Broker Name: CGS International Securities
Date of Report: January 14, 2026
Excerpt from CGS International Securities report.
- Coliwoo Holdings Limited is a leading co-living provider in Singapore, with around 20% market share and a rapidly growing portfolio, focusing on affordable, centrally located rentals for non-residents.
- The company uses a capital-efficient growth model, leveraging master leases, joint ventures, and asset optimisation to drive earnings and maintain high occupancy (c.95%) and strong margins.
- Coliwoo’s operational keys are projected to nearly double from FY25 to FY28, supporting a forecasted core PATMI CAGR of 24% through FY28, with recurring cash flows and robust earnings visibility.
- Market demand is underpinned by Singapore’s tight rental market, a growing expatriate and student population, and high barriers to home ownership for foreigners, which favour rental solutions like co-living.
- Trading at an undemanding valuation (c.9.4x CY27F P/E, a 40% discount to peers), Coliwoo offers upside potential as it continues to expand its portfolio and improve capital efficiency.
- The report initiates with an “Add” rating and a target price of S\$0.74, citing strong growth prospects, stable dividends (targeting a 40% payout ratio), and a positive outlook for the co-living sector in Singapore.
- Key risks include competition, renewal of master leases, economic downturns, and limited supply of suitable assets, but Coliwoo’s hybrid model and asset recycling plans help mitigate such risks.
- Coliwoo’s ESG practices are evolving, with a focus on governance, environmental targets, and social responsibility, but no ESG premium/discount is factored into valuations yet.
Report Summary:
- Coliwoo is a leading Singapore co-living operator with strong growth, high occupancy, and a capital-efficient model.
- Riding on demand from expats and students, and trading at a discount to peers, Coliwoo is rated “Add” with a S\$0.74 target price and a positive sector outlook.
Above is an excerpt from a report by CGS International Securities. Clients of CGS International Securities can be the first to access the full report from the CGS International Securities website: https://www.cgs-cimb.com
