BBSN’s FY25A results presentation showcased a record financial performance (comfortably exceeding market expectations and prompting a 19% adj. EPS upgrade), significant strategic and operational momentum, the strength of its offering and competitive position, and management’s confidence in extending an impressive track record. In this note we highlight our key takeaways (including a step change in the growth of / opportunities available to MiniMBA since it became part of the group) and reiterate our positive investment case, 175p target price and conviction that its stock offers substantial upside potential. BUY.