Broker: KGI Securities (Singapore) Pte. Ltd.
Date of Report: April 10, 2026
Excerpt from KGI Securities (Singapore) report.
Report Summary
- Stock: The Assembly Place Holdings Ltd. (ASSPSH SP / TAP.SI)
- Action: OUTPERFORM (Buy)
- Target Price: S\$0.35
- Key Highlights:
- Strong FY25 performance: Revenue grew 42.4% YoY to S\$27.0mn, net profit up 6.4% YoY to S\$6.6mn, and adjusted NPAT up 24.2% YoY to S\$7.7mn (excluding IPO costs).
- Platform expansion: Ended FY25 with 3,422 keys and 100 property assets; average occupancy increased to 94.4% (from 91.0% in FY24).
- New verticals: Entered migrant worker accommodation via a JV (Habitat brand, 886 beds) and completed acquisition for a 163-room hotel conversion at 163 Tras Street (10% owned JV).
- Secured pipeline: ~1,490 keys to be delivered in the next two years, supporting the path towards >10,000 keys by FY30.
- Financial strength: Asset-light model, healthy cash generation, and visible expansion pipeline continue to support attractive medium-term return profile.
- Risks: Lease renewal risk, regulatory changes, competitive supply, execution risk from rapid expansion, market entry risk, related party landlord concentration, and technology/cybersecurity risks.
- Implications: The report maintains a positive outlook on TAP, underlining its strong execution, expansion into new verticals, and robust growth pipeline. Investors should focus on the company’s ability to efficiently execute its pipeline and manage the impact of non-cash fair value losses as the lease portfolio grows.
above is an excerpt from a report by KGI Securities (Singapore) Pte. Ltd. Clients of KGI Securities can be the first to access the full report from the KGI Securities website : https://www.kgi.com.sg
