Coliwoo Holdings Limited: FY2025 Full Year Financial Analysis & Outlook

Coliwoo Holdings Limited, a newly listed player on the Singapore Exchange Mainboard, released its financial results for the year ended 30 September 2025. The company specializes in space optimization for co-living, operating both owned and leased properties across Singapore. Below is a detailed analysis of its key financial metrics, strategic developments, and outlook for investors.

Key Financial Metrics

Historical Performance & Trends

• Revenue: FY2025 revenue declined 10.4% YoY to S\$46.7 million, primarily due to the absence of one-time retrofitting income from facility services contracts in FY2024. This was partially offset by higher rental contributions from new and existing properties and improved occupancy rates.
• Net Profit: Net profit dropped 48.7% YoY to S\$16.2 million, reflecting lower gross profit, higher admin and selling expenses, and a swing to a net fair value loss on investment properties compared with a gain in FY2024.
• EPS: Earnings per share fell from 9.91 cents to 4.82 cents, reflecting the weaker bottom line and increased share count post-restructuring.
• Net Asset Value: NAV per share rose sharply, driven by substantial equity issuance and debt capitalization during the restructuring and IPO process.
• Gearing: Gearing ratio dropped from 74.4% to 61.1% as at 30 September 2025, mostly due to equity capitalization and debt repayment from asset sales.

Dividend Summary

• Final Dividend Proposed: 2.0 Singapore cents per share (tax-exempt, one-tier), payable in February 2026, subject to shareholder approval.
• Previous Year: No final dividend was declared for FY2024.

Exceptional Items & Asset Revaluation

• Asset Disposal: Berly Properties Pte. Ltd. (115 Geylang Road) was sold for S\$25.8 million, and Coliwoo PP Pte. Ltd. is held for sale (investment property value: S\$43.5 million).
• Fair Value Loss: Net loss of S\$7.4 million on investment properties versus a gain of S\$14.9 million last year, reflecting market revaluation and asset disposals.
• IPO-Related Expenses: S\$1.15 million in IPO listing expenses recognized in FY2025.

Fundraising & Corporate Actions

• IPO: Raised gross proceeds of S\$101.0 million (including Cornerstone Shares). As at announcement, S\$15.1 million had been utilized, primarily for business expansion and debt repayment.
• Restructuring: Significant equity capitalization and share split prior to IPO, increasing issued shares to 312,500,000.
• Joint Venture Formation: Established 1 King George Ave Pte. Ltd. (50% stake) for a S\$40 million property acquisition.

Related-Party Transactions & Unusual Fund Flows

• High volume of related-party transactions, including management, administrative, and property services paid to LHN Group and fellow subsidiaries, as well as loans and interest both received and paid.
• Renovation works from non-controlling shareholders (S\$3.3 million), and capitalisation of loans to joint ventures (S\$3.3 million).

Business Outlook

The company’s outlook is supported by positive trends in Singapore’s residential rental market and robust international visitor arrivals. The Urban Redevelopment Authority reported a fourth consecutive quarter of rental growth, while unsold private home inventory hit a seven-quarter low. The Singapore Tourism Board expects 2025 tourism receipts to surpass pre-COVID levels, supported by a strong MICE sector and major international events.

These trends favor Coliwoo’s co-living model, which is positioned to capture demand from both long-term residents and high-value business travelers. The company’s strategy of expanding both owned and leased co-living assets, alongside prudent capital management, provides a foundation for future growth.

Chairman’s Statement

“By Order of the Board
Lim Lung Tieng
Executive Chairman and Chief Executive Officer
25 November 2025″

Tone: The Chairman’s statement is factual and professional, focusing on compliance and procedural matters. No explicit forward-looking or emotive language is used, but the overall tone is neutral to cautiously positive, given the company’s strategic preparations and IPO.

Conclusion & Investment Recommendation

Overall Financial Performance: Neutral to slightly positive. While headline profit and revenue declined due to the absence of one-off items and asset sales, underlying gross profit improved, gearing was significantly reduced, and the company is well-capitalized post-IPO. The dividend initiation signals confidence in future cash flows.

• If you currently hold Coliwoo Holdings shares: Consider holding your position. The company’s balance sheet is strong post-IPO, gearing has declined, and the outlook for the co-living sector in Singapore remains favorable. The proposed dividend enhances returns. However, monitor future quarters for further improvement in recurring earnings and asset utilization.
• If you do not currently hold Coliwoo Holdings shares: Consider initiating a position if you seek exposure to Singapore’s growing co-living and rental accommodation market. The company is well-positioned for expansion, and its strong capital base post-IPO provides strategic flexibility. However, be aware of the historical volatility of earnings and reliance on asset revaluation gains. Entry may be timed after confirming sustained revenue and profit growth in subsequent quarters.

Disclaimer: This analysis is based strictly on the company’s published financial results and publicly disclosed information. It does not constitute investment advice. Investors should consider their own risk tolerance and perform further due diligence before making investment decisions.

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