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20 May 2026
Raffles Education’s 59% debt cut makes the case for a re-rating to S$0.32
There is a particular kind of stock that the market refuses to forgive.
It carried too much debt for too long, burned investors who held on through the worst of it, and left a scar on the ticker that lingers well after the underlying business has turned.
Raffles Education is that stock right now. At S$0.134, it trades at barely 40 cents on the dollar against KGI Securities’ 12-month DCF-derived target of S$0.32.