3QFY2026
380 rooms
159 Jalan Loyang Besar
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Boom Oracle · Equity Research · 2026-05-09
Coliwoo Holdings 1HFY2026
Singapore's largest co-living operator (SGX:W8W) reports first half-year as a public company: revenue +16.6% to S$26.87M, net profit +43.9% to S$13.44M, sustained 97% occupancy, and a 1.0¢ interim dividend. Headline buoyed by Sky Bow divestment one-off; cleaner adjusted PATMI grew +13.9% YoY.
Revenue
S$26.87M
+16.6% YoY
vs S$23.05M (1HFY2025)
Net Profit (PATMI)
S$13.44M
+43.9% YoY
includes Sky Bow one-off
Adjusted PATMI
S$8.62M
+13.9% YoY
cleaner operational read
Occupancy
97.0%
maintained
portfolio-wide, 28 properties
Total rooms
3,568
+21.6% vs Sep 2025
+635 rooms in 6 months
Interim dividend
1.0¢
per share
policy: ≥40% payout
02 Headline Financials
1HFY2026 vs 1HFY2025
Revenue and gross profit grew double-digit on portfolio expansion. The 43.9% PATMI surge contains a one-off uplift from the Sky Bow Properties divestment (January 2026). Adjusted PATMI is the cleaner operational signal.
| Metric | 1HFY2026 | 1HFY2025 | YoY |
|---|---|---|---|
| Revenue | S$26.87M | S$23.05M | +16.6% |
| Gross Profit | S$19.13M | S$16.65M | +14.9% |
| Gross Margin | 71.2% | 72.2% | −100 bps |
| Net Profit (PATMI) | S$13.44M | S$9.34M | +43.9% |
| Adjusted PATMI | S$8.62M | S$7.57M | +13.9% |
| EPS (cents) | 2.80 | 2.99 | −6.4% |
📌 EPS dilution caveat: EPS dropped despite profit growth — reflects post-IPO share base expansion (Coliwoo issued 80.3M new shares in November 2025). Profit per share ≠ profit growth this cycle.
03 Operating Metrics
Portfolio + occupancy
Room count grew +21.6% vs Sep 2025 (pre-IPO snapshot) while occupancy held at 97%. Leased-room mix expanded by +29.5% — a deliberate asset-light pivot.
| KPI | 1HFY2026 | Sep 2025 (pre-IPO) | Δ |
|---|---|---|---|
| Total rooms | 3,568 | 2,933 | +21.6% |
| Properties | 28 | 26 | +2 |
| Leased rooms | 1,907 | 1,473 | +29.5% |
| Avg occupancy | 97.0% | >95% | maintained |
Implied unit economics: Revenue per room per month ≈ S$26.87M / 6 / ~3,250 ≈ S$1,378/room/month (rough — owned vs leased mix and ADR variance not split).
04 Strategic Developments
Capital recycling + pipeline
Two-track strategy: capital recycling (Sky Bow + S$218.5M freehold portfolio sale) frees balance sheet, while +1,021 rooms in confirmed pipeline build toward 4,000 rooms by end-2026 and 10,000 globally by 2030.
Capital recycling
- Sky Bow Properties — divested 80% stake (404 Pasir Panjang Road) in January 2026 → contributed to one-off PATMI uplift, freed capital for new projects.
- Freehold portfolio sale launch — S$218.5M asset sale package announced, accelerating asset-light pivot.
Pipeline (announced operational dates)
1QFY2027
368 rooms
2 Changi Business Park Ave 1
4QFY2027
153 rooms
1 King George's Avenue
1QFY2028
120 rooms
50 Armenian Street
Pipeline total: +1,021 rooms across 4 properties (FY2026–FY2028). Existing 3,568 → trajectory targets 4,000 rooms end-2026 (achievable with 159 Jalan Loyang Besar Q3 onboarding) and 10,000 rooms globally by 2030 (requires regional expansion).
Regional expansion (per IPO prospectus)
Beyond Singapore, the prospectus identifies four cities for the next leg: Jakarta · Bangkok · Kuala Lumpur · Johor Bahru.
05 What Drove the 43.9% Beat
Four contributors — only three are recurring
The headline 43.9% PATMI growth combines operational tailwind, a one-off divestment gain, asset-light pivot, and post-IPO reporting discipline. Adjusted PATMI +13.9% is the cleaner read.
1
Operational tailwind
Revenue +16.6% on portfolio expansion (3,568 vs 2,933 rooms) plus sustained 97% occupancy.
