Coliwoo Holdings, the co-living spin-off from LHN Group, has seen weak post-IPO share price performance since listing on SGX at 60 cents in November 2024, trading down to around 58 cents by mid-January. Despite this, analysts broadly view the pullback as an attractive entry point, remaining confident in the company’s fundamentals and growth outlook.
Multiple brokerages — Maybank Securities, Tickrs, CGS International, and RHB Bank Singapore — have initiated coverage with “buy” or “add” ratings. Coliwoo is among Singapore’s largest co-living operators, with 2,933 rooms across 25 locations, strong occupancy of 96.1%, and plans to add at least 800 rooms per year over the next few years.
Analysts highlight Singapore’s role as a regional hub for professionals and students as a key structural driver for co-living demand. Coliwoo currently holds 19.5% market share by room count and benefits from flexible leases and strong pricing power.
The group is also pursuing a capital-light strategy, including sale-and-leaseback transactions such as the $43.9 million Pasir Panjang deal, which improves ROE while retaining operational control and potentially supports higher dividends.
Tickrs notes that market mispricing stems from sector rotation away from real estate and accounting distortions from non-cash fair value adjustments. Stripping these out reveals high-growth core earnings, with FY2025 core PATMI expected to grow about 63% y-o-y. Analysts argue investors are valuing Coliwoo as a slow property play, while it is effectively a scalable hospitality platform with significant operating leverage and a 36% capacity expansion pipeline.
The Singapore co-living market is fragmented but consolidating, with Coliwoo leading the “Big Five” operators. Its competitive advantages include scale, brand strength, owned assets that provide earnings stability, and control over renovation quality.
Target prices range from 74 cents (CGS International) to 82 cents (RHB Bank Singapore), reflecting confidence in Coliwoo’s growth, capital management, and positioning to benefit from a structural upswing in Singapore’s co-living sector.
Nvidia’s rise has highlighted the importance of graphics processing units (GPUs), not only for AI but also for gaming—a space where PC Partner Group operates as a major graphics card and PC component maker. Founded in Hong Kong in 1997, PC Partner has shifted its focus to Southeast Asia, investing in manufacturing in Batam, Indonesia, and making Singapore its sole listing and headquarters after delisting from Hong Kong in January 2025.
PC Partner produces graphics cards (under its own brands and as an OEM), mini PCs, and related hardware. According to KGI Securities analyst Chong Ting Shuo, the company is well positioned to benefit from gaming and AI hardware demand due to its close partnerships with Nvidia and AMD, which give it early access to new GPUs such as Nvidia’s RTX 50-series.
Following its Singapore move, PC Partner secured strong supply of these in-demand chips, driving a reacceleration in performance. For 1HFY2025, earnings rose 29% year-on-year and revenue increased 28.5%. The video graphics segment is expected to grow 25% y-o-y in FY2025, supported by gamers upgrading for better performance and AI features.
Operationally, the Batam facility helps the company manage US tariffs and export controls, reducing policy risk and improving flexibility. PC Partner is also diversifying into AI computing, specialty PCs, and new markets, which could add incremental revenue growth.
KGI forecasts FY2025 earnings to double from 2024, supported by higher volumes, stronger margins, and a net cash position of about HK$500 million. Trading at relatively low valuation multiples, the stock is viewed as a growth-and-value opportunity, with KGI assigning an “outperform” rating and a target price of $1.73.Thank you
