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Raffles Education
(SGX:NR7)
Raffles Education (NR7) vs. iShares MSCI Singapore ETF (EWS)
Raffles Education Business Overview & Revenue Model
Raffles Education Financial Statement Overview
| Breakdown | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 111.71M | 112.47M | 110.89M | 105.37M | 97.73M |
| Gross Profit | 111.71M | 70.14M | 10.02M | -4.40M | 4.85M |
| EBITDA | 43.60M | 15.75M | 38.12M | 62.02M | 66.00M |
| Net Income | 7.70M | -19.26M | -5.30M | 9.61M | 16.39M |
Balance Sheet | |||||
| Total Assets | 1.02B | 1.10B | 1.15B | 1.28B | 1.38B |
| Cash, Cash Equivalents and Short-Term Investments | 16.86M | 33.07M | 24.21M | 37.42M | 29.53M |
| Total Debt | 218.89M | 237.99M | 288.69M | 303.54M | 396.01M |
| Total Liabilities | 378.19M | 418.23M | 454.21M | 495.64M | 598.81M |
| Stockholders Equity | 555.83M | 589.98M | 599.96M | 675.17M | 671.38M |
Cash Flow | |||||
| Free Cash Flow | 145.00K | 5.70M | -12.12M | -15.83M | -13.06M |
| Operating Cash Flow | 4.35M | 19.40M | 4.26M | 16.77M | 14.20M |
| Investing Cash Flow | 3.10M | 11.02M | 2.41M | 59.88M | -29.15M |
| Financing Cash Flow | -19.97M | -25.26M | -19.89M | -68.76M | 36.27M |
Raffles Education Technical Analysis
Raffles Education Peers Comparison
Raffles Education Corporate Events
Raffles Education has completed the conversion of outstanding amounts owed to its chairman, Mr. Chew, into equity, issuing 241,100,605 new ordinary shares under previously agreed binding term sheets. This debt-to-equity conversion increases the company’s issued share capital from 1,539,506,798 to 1,780,607,403 shares, modestly diluting existing shareholders while strengthening the balance sheet and aligning a key stakeholder’s interests more closely with the company’s long-term performance.
The newly issued conversion shares will rank pari passu with existing shares in all respects except for entitlements to dividends or other distributions whose record dates fall on or before the allotment date, including a previously announced special dividend. The conversion shares are expected to commence trading on or around 13 March 2026 on the SGX Mainboard, potentially improving the company’s capital structure visibility and liquidity for investors.
The most recent analyst rating on (SG:NR7) stock is a Sell with a S$0.13 price target. To see the full list of analyst forecasts on Raffles Education stock, see the SG:NR7 Stock Forecast page.
Raffles Education Limited has redeemed and cancelled S$12.25 million in unlisted, non-convertible bonds, paying a total of S$12.40 million including accrued interest in cash to the bond subscribers. This repayment reduces the company’s bond liabilities, while a remaining S$11.75 million of such bonds held by Chairman Chew Hua Seng is earmarked for potential conversion into new shares, which could alter the firm’s capital structure and equity base once completed, and shareholders are urged to exercise caution and seek professional advice when trading the company’s shares.
The most recent analyst rating on (SG:NR7) stock is a Hold with a S$0.15 price target. To see the full list of analyst forecasts on Raffles Education stock, see the SG:NR7 Stock Forecast page.
RafflesEducation has completed the disposal of its property at 51 Merchant Road, generating net cash proceeds of approximately S$121.3 million to advance its balance sheet optimisation and deleveraging strategy. The company, which has over 36 years of experience in Asian education markets, is using the transaction to reinforce its financial resilience and support its regional expansion.
The proceeds will be used primarily to repay the majority of the Group’s bank loans, redeem S$12.25 million of non-convertible bonds, and reduce borrowing costs while improving gearing levels. Reflecting improved confidence in its financial position, RafflesEducation will issue a special dividend of 0.4 Singapore cents per share and reallocate capital to drive strategic growth initiatives across key ASEAN markets, particularly Malaysia, Thailand, and Indonesia.
