JustCo - Maybank Research 2026-07-15: Built To Scale

• JustCo (SGX:JCO) is one of the largest flexible workspace operators in Asia-Pacific, with a network of 50 centres across 10 gateway cities, comprising ~35,000 workstations and 1.77m sqft of NLA as at Dec-25.

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Investment thesis

Strategically positioned to capture APAC flex office growth

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• The portfolio also provides an attractive balance between stable earnings and future growth optionality. Southeast Asia accounts for approximately 55% of workstation capacity, led by Singapore and Thailand, which generate resilient cash flows supported by mature office markets and strong occupancy. North Asia, particularly Japan, represents the group's key growth engine, benefiting from favourable market dynamics, higher margins and significant expansion opportunities. Management expects Japan revenue to approximately double over the next two years, supported by a visible pipeline of new centres and increasing enterprise adoption. Meanwhile, Australia offers medium-term upside as occupancy recovers in an under-penetrated flexible office market.

• Beyond its existing footprint, JustCo continues to expand into higher-growth markets including India, Malaysia, the Philippines and Hong Kong, further increasing its addressable market. Combined with its multi-brand strategy spanning premium and value-oriented workspace offerings, we believe the group is well positioned to capture demand across SMEs, startups and multinational corporations. We expect this diversified regional platform to underpin sustainable occupancy growth, operating leverage and long-term earnings expansion.

Dual operating model supports scalable growth and margin expansion

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Liu Miaomiao Maybank Research | https://www.maybanktrade.com.sg/ 2026-07-15

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