$JustCo(JCO.SI)$ 1 Target Price.
Based on the just-released H1-2026 results, the company's growth trajectory, and broker commentary, JustCo's Q3 2026 (July–September) is on track to deliver continued revenue growth in the low-to-mid 20% range YoY , with a modest but positive pre-exceptional net profit — marking a sustained turnaround from the loss-making years of FY2023–FY2024.
Key Data Points
1. H1 2026 Actuals (Just Released)
Metric H1-2026 H1-2025 YoY Change
Revenue USD 80.8M USD 65.1M +24%
Pre-exceptional Net Profit USD 0.1M
The H1-2026 results confirmed the inflection point: JustCo swung from loss to pre-exceptional profitability on 24% revenue growth, driven by higher workstation yields and stronger pricing.
2. Historical Annual Trend (FY2023–FY2025)
Metric FY2023 FY2024 FY2025
Total Revenue USD 113.8M USD 129.5M USD 144.2M
Revenue Growth — +13.9%
Operating Income USD 2.6M USD 5.4M USD 14.3M
Net Income USD -12.5M USD -10.1M USD +2.7M
Profit Margin -10.9% -7.8% +1.9%
The trend is clear: revenue compounding at double-digit rates, operating income accelerating sharply (+164% in FY2025), and net income crossing into positive territory for the first time in FY2025.
3. Q3-2026 Forecast Framework
Since no formal quarterly consensus exists, the estimate is built from available data points:
Dimension Q3 2026 Estimate Rationale
Revenue ~USD 42–45M H1 run-rate of ~USD 40.4M/quarter, plus growth from new Orchard Road hub and seasonal pickup.
YoY Revenue Growth ~20–25% Consistent with H1 2026's 24% pace; workstation expansion pipeline supports this Pre-exceptional Profit (USD 0.05–0.3M). H1 was breakeven-positive; Q3 should benefit from improving operating leverage.
Operating Margin Improving toward ~3–5% FY2025 was 9.9% (OP Income / Revenue); H1 trajectory suggests continued profit margin expansion.
The Maybank Research forecast calls for workstation capacity CAGR of 19.5% over 2025–2028 , with cash EBITDA margin expanding from 9.4% in FY2025 to 14.1% by FY2028 , underpinned by improving occupancy (+3pp) and operating leverage .
4. Analyst Target Price
Maybank Research Target Price is SGD$1.02 by Q3-2026.
DBS Group Research Target Price is SGD$1.06 by Q3-2026.
Both brokers initiated coverage in July 2026 with bullish views, citing the APAC flexible office market's expected ~14% CAGR over the next two years and JustCo's multi-brand strategy across the globe.
5. Catalysts Supporting the Q3 Forecast
JustCo Place at Orchard Road: A 150,000 sq ft master lease signed in July 2026, fully pre-leased, adding meaningful capacity.
Entry into coliving: New revenue stream diversifying beyond pure coworking.
Backing by GIC (22.74%) and Frasers Property (17.63%) : Provides operational credibility and access to prime real estate.
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- XianLi·09:12I sold around 1.05 before, but the margin and cash flow turn makes re-entry tempting. If Q3 stays profitable, rerating feels realLikeReport
- HilaryWilde·09:1224% growth, but how much was just price hikes? Can new capacity really fill that fastLikeReport