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 Limited has declared a tax-exempt, one-tier special interim dividend of S$0.004 per share for the financial year ending 30 June 2026. The move reflects the board’s decision to distribute expected cash savings from earlier proposed conversions to shareholders.
The register of members will close at 5.00 p.m. on 9 March 2026 to determine shareholder entitlements, with payment of the special dividend slated for on or about 28 April 2026. The company will also apply its recently adopted Scrip Dividend Scheme to this payout, giving shareholders the option to receive the dividend in shares rather than solely in cash.
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 has completed the disposal of its property at 51 Merchant Road in Singapore through its subsidiary, Raffles Assets (Singapore) Pte. Ltd. The asset was sold for S$121.8 million in cash, with the property delivered to the buyer free of encumbrances and no special interests disclosed by directors or controlling shareholders.
The completion of this sizeable asset sale marks a significant capital event for the group, potentially enhancing its financial flexibility and balance sheet. The board has urged shareholders to exercise caution when trading the company’s shares and to seek professional advice, underscoring ongoing uncertainty around how the disposal may affect the company’s future strategy and valuation.
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 has converted a portion of its outstanding convertible bonds into equity, issuing 876,923 new shares at S$0.065 each to bondholders on 16 February 2026. This move slightly increases its share capital and marginally reduces its bond liabilities, reflecting ongoing use of equity financing and incremental balance sheet adjustment.
Following the conversion, the company’s issued share base rose to 1,539,506,798 shares, while the principal amount of its outstanding convertible bonds declined to S$38.83 million. The new shares will begin trading on the SGX Mainboard on 23 February 2026, modestly diluting existing shareholders but enhancing the company’s equity base and market float.
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 reported stable revenue of S$56.63 million and returned to a positive operating profit in the first half of FY2026, underscoring the resilience of its education business. Net profit fell to S$3.11 million, but adjusted EBITDA remained robust, reflecting steady underlying operations despite the earnings decline.
The group significantly strengthened its balance sheet and liquidity, with net cash from operating activities rising 32% to S$22.53 million and cash and bank balances increasing to S$35.20 million. Shareholders approved the conversion of about S$15.53 million of bonds and loans by the chairman into equity and asset disposals expected to raise S$132.3 million, moves that lower gearing to 29% and support its net asset base of S$669.65 million.
The most recent analyst rating on (SG:NR7) stock is a Sell with a S$0.13 price target. To see the full list of analyst forecasts on Raffles Education stock, see the SG:NR7 Stock Forecast page.
Raffles Education has announced the conversion of S$159,354 in principal amount of its Convertible Bonds into 2,451,597 new ordinary shares at a conversion price of S$0.065 per share, in line with the terms of its 30 August 2022 trust deed. Following this conversion, the company’s issued and paid-up share capital has increased from 1,534,676,741 to 1,537,128,338 shares, while the outstanding principal amount of its Convertible Bonds has been reduced from S$39,139,527 to S$38,980,173, with the new shares ranking pari passu with existing shares and set to begin trading on the SGX-ST on 5 February 2026, a move that marginally dilutes existing shareholders but lowers the group’s outstanding bond obligations.
The most recent analyst rating on (SG:NR7) stock is a Hold with a S$0.18 price target. To see the full list of analyst forecasts on Raffles Education stock, see the SG:NR7 Stock Forecast page.
Raffles Education has disclosed that the S$5.50 million in net proceeds raised from the recent sale of 44.66 million treasury shares has been fully deployed. The funds were used largely for loan repayments, personnel and other operating expenses, professional and interest fees, taxes, other payables, and a S$1.99 million investment into subsidiary Raffles Iskandar Sdn Bhd. Apart from the additional investment in Raffles Iskandar, the company said the utilisation of proceeds is consistent with its earlier stated plan to strengthen liquidity through debt reduction and support general working capital, underscoring efforts to stabilise its balance sheet and fund ongoing operations.
