debt-like obligations.

The most recent analyst rating on (SG:NR7) stock is a Buy with a S$0.34 price target. To see the full list of analyst forecasts on Raffles Education stock, see the SG:NR7 Stock Forecast page.

Raffles Education Issues New Shares on Convertible Bond Conversion

Raffles Education Limited has issued 584,615 new ordinary shares at S$0.065 per share following the conversion of S$38,000 in principal amount of its convertible bonds, in line with the terms of its 30 August 2022 Convertible Bonds Trust Deed. This conversion increases the company’s issued share capital from 1,528,858,468 to 1,529,443,038 shares, reduces outstanding convertible bonds from S$39,517,715 to S$39,479,715, and the new shares—ranking pari passu with existing stock—will begin trading on the SGX Mainboard on 9 January 2026, slightly diluting existing shareholders while marginally decreasing the firm’s debt obligations.

The most recent analyst rating on (SG:NR7) stock is a Buy with a S$0.34 price target. To see the full list of analyst forecasts on Raffles Education stock, see the SG:NR7 Stock Forecast page.

Raffles Education Wins SGX In-Principle Nod for Share Conversion Plan

Raffles Education Limited has received in-principle approval from the Singapore Exchange for the listing and quotation of up to 241.1 million new ordinary shares to be issued upon the proposed conversion of outstanding amounts owed into equity, a step that could strengthen its balance sheet if completed. The approval is conditional on the company meeting ongoing listing requirements and securing shareholder consent at an upcoming extraordinary general meeting, after which a detailed circular will be sent to investors; the company has cautioned that there is still no certainty the proposed transactions, including the special interim dividend, will proceed to completion, urging shareholders and potential investors to act prudently.

The most recent analyst rating on (SG:NR7) stock is a Buy with a S$0.34 price target. To see the full list of analyst forecasts on Raffles Education stock, see the SG:NR7 Stock Forecast page.

Raffles Education Adopts Scrip Dividend Scheme for Shareholders

Raffles Education Limited has adopted a new scrip dividend scheme that allows shareholders, at the Board’s discretion for each qualifying dividend, to elect to receive fully paid new shares in place of part or all of their cash dividend entitlements. The implementation and issuance of new shares under the scheme remain subject to requisite regulatory and corporate approvals, and the company will announce the application of the scheme to specific dividends in line with Singapore Exchange listing rules, potentially offering shareholders flexibility in dividend form while supporting the company’s capital management.

The most recent analyst rating on (SG:NR7) stock is a Buy with a S$0.34 price target. To see the full list of analyst forecasts on Raffles Education stock, see the SG:NR7 Stock Forecast page.

Raffles Education Issues 600,000 New Shares on Convertible Bond Conversion

Raffles Education has converted S$39,000 worth of its outstanding convertible bonds into equity, issuing 600,000 new ordinary shares at a conversion price of S$0.065 per share. This move increases the company’s issued share capital from 1,528,258,468 to 1,528,858,468 shares and marginally reduces its remaining convertible bonds from S$39,556,715 to S$39,517,715, with the new shares set to begin trading on the SGX Mainboard on 2 January 2026, slightly diluting existing shareholders while incrementally strengthening the equity base.

The most recent analyst rating on (SG:NR7) stock is a Buy with a S$0.34 price target. To see the full list of analyst forecasts on Raffles Education stock, see the SG:NR7 Stock Forecast page.

Raffles Education Converts S$0.75 Million of Convertible Bonds Into New Shares

Raffles Education has converted a portion of its outstanding convertible bonds into equity, issuing 11,526,105 new ordinary shares at S$0.065 per share following bondholder conversions totalling S$749,197 in principal. This transaction increases the company’s issued share capital from 1,516,732,363 to 1,528,258,468 shares and reduces its outstanding convertible bonds from S$40.31 million to S$39.56 million, with the new shares ranking pari passu with existing stock and scheduled to begin trading on the SGX-ST Mainboard on 26 December 2025, slightly shifting the group’s capital structure toward equity and marginally diluting existing shareholders.

The most recent analyst rating on (SG:NR7) stock is a Hold with a S$0.12 price target. To see the full list of analyst forecasts on Raffles Education stock, see the SG:NR7 Stock Forecast page.

Raffles Education Announces Convertible Bond Conversion and Share Issuance

Raffles Education Limited announced the conversion and cancellation of a portion of its Convertible Bonds, resulting in the issuance of 155,384 new ordinary shares at a conversion price of S$0.065 per share. This increases the company’s issued share capital while reducing its outstanding Convertible Bonds, with the new shares set to be listed and traded on the Mainboard of the Singapore Exchange starting December 18, 2025. The move reflects Raffles Education’s efforts to maintain financial flexibility and adjust its capital structure, which may influence its market positioning and stakeholder relations.

The most recent analyst rating on (SG:NR7) stock is a Hold with a S$0.12 price target. To see the full list of analyst forecasts on Raffles Education stock, see the SG:NR7 Stock Forecast page.

Raffles Education Sells Treasury Shares for Working Capital

Raffles Education Limited has announced the sale of 10 million treasury shares to raise approximately S$1.33 million for general working capital purposes. This transaction reduces the company’s treasury shares from 57,185,300 to 47,185,300, slightly impacting the percentage of treasury shares against the total issued shares. The move is aimed at strengthening the company’s financial position and operational flexibility.

