External broker reports(aggregated public sources), KGI Securities Singapore

KGI Securities

External broker reports(aggregated public sources)

KGI Securities Singapore

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<ul><li>Company Update: 10 April 2026 Strong top line growth and improved portfolio utilisation in FY25.The Assembly Place (TAP) reported FY25 revenue of S$27.0mn (+42.4% YoY) and net profit of S$6.6mn (+6.4% YoY), while adjusted NPAT rose 24.2% YoY to S$7.7mn after excluding S$1.1mn of non-recurring IPO expenses.</li><li>The Group ended FY25 with 3,422 keys across 100 property assets, while average occupancy improved to 94.4% from 91.0% in FY24, reinforcing the resilience of its core community living platform and the scalability of its asset light operating model.</li><li>In Mar 26, TAP entered the migrant worker accommodation segment via a 60:40 JV with S11, adding 886 beds under the new Habitat brand.</li></ul>

Company Update: 10 April 2026 Strong top line growth and improved portfolio utilisation in FY25.The Assembly Place (TAP) reported FY25 revenue of S$27.0mn (+42.4% YoY) and net profit of S$6.6mn (+6.4% YoY), while adjusted NPAT rose 24.2% YoY to S$7.7mn after excluding S$1.1mn of non-recurring IPO expenses.The Group ended FY25 with 3,422 keys across 100 property assets, while average occupancy improved to 94.4% from 91.0% in FY24, reinforcing the resilience of its core community living platform and the scalability of its asset light operating model.In Mar 26, TAP entered the migrant worker accommodation segment via a 60:40 JV with S11, adding 886 beds under the new Habitat brand.

Company Report: The Assembly Place Holdings Ltd. (ASSPH SP/TAP.SI)

Dealing, Product Financing and Custody Services, Tickrs

Tickrs

Dealing, Product Financing and Custody Services

Tickrs Financial Singapore Pte Ltd (TFS) obtained Capital Markets Services (CMS) License from the Monetary Authority of Singapore (MAS) in 2022. Product offering include stock trading services across 10 global markets, futures trading, fixed income and wealth management products offering.

<ul><li>The Assembly Place Holdings Ltd (“TAP”) offers investors early-stage exposure to a structurally expanding accommodation segment, combining visible growth with late-stage financial quality.</li><li>At listing, the Group demonstrates exceptional capital efficiency, a net cash balance sheet and strong operating cash generation, yet comes to market at a valuation that does not fully capture these attributes.</li><li>Research TAP is Singapore’s largest and most diversified Community Living operator, managing approximately 3,422 keys across 100 properties as at December 2025, implying about 34% market share by keys.</li></ul>

The Assembly Place Holdings Ltd (“TAP”) offers investors early-stage exposure to a structurally expanding accommodation segment, combining visible growth with late-stage financial quality.At listing, the Group demonstrates exceptional capital efficiency, a net cash balance sheet and strong operating cash generation, yet comes to market at a valuation that does not fully capture these attributes.Research TAP is Singapore’s largest and most diversified Community Living operator, managing approximately 3,422 keys across 100 properties as at December 2025, implying about 34% market share by keys.

The Assembly Place Initiation : Scaling Community Living with an Asset-Light Engine

Singapore

The Assembly Place Holdings Ltd. is an investment holding company that provides community-driven living accommodation and property management services. It operates co-living spaces, hotels, serviced apartments, and student housing, and offers property asset owners referral and project management services. The company is headquartered in Singapore and was founded in 2019.

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The Assembly Place (ASSPH SP)

Company Report: The Assembly Place Holdings Ltd. (ASSPH SP/TAP.SI)

Company Update: 10 April 2026 Strong top line growth and improved portfolio utilisation in FY25.The Assembly Place (TAP) reported FY25 revenue of...

KGI Securities

The Assembly Place Initiation : Scaling Community Living with an Asset-Light Engine

The Assembly Place Holdings Ltd (“TAP”) offers investors early-stage exposure to a structurally expanding accommodation segment, combining visible...

Tickrs

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