The most recent analyst rating on (SG:NR7) stock is a Hold with a S$0.18 price target. To see the full list of analyst forecasts on Raffles Education stock, see the SG:NR7 Stock Forecast page.
Raffles Education has converted a portion of its outstanding convertible bonds into equity, issuing 3,948,876 new ordinary shares at S$0.065 per share on 28 January 2026. This conversion increases the company’s issued share capital from 1,530,727,865 to 1,534,676,741 shares and reduces the principal amount of its outstanding convertible bonds from S$39,396,204 to S$39,139,527, marginally deleveraging the balance sheet while diluting existing shareholders; the new shares will begin trading on the SGX Mainboard on 2 February 2026, reflecting ongoing use of convertible financing in the company’s capital structure.
The most recent analyst rating on (SG:NR7) stock is a Hold with a S$0.19 price target. To see the full list of analyst forecasts on Raffles Education stock, see the SG:NR7 Stock Forecast page.
Raffles Education has disclosed that its Chinese subsidiary, Langfang Hezhong Education Consulting Co., Ltd., has received a government notice for the compulsory acquisition of a sizeable land parcel of about 499 mu in Gu’an County, Langfang City, Hebei Province, to support urban planning and development in the Langfang Economic and Technological Development Zone. Hezhong has indicated its willingness to cooperate with the authorities and will engage the Langfang Planning Bureau on the specific terms of the acquisition, but no details on compensation or conditions have been provided yet. With the land carrying a book value of approximately RMB 639.2 million (S$113.8 million) as of 30 June 2025, the group says it is currently unable to assess the financial and operational impact of the takeover and has urged shareholders and investors to exercise caution while it awaits further clarity from local authorities.
The most recent analyst rating on (SG:NR7) stock is a Hold with a S$0.18 price target. To see the full list of analyst forecasts on Raffles Education stock, see the SG:NR7 Stock Forecast page.
Raffles Education has disclosed that the S$1.63 million in net proceeds from the sale of 16 million treasury shares have been fully deployed for general working capital needs. The funds were used to cover personnel expenses, professional fees, interest expenses, other payables, and other operating costs, with the company noting that this utilisation aligns with its previously stated intentions for the capital raised.
The most recent analyst rating on (SG:NR7) stock is a Hold with a S$0.18 price target. To see the full list of analyst forecasts on Raffles Education stock, see the SG:NR7 Stock Forecast page.
Raffles Education Limited has fully utilised the S$1,326,521 in net proceeds raised from the sale of 10 million treasury shares announced in December 2025, applying the funds toward general working capital needs. The bulk of the proceeds went to personnel expenses and interest costs, with the remainder allocated to other payables and operating expenses, and the company confirmed that this deployment is consistent with its previously stated plans, underscoring the role of the share sale in supporting day-to-day liquidity and financial obligations.
The most recent analyst rating on (SG:NR7) stock is a Hold with a S$0.18 price target. To see the full list of analyst forecasts on Raffles Education stock, see the SG:NR7 Stock Forecast page.
Raffles Education Limited has issued 338,461 new ordinary shares following the conversion of S$22,000 worth of its outstanding convertible bonds at a conversion price of S$0.065 per share. This move slightly increases the company’s issued share capital to 1,530,727,865 shares while reducing the principal amount of its outstanding convertible bonds to S$39.396 million; the new shares, which rank equally with existing shares, are scheduled to begin trading on the SGX Mainboard on 22 January 2026, marginally diluting existing shareholders but modestly lowering the group’s debt obligations.
The most recent analyst rating on (SG:NR7) stock is a Hold with a S$0.18 price target. To see the full list of analyst forecasts on Raffles Education stock, see the SG:NR7 Stock Forecast page.
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 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 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 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 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 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 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 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.