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Coliwoo New Share

Instead of TAP, better stay with Coliwoo for better quality earnings.

Analysts initiate &lsquo buy&rsquo on Coliwoo as strong pipeline expected to bring strong returns

CGS International and RHB Singapore have initiated coverage on co-living operator Coliwoo Holdings as they remain optimistic on the group&rsquo s pipeline of upcoming launches and growth prospects.

This comes on the back of Maybank Securities and Tickrs Financial also initiating their coverage on Coliwoo.

CSGI has an &ldquo add&rdquo call and 74 cents target price on Coliwoo, as they view Singapore&rsquo s co-living sector to be in the midst of a structural upswing. They believe that Coliwoo is well positioned to capitalise on the next phase of growth, supported by its scale, brand strength, and proven execution track record.

The brokerage&rsquo s call and target price are underpinned by strong earnings visibility and growth prospects.

Earnings visibility in FY2026-FY2027 is mostly secured by growth in committed new keys. Coliwoo has 2,219 operational keys as of FY2025.

Some of the notable additions in FY2026 are Coliwoo Bugis (212 keys) and Resort Chalet (382 keys). Tan and Lim have also assumed 218 and 480 new keys coming onstream in FY2027 and FY2028, respectively. Bids under tender include Phoenix Park (300 keys), Cleantech Park hotel (320 keys), and a 360-key JV hotel in eastern Singapore. &ldquo We expect Coliwoo to acquire about 800 new keys annually, lifting total keys to 5,333 by FY2028. This should support sustainable core PATMI growth through FY2030,&rdquo they add.

Currently, Coliwoo is one of Singapore&rsquo s largest co-living operators with about 20% market share by rooms as at 2Q2025. It has also outpaced market &mdash scaling its portfolio growth of a 42% CAGR in 2023-2025, compared to Singapore co-living room inventory CAGR of 17% in the same period.

&ldquo By leveraging on parent company LHN&rsquo s expertise in repositioning well-located lower cost legacy commercial buildings and shophouses, Coliwoo converts underperforming assets into higher yielding co-living and hospitality uses, thereby enhancing asset level returns post-stabilisation,&rdquo say Tan and Lim.

They note that Coliwoo&rsquo s FY2025 core PATMI is 2x that of competitor The Assembly Place (TAP), which is about to also list on the Singapore Exchange (SGX). This is despite operating with about 35% fewer keys, driven by higher revenue per key rather than portfolio expansion.

&ldquo In contrast to TAP&rsquo s scale-led growth, Coliwoo grows earnings through pricing power and asset optimisation. This highlights Coliwoo&rsquo s capital-efficient model with lower reliance on continual rollout and execution risk,&rdquo say Tan and Lim.

RHB Singapore has similar sentiments. Analyst Vijay Natarajan has a &ldquo buy&rdquo call and 82 cents target price. The way he sees it, Coliwoo&rsquo s key strength lies in identifying and revitalising old, unused, and underutilised assets into co-living spaces. Its co-living assets are operated mainly under hotels and serviced apartments, co-living residential units, and student hostels, allowing it to offer flexible stay durations.

Its compact size and design ability from its long track record in space optimisation also sets it apart, resulting in its ability to charge higher rental per sq ft and superior margins.

Natarajan is expecting a net profit CAGR (FY2025-FY2028) of about 30%, backed by organic and inorganic growth. Coliwoo commands superior gross and net margins of about 70% and 39%, due to its ability to identify unique opportunities and its space optimisation track record. PATMI, as a result, is set to double by FY2028, according to Natarajan.

Meanwhile, the group&rsquo s asset-light approach is expected to fuel the next leg of growth, with Coliwoo having demonstrated its ability by monetising two owned assets via sale and leaseback deals so far.

Coliwoo also plans to expand, mainly via leased sites and management contracts with selective acquisitions. Another growth avenue, the analyst views, is its recent partnership with Singapore&rsquo s Health Ministry to provide accommodation for healthcare workers.

Maybank just initiated with 72c TP

Coliwoo Holdings (COLIWOO SP) Unlocking growth Riding on the fast-growing co-living sector

Coliwoo is one of the largest co-living players in Singapore, with about 2,933 rooms spread across 25 strategic locations in Singapore, including 714 rooms that are undergoing renovation and are not yet operational. The country&rsquo s safe-haven status as a regional business, medical and educational hub makes co-living a preferred option for many young professionals and students given flexible lease terms and unique value propositions. We are initiating coverage of Coliwoo with a BUY and 12 month TP of SGD0.74, based on 15x FY26E P/E.

Established branding and market position
The group is a leading co-living space provider that seeks to redefine urban living experiences through innovative residential solutions. Backed by its strong brand name, it has about 19.5% of the market share based on the number of rooms within the co-living sector in Singapore. Its strategic location selection, value-added services and community-driven living experiences ensure high demand and contribute to consistently high occupancy levels. For FY25, Coliwoo achieved a high occupancy rate of 96.1% for all the properties in operation in its portfolio.

