{"id":93484,"date":"2026-08-18T08:00:59","date_gmt":"2026-08-18T00:00:59","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=93484"},"modified":"2026-08-18T08:59:42","modified_gmt":"2026-08-18T00:59:42","slug":"company-report-the-assembly-place-holdings-ltd-assph-sp-tap-si-3","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/company-report-the-assembly-place-holdings-ltd-assph-sp-tap-si-3\/","title":{"rendered":"Company Report: THE ASSEMBLY PLACE HOLDINGS LTD. (ASSPH SP \/ TAP.SI)"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"93484\" class=\"elementor elementor-93484\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-31b87139 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"31b87139\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5ea0fa5e\" data-id=\"5ea0fa5e\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-cd30da7 elementor-widget elementor-widget-heading\" data-id=\"cd30da7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">COMPANY REPORT<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5fa20e87 elementor-widget elementor-widget-heading\" data-id=\"5fa20e87\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"top\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Company Report: THE ASSEMBLY PLACE HOLDINGS LTD. (ASSPH SP \/ TAP.SI)<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b1e1591 elementor-widget elementor-widget-text-editor\" data-id=\"b1e1591\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-family: Montserrat; font-size: 13px; font-weight: 600; background: #e8f4ff; padding: 12px 18px; border-radius: 0px; margin-top: 16px;\"><span style=\"color: #15a4ff;\"><a href=\"#about\">ABOUT COMPANY<\/a><\/span> \u00a0|\u00a0 <span style=\"color: #15a4ff;\"><a href=\"#highlights\">INVESTMENT HIGHLIGHTS<\/a><\/span> \u00a0|\u00a0 <span style=\"color: #15a4ff;\"><a href=\"#valuationrisks\">VALUATION &amp; ACTION<\/a><\/span> \u00a0|\u00a0 <span style=\"color: #15a4ff;\"><a href=\"#valuationrisks\">RISKS<\/a><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-c02850d e-flex e-con-boxed e-con e-parent\" data-id=\"c02850d\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-43f5970 elementor-widget elementor-widget-heading\" data-id=\"43f5970\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Publication Date:<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a314826 elementor-widget elementor-widget-text-editor\" data-id=\"a314826\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t18 Aug 2026\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t<div class=\"elementor-element elementor-element-898340e e-flex e-con-boxed e-con e-parent\" data-id=\"898340e\" data-element_type=\"container\" data-e-type=\"container\" id=\"about\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-18cf3230 e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"18cf3230\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInUp&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ef3b89a elementor-widget__width-inherit elementor-widget elementor-widget-heading\" data-id=\"ef3b89a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">OUTPERFORM<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4a0254c7 elementor-widget elementor-widget-text-editor\" data-id=\"4a0254c7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<div style=\"padding: 20px 24px 0;\"><p style=\"font-family: Montserrat; font-weight: 600; letter-spacing: 2px; text-transform: uppercase; margin: 0px 0px 8px; font-size: 13px; color: #9b9b9b;\">ASSPH SP \/ TAP.SI<\/p><h3 style=\"font-family: Montserrat; font-size: 25px; font-weight: 600; color: #0d2a5e; margin: 0 0 14px;\">THE ASSEMBLY PLACE HOLDINGS LTD.<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-49b1edaa e-con-full e-flex e-con e-child\" data-id=\"49b1edaa\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-73ff9bf1 e-con-full e-flex e-con e-child\" data-id=\"73ff9bf1\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3e25570d elementor-widget elementor-widget-text-editor\" data-id=\"3e25570d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-family: Montserrat; font-size: 16px; font-weight: 500; font-style: italic; color: #0d2a5e; line-height: 1.6; margin: 0;\">Growth is accelerating; proof now shifts to second-half delivery and return discipline<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5449b885 elementor-widget elementor-widget-text-editor\" data-id=\"5449b885\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<div style=\"padding: 0 24px;\"><span style=\"color: #9b9b9b; font-family: Montserrat; font-size: 13px; font-weight: 600; letter-spacing: 2px; text-transform: uppercase;\">INDUSTRY<\/span><\/div><div style=\"padding: 16px 24px 0;\"><p style=\"font-family: Montserrat; font-size: 17px; font-weight: 500; color: #0d2a5e; margin: 0;\">Alternative Living<\/p><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1f9a0d09 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"1f9a0d09\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-7dc370dd e-con-full e-flex e-con e-child\" data-id=\"7dc370dd\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-20d35ca1 e-con-full e-flex e-con e-child\" data-id=\"20d35ca1\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-620828c elementor-widget elementor-widget-heading\" data-id=\"620828c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">LAST CLOSE (S$)<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e062c42 elementor-widget elementor-widget-counter\" data-id=\"e062c42\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"counter.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-counter\">\n\t\t\t\t\t\t<div class=\"elementor-counter-number-wrapper\">\n\t\t\t\t<span class=\"elementor-counter-number-prefix\">$<\/span>\n\t\t\t\t<span class=\"elementor-counter-number\" data-duration=\"2000\" data-to-value=\"0.23\" data-from-value=\"0\" data-delimiter=\",\">0<\/span>\n\t\t\t\t<span class=\"elementor-counter-number-suffix\"><\/span>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-80ed373 e-con-full e-flex e-con e-child\" data-id=\"80ed373\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-458ef133 elementor-widget elementor-widget-heading\" data-id=\"458ef133\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">12M TARGET PRICE (S$)<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c9c11d2 elementor-widget elementor-widget-counter\" data-id=\"c9c11d2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"counter.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-counter\">\n\t\t\t\t\t\t<div class=\"elementor-counter-number-wrapper\">\n\t\t\t\t<span class=\"elementor-counter-number-prefix\">$<\/span>\n\t\t\t\t<span class=\"elementor-counter-number\" data-duration=\"2000\" data-to-value=\"0.348\" data-from-value=\"0\" data-delimiter=\",\">0<\/span>\n\t\t\t\t<span class=\"elementor-counter-number-suffix\"><\/span>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-54b16a2b e-con-full e-flex e-con e-child\" data-id=\"54b16a2b\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-134c63e1 elementor-widget elementor-widget-heading\" data-id=\"134c63e1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">UPSIDE \/ (DOWNSIDE) (%)<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e5da3ec elementor-widget elementor-widget-counter\" data-id=\"e5da3ec\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"counter.