Broker Name: Maybank Research Pte Ltd
Date of Report: January 9, 2026
Excerpt from Maybank Research Pte Ltd report.
Report Summary:
- Coliwoo Holdings is one of Singapore’s largest co-living operators, with about 2,933 rooms across 25 locations, targeting to expand to nearly 4,000 rooms by end-2026 as demand for flexible urban living rises.
- The group leverages an asset-light, capital-efficient business model using master leases and management contracts to drive growth, focusing on adaptive reuse of older properties and scalable micro-studio layouts for rapid deployment.
- Coliwoo’s strong brand, high occupancy rates (96.1% in FY25), and strategic locations underpin its market leadership, with key demographics including young professionals, students, and a growing share of tourists and healthcare professionals.
- Recent capital recycling through asset sales and leasebacks enhances ROE and financial flexibility, supporting higher dividend potential beyond its guided 40% payout.
- The company is exploring regional expansion in Southeast Asia, and actively partners with corporates, educational institutions, and government-linked organizations to secure stable, medium- to long-term leases.
- Financially, Coliwoo is expected to deliver double-digit revenue and profit growth for the next three years, supported by portfolio expansion, high occupancy, and stable room rates, alongside improving free cash flow and reduced gearing.
- Key risks include macroeconomic downturns, inability to renew master leases, increasing competition, oversupply, and regulatory changes, though government support for co-living initiatives acts as a tailwind.
- Maybank initiates coverage with a BUY rating and a 12-month target price of SGD0.74 per share, based on 15x FY26E P/E, reflecting confidence in Coliwoo’s growth trajectory and resilient business model.
Above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank Research website : https://www.maybank.com/investment-banking
