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The Assembly Place IPO

   The Assembly Place Holdings Ltd. IPO Overview Company:   The Assembly Place Holdings Ltd. Listing venue:  Singapore Exchange (SGX) —  Catalist  board Offer type:  IPO (Public Offer + Placement + Cornerstone) Sponsor / Issue Manager:  SAC Capital Private Limited The Company is offering 50.3m shares of which 48.3 will be via placement and the balance 2m shares via public offering.  The IPO will close on 21 Jan 2026 noon and start trading on 23 Jan 2026 at 9am.   Business Description The Assembly Place (TAP) is  Singapore’s largest  community living operator * by number of keys under management, operating under an  asset-light  model that leases and manages accommodation properties rather than owning them outright. As at 17 Dec 2025, TAP managed  ~3,422 keys across ~100 property assets  in Singapore, spanning multiple living sectors. TAP’s portfolio includes: Residential co-living  spaces (for singles a...
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Parkway Holdings (Kim Eng initiates Buy with $3.24 PT)

Event
Kim Eng is initiating coverage on Parkway with a Buy recommendation and a $3.24 price target. You can access the full report here.

Our Take

Miles ahead of its competitors
Parkway is the "de facto" standard for highly complex medical procedures, and a class above its peers. We are excited about their upcoming Novena hospital as it is setting itself miles ahead of its competitors. We are also looking forward to its exciting growth tragectory through the rapid expansion of its hospital operations in Asia.  At 13x FY10F PER (including gains from sale of 1/3 of medical suites at Novena), Parkway is still trading close to 'crisis-level' valuations. 

Sale of medical suites poses as potentially strong catalysts
The strongest near term catalyst could come from the potential sale of 1/3 of its medical suites at the new and upcoming hospital at Novena. Parkway is preparing to launch them in 1Q10, at indicative selling price of $3500psf. Proceeds from the sale (~$200m) can be deployed towards reducing the Group's net gearing, which currently stands at 0.4x. Parkway is likely to be successful during the first launch due to the pent-up demand from doctors and recent transactions done at Farrer Park Mediplex (at $3000-3500 psf)

Action
We initiate coverage on Parkway with a target price of $3.24, based on a SOTP valuation. It has been a laggard in the recent rally. The timing is ripe for a strong entry now.  
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