Robust capacity expansion in the pipeline
Management aims to expand its portfolio from 2,933 rooms to close to 4,000 rooms in Singapore by the end of 2026. It has a healthy pipeline of co-living launches for the next 2-3 years, adding at least 800 rooms on a yearly basis to its portfolio. This growth will be driven by a combination of upcoming developments, master lease agreements and management contracts. Through these initiatives, it aims to strengthen brand presence, and reinforce its position as Singapore&rsquo s leading co-living operator.

Pursuing capital recycling and asset-light strategy
To complement its organic expansion, Coliwoo is actively exploring capital recycling strategies. The group&rsquo s recent sale-and-leaseback of its Pasir Panjang co-living hotel for SGD43.9m is a positive move as it continues to retain operational rights. The divestment also comes after the sale of its 115 Geylang Road for SGD25.8m in May&rsquo 25. Overall, we believe this is part of the group&rsquo s strategy to go more asset light, improve ROE, thus leading to potentially higher dividend payout than its guided 40% of core profits.

Any followers of this stock? Trying to get a sense of why they had not managed to stay above IPO price despite some positive announcements recently such as the sale and leaseback - small but in the positive direction

Most of the reporting nowadays just focus on the headline figures and do not distill the underlying which is the core PATMI that better reflects the underlying fundamentals as it excludes the one-offs. That' s why as always best to dyodd!

nott1965 ( Date: 26-Nov-2025 12:18) Posted:

I was shocked when I first read the headlines. Upon closer read, found is is actually the reverse . News trying to bring down the price. This is what I call trying sensationalise to gain attention and sabotaging those who just read the headlines without digging further

Rat poison. Avoid

I was shocked when I first read the headlines. Upon closer read, found is is actually the reverse . News trying to bring down the price. This is what I call trying sensationalise to gain attention and sabotaging those who just read the headlines without digging further

the company trying to confuse the investing community by posting that their " core" profits surge by 60+ %.

seriously they think this will prop up their sp

but the discerning investors are better than that

Joelton ( Date: 26-Nov-2025 10:15) Posted:

Coliwoo reports 75.1% fall in H2 net profit to S$5.7 million

[SINGAPORE] Co-living operator Coliwoo reported a net profit of S$5.7 million for the second half ended Sep 30, a 75.1 per cent drop from S$22.9 million for the year-ago period.

Revenue for the group, which listed on the Singapore Exchange (SGX) in November, came in at S$23.7 million, down 26.8 per cent from S$32.3 million in the second half of FY2024.

Coliwoo on Tuesday (Nov 25) said this was primarily due to an absence of a one-time retrofitting income from a facility services contract it had entered into last year. It added that this was partially offset by higher rental income from two new properties and higher occupancies.

Earnings per share fell to S$0.0183, down from S$0.0733 for the corresponding period last year.

For the full year, net profit stood at S$15 million, a 51.4 per cent decline from S$31 million for FY2024.

Core profit after tax and minority interests amounted to S$22.9 million, excluding net fair-value losses on investment properties expenses occurred as a result of Coliwoo&rsquo s November listing and the loss incurred for disposing of a subsidiary.

This was a 62.6 per cent increase from S$14.1 million a year earlier. The metric, which focuses on core operating performance, &ldquo reflects continued underlying demand for the co-living business&rdquo , Coliwoo said.

Rental income from owned properties rose 23.9 per cent to S$7.5 million, while rental income from leased properties increased by 4.9 per cent to S$32.4 million, Coliwoo said.

&ldquo Furthermore, management services income saw growth of over 100 per cent to S$3.5 million, benefiting from the successful onboarding of new properties and an improved average occupancy rate across the portfolio.&rdquo

The group&rsquo s full-year revenue fell 10.4 per cent to S$46.7 million from S$52.2 million previously.

Earnings per share for FY2025 fell to S$0.0482, from S$0.0991 the previous financial year.

The group has declared a final dividend of S$0.02 for its first year of trading.

Looking ahead, Coliwoo expects tightening residential rental demand and a surge in foreign arrivals to drive co-living demand.

&ldquo The outlook for Singapore&rsquo s residential rental market remains positive,&rdquo said the group. &ldquo This trend is supported by steady leasing demand and a tightening supply, with the inventory of unsold, uncompleted private homes falling to its lowest level in seven quarters.&rdquo

The co-living operator noted that with Singapore securing multi-year, high-profile international events, this significant influx of high-value business travellers is expected to fuel sustained demand for corporate and long-term accommodation.

Kelvin Lim, executive chairman and chief executive officer of Coliwoo, said: &ldquo The strong market fundamentals in Singapore, evidenced by sustained high rental demand and a recovering corporate and meetings, incentives, conferences and exhibitions segment, give us great confidence.

&ldquo With a robust pipeline targeting nearly 4,000 rooms by the end of 2026, Coliwoo is strategically positioned to capture further market share and reinforce our leadership in the co-living space.&rdquo

This expansion is already underway, with the group commencing operations at the 62-room Coliwoo Bukit Timah Fire Station in late-September 2025.

The 212-room Coliwoo Midtown, which is located near educational institutions such as the Singapore Management University, will open in early 2026, the group said.