JustCo Holdings Limited (JCO) AI Stock Analysis

JustCo Holdings Limited

(SGX:JCO)

Select Model

Rating:47Neutral

Price Target:$0.36▼(-1.62% Downside)

Action:reiterated

Date:10/16/26

The score is held back primarily by weak technicals (below key moving averages, negative MACD) and an expensive valuation (very high P/E with no dividend yield provided). Financially, strong and improving cash generation and operating profitability provide some support, but high and rising leverage and thin/volatile net profitability remain key risks.

Positive Factors

Accelerating revenue growthImproving revenue growth indicates stronger demand and increasing operating scale across the workspace business. If sustained, this expansion can support better absorption of fixed facility costs, reinforce market presence, and create a durable base for future profitability.

Negative Factors

Very high and rising leverageRising debt against a relatively small equity base leaves the company financially sensitive to earnings volatility and financing costs. Heavy reliance on leverage can restrict capital allocation flexibility and make it harder to absorb operational setbacks over the coming quarters.

JustCo Holdings Limited (JCO) vs. iShares MSCI Singapore ETF (EWS)

Market Cap: SGD 142.70M
Dividend Yield: ―
Average Volume (3M): 284.20K
Price to Earnings (P/E): 80.4
Beta (1Y): 1.05
Revenue Growth: ―
EPS Growth: ―
Country: Singapore
Employees: 236
Sector: General
Sector Strength: 55
Industry: Real Estate - Services

JustCo Holdings Limited Business Overview & Revenue Model

Company Description

JustCo Holdings Limited manages and provides a comprehensive flexible workspace platform, with operations spanning Singapore and various international locations. The firm delivers a diverse range of office solutions, from private offices and adaptabl...

How the Company Makes Money

JustCo primarily makes money by selling flexible workspace access and related services across its network of coworking and serviced office locations. Key revenue streams generally include: (1) membership and subscription fees for hot-desking and shar...

JustCo Holdings Limited Financial Statement Overview

Summary

Operational and cash performance are supportive (revenue growth accelerating through 2025, stronger operating margin, and consistently high/growing operating and free cash flow). Offsetting this is meaningful balance-sheet risk from very high and rising leverage and volatile bottom-line results with only a slim net profit most recently.

Income Statement

58Neutral

Balance Sheet

28Negative

Cash Flow

76Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023
Income Statement
Total Revenue	79.87M	150.77M	128.22M	113.77M
Gross Profit	37.13M	150.77M	128.22M	113.77M
EBITDA	50.94M	98.43M	78.75M	65.81M
Net Income	-829.53K	1.77M	-10.10M	-12.45M
Balance Sheet
Total Assets	619.33M	544.24M	431.51M	434.30M
Cash, Cash Equivalents and Short-Term Investments	169.51M	87.25M	75.97M	72.18M
Total Debt	407.27M	401.98M	322.28M	317.66M
Total Liabilities	505.45M	504.74M	391.88M	386.57M
Stockholders Equity	113.88M	39.49M	39.63M	47.72M
Cash Flow
Free Cash Flow	29.18M	92.72M	69.91M	62.73M
Operating Cash Flow	35.81M	105.76M	79.08M	68.43M
Investing Cash Flow	-9.24M	-13.50M	31.03M	-56.16M
Financing Cash Flow	41.95M	-81.48M	-66.18M	-55.02M

JustCo Holdings Limited Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

SG:JCO against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SG:OYY	77Outperform	SGD 1.22B	17.68	57.59%	5.76%	8.12%	7.61%
SG:CY6U	76Outperform	SGD 1.25B	4.00	14.33%	9.40%	-2.07%	-28.41%
SG:O10	65Neutral	SGD 472.30M	10.21	3.27%	9.37%	117.73%	-23.82%
SG:9CI	59Neutral	SGD 11.97B	43.16	2.21%	5.00%	-15.36%	-57.57%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
SG:H30	49Neutral	SGD 790.65M	19.81	1.32%	1.05%	-0.88%	20.85%
SG:JCO	47Neutral	SGD 181.02M	80.45	4.48%	―	―	―

* General Sector Average

Performance Comparison

SG:JCO and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SG:JCO	JustCo Holdings Limited	0.37	-0.41	-52.26%
SG:CY6U	Capitaland India Trust	0.84	-0.30	-26.25%
SG:O10	Far East Orchard Ltd.	0.96	-0.26	-21.31%
SG:H30	Hong Fok Corporation Limited	0.95	0.20	26.16%
SG:9CI	CapitaLand Investment Limited	2.40	-0.15	-5.70%
SG:OYY	PropNex Ltd.	1.65	-0.54	-24.69%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Oct 16, 2026

JustCo Holdings Limited AI Stock Analysis