Slides below.
Thesis bottomline
HS has had a stellar decade owing largely to being in the right place at the right time. Generous scholarship payouts, a large government-lease property and under-capacity in the market led to impressive, profitable growth.
The luck has now run out.
Today the market is justifiably unconvinced of growth in student population while competing capacity is rising and HS remains at the mercy of the PUC. My stance is bearish. Recommend NO-BUY.
Company: Humansoft Holdings
Ticker: HUMANSOFT
Market: Kuwait
Note: This thesis was turned into our first ever video presentation.
KIP Capital blog 