The co-working operator was listed less than two months ago at 94 cents, and its share price promptly dropped to as low as 50 cents before ending July 15 at 70.5 cents.
Liu Miaomiao of Maybank Securities has on July 15 initiated coverage on the newly-listed JustCo Holdings with a “buy” rating and target price of $1.02. Liu believes her valuation is supported by metrics including visible earnings growth, improving occupancy and strong operating leverage.
Liu’s initiation report follows a July 14 call by Dale Lai and Derek Tan of DBS Group Research, who deem this counter worth $1.06, and before that Michael Lim and Terence Lee of UBS, who on June 25 initiated coverage with a target price of $1.18. All three houses were involved in the listing.
