Director and Founding Member, Corporate Monitor Limited

Tan Yee Peng

Director and Founding Member

Strengthening Corporate Performance

Corporate Monitor Limited

Corporate Monitor was established to encourage better performance of companies, particularly companies listed on the SGX, and hold their management and boards to account, for the benefit of their shareholders and stakeholders.

<ul><li>It is not surprising that investors compare JustCo to WeWork, as both share the same business model: sign a long lease with a landlord, spend on renovation, rent out workstations on shorter and flexible terms, and earn the rental spread.</li><li>There are inherent mismatches of fixed cost versus flexible revenue, long liability versus short visibility.</li><li>The flexi-office business model carries high operating leverage, given that its costs are mostly fixed.</li></ul>

It is not surprising that investors compare JustCo to WeWork, as both share the same business model: sign a long lease with a landlord, spend on renovation, rent out workstations on shorter and flexible terms, and earn the rental spread.There are inherent mismatches of fixed cost versus flexible revenue, long liability versus short visibility.The flexi-office business model carries high operating leverage, given that its costs are mostly fixed.

Invest for a Sustainable Future, Impact Capital Asset Management

ICAM

Invest for a Sustainable Future

Impact Capital Asset Management

Established in August 2020, Impact Capital Asset Management Pte. Ltd. (ICAM) was conceived by seasoned professionals Deepak Mawandia and Atul Tetambe. Both have accumulated a wealth of knowledge and experience from their extensive tenures in the financial sector. In 2019, ICAM secured its RFMC license and subsequently introduced a technology-centric venture fund. By 2021, with the acquisition of its CMS license, ICAM witnessed steady growth in its assets under management. Presently, ICAM manages a portfolio exceeding USD 1 billion, diversified across various countries. Central to ICAM’s foundation is a commitment to offering a platform singularly dedicated to the best interests of its investor clients. The combined expertise of Deepak and Atul firmly establishes ICAM as a notable entity in the wealth management field.

Equity Bottom-Up

<ul><li>The group's reported loss narrowed by US$0.89m in the six months to 30 June 2026.</li><li>None of it came from the four regions.</li><li>The Others segment went from a US$4.30m loss to US$0.59m of profit over the same period, a gain of US$4.89m, while Southeast Asia, North Asia, Australia and India together went backwards by US$4.00m. </li></ul>

The group's reported loss narrowed by US$0.89m in the six months to 30 June 2026.None of it came from the four regions.The Others segment went from a US$4.30m loss to US$0.59m of profit over the same period, a gain of US$4.89m, while Southeast Asia, North Asia, Australia and India together went backwards by US$4.00m. 

JustCo Holdings Limited 1HFY2026 Results Update

Private Wealth Management and Asset Management., FPA Financial

FPA Financial

Private Wealth Management and Asset Management.

FPA Financial is an independent and boutique financial firm specializing in private wealth management and asset management.

<ul><li>JustCo Holdings Limited (“JustCo”), founded in 2011, is a flexible workspace platform primarily operating across the Asia Pacific (“APAC”) region.</li><li>As of 23 April 2026, the company has 54 centres across 12 cities, namely Bangkok, Bengaluru, Gurugram, Ho Chi Minh City, Hsinchu, Melbourne, Osaka, Seoul, Singapore, Sydney, Taipei and Tokyo, offering approximately 37,500 workstations and a net lettable area (“NLA”) of approximately 1.89 million square feet.</li><li>The company was listed on the Singapore Exchange (“SGX”) Mainboard on 22 May 2026 through its Initial Public Offering (“IPO”), raising gross proceeds of S$100.0 million.</li></ul>

JustCo Holdings Limited (“JustCo”), founded in 2011, is a flexible workspace platform primarily operating across the Asia Pacific (“APAC”) region.As of 23 April 2026, the company has 54 centres across 12 cities, namely Bangkok, Bengaluru, Gurugram, Ho Chi Minh City, Hsinchu, Melbourne, Osaka, Seoul, Singapore, Sydney, Taipei and Tokyo, offering approximately 37,500 workstations and a net lettable area (“NLA”) of approximately 1.89 million square feet.The company was listed on the Singapore Exchange (“SGX”) Mainboard on 22 May 2026 through its Initial Public Offering (“IPO”), raising gross proceeds of S$100.0 million.

Justco Holdings Limited Initiating Coverage (3 July 2026)

<ul><li>JustCo has a visible regional base, with 54 Centres across 12 cities as of the prospectus reference date and approximately 37,500 workstations.</li><li>FY2025 occupancy of 84% supports demand, and the 2029 ambition of more than 100 Centres gives a large growth frame.</li><li>Those facts do not settle shareholder economics. </li></ul>

JustCo has a visible regional base, with 54 Centres across 12 cities as of the prospectus reference date and approximately 37,500 workstations.FY2025 occupancy of 84% supports demand, and the 2029 ambition of more than 100 Centres gives a large growth frame.Those facts do not settle shareholder economics. 

JustCo Holdings Limited Initiating Coverage

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li>JustCo's revenue increased to US$144.2 million in FY2025, driven by higher membership fees and improved occupancy rates.</li><li>JustCo's Cash EBITDA margin expanded from 3.0% in 2023 to 9.4% in 2025, indicating margin growth.</li><li>JustCo plans to use S$81.7 million in net proceeds for strategic investments and capital expenditure for expansion.</li></ul>

JustCo's revenue increased to US$144.2 million in FY2025, driven by higher membership fees and improved occupancy rates.JustCo's Cash EBITDA margin expanded from 3.0% in 2023 to 9.4% in 2025, indicating margin growth.JustCo plans to use S$81.7 million in net proceeds for strategic investments and capital expenditure for expansion.

JustCo Holdings – Leading Flexible Workspace Platform Operator – Debuts on SGX

Singapore

JustCo Holdings Limited operates as a holding company. The Company, through its subsidiaries, provides workspace facilities for private offices, coworking, meeting spaces, and virtual offices. JustCo Holdings serves entrepreneurs, start-ups, and large corporations worldwide.

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JustCo Holdings (JCO SP)

Justco Holdings Not Just Another Wework?

It is not surprising that investors compare JustCo to WeWork, as both share the same business model: sign a long lease with a landlord, spend on...

Corporate Monitor Limited

JustCo Holdings Limited 1HFY2026 Results Update

The group's reported loss narrowed by US$0.89m in the six months to 30 June 2026. None of it came from the four regions. The Others segment went...

ICAM

Justco Holdings Limited Initiating Coverage (3 July 2026)

JustCo Holdings Limited (“JustCo”), founded in 2011, is a flexible workspace platform primarily operating across the Asia Pacific (“APAC”)...

FPA Financial

JustCo Holdings Limited Initiating Coverage

JustCo has a visible regional base, with 54 Centres across 12 cities as of the prospectus reference date and approximately 37,500...

ICAM

JustCo Holdings – Leading Flexible Workspace Platform Operator – Debuts on SGX

JustCo's revenue increased to US$144.2 million in FY2025, driven by higher membership fees and improved occupancy rates. JustCo's Cash EBITDA...

Singapore Exchange Ltd (SGX)

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