The most recent analyst rating on (SG:NR7) stock is a Hold with a S$0.12 price target. To see the full list of analyst forecasts on Raffles Education stock, see the SG:NR7 Stock Forecast page.

Raffles Education Completes Fourth Tranche Bond Issuance

Raffles Education Limited has announced the completion of its bond issuance to the Fourth Tranche Subscriber, Ng San Tiong, amounting to S$1,000,000. This brings the total bonds issued under the Proposed Bond Issue to S$4,000,000. The company plans to keep shareholders informed of any significant developments related to the bond issue, advising them to exercise caution when dealing with company shares.

The most recent analyst rating on (SG:NR7) stock is a Hold with a S$0.12 price target. To see the full list of analyst forecasts on Raffles Education stock, see the SG:NR7 Stock Forecast page.

Raffles Education Converts Bonds, Expands Share Capital

Raffles Education Limited has announced the conversion and cancellation of its convertible bonds, resulting in the issuance of 17,476,922 new shares at a conversion price of S$0.065 per share. This move increases the company’s total share capital and reduces its outstanding convertible bonds, potentially strengthening its financial position and market presence as the new shares will be listed on the SGX-ST for trading.

The most recent analyst rating on (SG:NR7) stock is a Hold with a S$0.12 price target. To see the full list of analyst forecasts on Raffles Education stock, see the SG:NR7 Stock Forecast page.

Raffles Education Secures S$1 Million Bond Subscription

Raffles Education Limited has announced the issuance of unlisted, non-convertible bonds totaling up to S$10,000,000, entering into a subscription agreement with Ng San Tiong for a S$1,000,000 tranche. This move is part of a strategic financial maneuver to strengthen the company’s capital structure, with the subscriber confirming the investment is solely for personal benefit without intentions to influence company management.

The most recent analyst rating on (SG:NR7) stock is a Hold with a S$0.12 price target. To see the full list of analyst forecasts on Raffles Education stock, see the SG:NR7 Stock Forecast page.

Raffles Education Converts Bonds, Issues New Shares

Raffles Education Limited has announced the conversion and cancellation of some of its convertible bonds, resulting in the issuance of 12,449,230 new shares at a conversion price of S$0.065 per share. This move increases the company’s share capital and reduces its outstanding convertible bonds, potentially impacting its financial structure and market positioning. The newly issued shares will be listed on the SGX-ST Mainboard, with trading commencing on December 4, 2025.

The most recent analyst rating on (SG:NR7) stock is a Hold with a S$0.12 price target. To see the full list of analyst forecasts on Raffles Education stock, see the SG:NR7 Stock Forecast page.

Raffles Education Proposes Major Property Sale in Singapore

Raffles Education Limited has announced the proposed sale of its property located at 51 Merchant Road, Singapore, for S$121.8 million. This transaction, deemed a major one under SGX-ST regulations, requires shareholder approval at an upcoming extraordinary general meeting. The property, a 4-storey commercial building with a 99-year lease, is being sold to an independent third-party purchaser, 51 Merchant Road Pte. Ltd., which has no prior affiliations with Raffles Education.

The most recent analyst rating on (SG:NR7) stock is a Hold with a S$0.12 price target. To see the full list of analyst forecasts on Raffles Education stock, see the SG:NR7 Stock Forecast page.

Raffles Education Announces Sale of Hefei Yuren Education Management

Raffles Education Limited has announced the signing of a sale and purchase agreement for the disposal of its entire equity interest in Hefei Yuren Education Management Co., Ltd. The transaction, valued at approximately S$76 million, involves the transfer of liabilities and a cash payment, resulting in a net cash inflow of approximately S$11 million for the company. This strategic move may impact Raffles Education’s operations by divesting its interest in the sole promoter of Wanbo Science and Technology Vocational College, potentially affecting its market positioning and stakeholder interests.

The most recent analyst rating on (SG:NR7) stock is a Hold with a S$0.12 price target. To see the full list of analyst forecasts on Raffles Education stock, see the SG:NR7 Stock Forecast page.

Raffles Education Converts Bonds to Shares, Boosting Capital

Raffles Education Limited has announced the conversion and cancellation of a portion of its convertible bonds, resulting in the issuance of 23,004,055 new shares. This move increases the company’s share capital and decreases its outstanding convertible bonds, potentially strengthening its financial position and market presence.

Raffles Education Proposes Sale of Hefei Yuren Education Management

Raffles Education Limited has announced a memorandum of understanding for the proposed disposal of its entire equity interest in Hefei Yuren Education Management Co., Ltd. This company is the sole promoter of Wanbo Science and Technology Vocational College in Anhui Province, China. The proposed sale, valued at RMB 320 million, is subject to due diligence and the execution of a definitive agreement. This strategic move could impact Raffles Education’s market positioning by divesting from its interests in China, potentially affecting stakeholders involved in the college’s operations.

Raffles Education Corrects Treasury Shares Sale Notice

Raffles Education Limited announced a correction to its previous notice regarding the sale of 16,000,000 treasury shares. The shares were sold to a third-party purchaser through KGI Securities (Singapore) Pte. Ltd. via an off-market married trade. The purchaser has no connection with the company or its significant shareholders, ensuring compliance with the Listing Manual rules.

Raffles Education Sells Treasury Shares for Working Capital

Raffles Education Limited announced the sale of 16 million treasury shares for S$1,664,000 to a third-party purchaser through an off-market trade. The proceeds from this sale will be used for general working capital purposes, and the transaction does not involve any directors or substantial shareholders of the company.