Lower student numbers call into question education as a structural growth theme

For years, education, like healthcare, has been seen as a structural growth story that investors can buy and hold for retirement. While Raffles Education (SGX:NR7) has already laid out its expansion plans across the region, two other locally listed education stocks appear to have more limited growth potential.

Both Overseas Education (SGX:RQ1) , which runs the Overseas Family School at Pasir Ris, and MindChamps PreSchool (SGX:CNE) , which runs a chain of enrichment centres for children mainly in Singapore and Australia, reported lower student numbers in their most recent FY2025 ended December. Their respective share prices have been lacklustre, and neither counter has any analyst coverage. Overseas Education is down 13.5% year to date, extending a drop of 80% from its 2014 peak;