The Maybank Securities analyst says that there is a clear project pipeline for Coliwoo over the next two years given that its first resort style co-living chalet project located at 159 Jalan Loyang Besar will be launched in 2H2026.
“With the recent acquisition of 1 King George’s Avenue and Changi Business Park Avenue 1 and deliberate intensification efforts, Coliwoo will expand the total room count from 251 to 368 rooms, and this property is expected to be ready and fully operational by 1QFY2027,” Ong adds.
Meanwhile, Ong points out that Coliwoo’s management is also looking to pursue overseas expansion through value-add acquisitions, with plans to enhance and stabilise these assets before eventually executing sale-and-leaseback arrangements.
Given the in-line set of results, Ong is keeping his forecast unchanged for Coliwoo while rolling forward his valuation to FY2027. Hence, he is maintaining a “buy” call on Coliwoo with a 12-month target price of 74 cents, pegged at 12 times forward P/E ratio.
See also: Seeing steady growth ahead, DBS initiates 'buy' call on Kimly with 52 cent target price
For DBS Group Research’s Geraldine Wong, Coliwoo’s 1HFY2026 PATMI trends above her estimates of a core FY2026 PATMI of $22.6 million. Coliwoo’s 1HYF2026 PATMI rose 43.9% y-o-y to $13.4 million on higher portfolio occupancy and lower interest costs.
In her May 7 note, Wong sees Coliwoo continue to progress ahead of expectations, with strong operational results and a focus on executing its asset light pivot.
“Coliwoo is looking to divest a portfolio of 7 assets for $218.5 million, with offers on the table. These room counts will still be retained within Coliwoo’s system through the conversion into managed rooms or through a master lease structure,” says Wong.
See also: Analysts upbeat on Venture Corporation after 1QFY2026 results, shares surge more than 11%
She believes this strategy will unlock more than ample capital to grow portfolio rooms with a lowered need to raise funds to grow, while fulfilling payout commitments to unitholders of more than 40%.
“With occupancy inching up and Singapore’s supportive rental backdrop, we shift our attention to room rate growth in the coming quarters,” Wong adds.
Given that pipeline to scale remains highly visible to meet IPO flagpoles set out for both FY2026 and FY2027, while having visibility to FY2028, Wong is maintaining “buy” on Coliwoo with a target price of 88 cents.
As at 10.30am, shares of Coliwoo were trading 2 cents higher, or 3.92% up at 53 cents.