2
One-off divestment gain
Sky Bow Properties stake sale bumped reported PATMI but is NOT recurring. Strip this out for run-rate analysis.
3
Asset-light pivot
1,907 leased rooms (vs 1,473) means more revenue per dollar of capital — better ROIC trajectory.
4
Public-company discipline
First post-IPO reporting period brings tighter cost reporting (gross margin slipped 100 bps but still 71.2%).
Cleaner read: adjusted PATMI +13.9% YoY ≈ underlying operational growth. Headline 43.9% is a pre-divestment vs post-divestment comparison — be cautious extrapolating to FY2026 full-year.
06 Dividend & Capital Return
First interim dividend signals payout commitment
The 1.0¢ interim dividend is the first capital return as a public company, anchoring the stated ≥40% payout policy for FY2025–FY2026.
1HFY2026 interim
1.0¢
per share
Payout policy
≥40%
of profit attributable, FY2025 + FY2026
Half-year yield
0.83%
on IPO price S$0.60
Implied annual
~2.0¢
if 2HFY2026 ≈ 1HFY2026 → ~1.7% on IPO
07 Investment Angle
Bull, bear, and watch items
Two-sided read on a co-living market leader carrying both pricing power (97% occupancy) and reflexive risk (Singapore expat / foreign-worker policy cycle).
▲ Bull case
- Market leader (19.5% share) in fast-growing Singapore co-living segment with high barriers (property sourcing + capital + brand).
- Demonstrated execution: 3,568 rooms vs 2,933 in 6 months = +21.6% room growth.
- Asset-light pivot via leasing reduces capital intensity; capital recycling proven (Sky Bow).
- 97% occupancy = pricing power, room for ARPM uplift.
- Regional expansion optionality (Bangkok, Jakarta, KL, Johor Bahru).
▼ Bear case
- 43.9% headline PATMI is partly one-off (divestment gain) → expect lower H2 reported growth.
- EPS dilution −6.4% YoY despite profit growth (post-IPO share count effect).
- Indebtedness S$252.5M as at end-Aug 2025 (per prospectus) vs cash S$28.4M → net debt > S$200M.
- IPO closed at S$0.585 on day 1, below IPO price S$0.60 — market initially skeptical.
- Co-living is reflexive to Singapore expat demand cycle + foreign-worker policy.
◉ Watch items for 2HFY2026 / FY2026 full-year
- Adjusted PATMI trajectory (cleaner signal than headline).
- 159 Jalan Loyang Besar (380 rooms) — Q3FY2026 lease-up rate.
- Regional expansion concrete announcement (which city first, JV structure).
- Net debt evolution post-portfolio sale (S$218.5M).
08 Comparable Singapore Co-Living
Market structure
JLL ranking. Coliwoo's lead is structural (LHN Group parent's property pipeline access) — but 80% of Singapore co-living rooms are still in the long tail, leaving room for further consolidation.
#1 · Market leader
Coliwoo
19.5% share · ~3,568 rooms · SGX:W8W
#2
The Assembly Place
per JLL ranking
#3
Bespoke Habitat
per JLL ranking
09 Stock Reference
SGX:W8W
Ticker
W8W.SI
IPO date
6 Nov 2025
IPO price
S$0.60
First-day close
S$0.585
−2.5% vs IPO
−2.5% vs IPO
IPO subscription
8.2×
placement 7.3× · public 20.7×
placement 7.3× · public 20.7×
IPO net proceeds
S$96.21M
Live quote
10 Sources
All references hyperlinked
Every figure in this report traces to one of the 13 sources below. Paywall items mirrored via Minichart aggregator where possible.
- The Edge Singapore — 1HFY2026 earnings articleprimary · paywall
- Minichart — 17% Revenue Surge, 97% Occupancymirror
- Minichart — Profit Guidance 1H2026guidance
- Minichart — IPO Demand CoverageIPO
- SGX — Coliwoo Q1FY26 Business Updates PDFfiling
- The Edge Singapore — IPO 8.2× subscribedIPO
- LHN Group — Coliwoo Co-Living portfolioparent
- Mingtiandi — Coliwoo Oxley JV / Little Indiadeal
- Mingtiandi — Seven-asset Portfolio S$171Mdeal
- Coliwoo Holdings — Investor Relations / Annual ReportIR
- Yahoo Finance — W8W.SI live quotemarket
- Dr Wealth — Coliwoo IPO analysisanalysis
- TNGlobal — Coliwoo IPO launch coverageIPO