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-counter\">\n\t\t\t\t\t\t<div class=\"elementor-counter-number-wrapper\">\n\t\t\t\t<span class=\"elementor-counter-number-prefix\">+<\/span>\n\t\t\t\t<span class=\"elementor-counter-number\" data-duration=\"2000\" data-to-value=\"51.48\" data-from-value=\"0\" data-delimiter=\",\">0<\/span>\n\t\t\t\t<span class=\"elementor-counter-number-suffix\">%<\/span>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3a53bd64 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3a53bd64\" data-element_type=\"section\" data-e-type=\"section\" id=\"highlights\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-59349e5d\" data-id=\"59349e5d\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1a99f18f elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"1a99f18f\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInUp&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Investment Highlights<\/h2>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t<div class=\"elementor-element elementor-element-38964eee e-flex e-con-boxed e-con e-parent\" data-id=\"38964eee\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-3997ec42 e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"3997ec42\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInLeft&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-7d9da287 e-con-full e-flex e-con e-child\" data-id=\"7d9da287\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f97e400 elementor-widget elementor-widget-heading\" data-id=\"f97e400\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">INVESTMENT HIGHLIGHT #1<\/h6>\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-2256cc6 e-con-full e-flex e-con e-child\" data-id=\"2256cc6\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-41b337de elementor-widget elementor-widget-heading\" data-id=\"41b337de\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">A strong headline with modest improvement in underlying trading.<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-306b0e0 elementor-widget elementor-widget-text-editor\" data-id=\"306b0e0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-family: Montserrat; font-size: 14px; color: #fffff; line-height: 1.7; margin: 0;\">Revenue rose 33.9% and management-adjusted NPAT increased 113.3% in 1H26, but gross margin contracted 656bps and the S$2.1m favourable year-on-year swing in net fair-value effects exceeded the S$1.0m increase in reported profit. At the same time, operating scale reached 3,520 keys across 103 assets and the secured two-year pipeline rose to c.2,100 keys from 1,490 in the prior update. Phoenix Park (&gt;700 keys), Habitat (886 beds) and Dabu (80 keys) therefore improve the out-year runway.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-76efbdef e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"76efbdef\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInRight&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-2752bb9 e-con-full e-flex e-con e-child\" data-id=\"2752bb9\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1aa04812 elementor-widget elementor-widget-heading\" data-id=\"1aa04812\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">INVESTMENT HIGHLIGHT #2<\/h6>\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-8e4595c e-con-full e-flex e-con e-child\" data-id=\"8e4595c\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-02bc3ff elementor-widget elementor-widget-heading\" data-id=\"02bc3ff\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Liquidity has improved, but FY26 still depends on a demanding second-half conversion.<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3b07a8a9 elementor-widget elementor-widget-text-editor\" data-id=\"3b07a8a9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-family: Montserrat; font-size: 14px; color: #ffffff; line-height: 1.7; margin: 0;\">Cash increased to S$11.5m after the IPO and current liquidity turned positive, reducing immediate funding pressure. However, S$8.5m of lease principal and interest exceeded S$7.7m of CFO, while lease liabilities rose 9.1% to S$65.6m, so headline cash generation continues to overstate the residual cash available after property obligations. The unchanged FY26F model requires S$27.4m of 2H26 revenue and S$8.5m of PATMI\u201464% and 79% of the full-year totals. On-time openings, a recovery in gross margin and evidence that new sites earn an adequate cash return after leases are therefore the next proof points for the investment case.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7cf2d13 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7cf2d13\" data-element_type=\"section\" data-e-type=\"section\" id=\"valuationrisks\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-682abb32\" data-id=\"682abb32\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4316a0ca elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"4316a0ca\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInUp&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Valuation and Risks<\/h2>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t<div class=\"elementor-element elementor-element-055145c e-flex e-con-boxed e-con e-parent\" data-id=\"055145c\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-219843c e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"219843c\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInLeft&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-fb4f808 e-con-full e-flex e-con e-child\" data-id=\"fb4f808\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-b7751d9 elementor-widget elementor-widget-heading\" data-id=\"b7751d9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">VALUATION &amp; ACTION<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fe794a6 elementor-widget elementor-widget-heading\" data-id=\"fe794a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Outperform Valuation<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-76538a2 elementor-widget elementor-widget-text-editor\" data-id=\"76538a2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>We maintain our <strong>OUTPERFORM<\/strong> rating and lower our target price slightly to <strong>S$0.348<\/strong> (after factoring in share dilution), based on a DCF using a 9.0% WACC and 3.0x terminal EV\/EBITDA. The target implies c.51.5% upside.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-4c0243c e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"4c0243c\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInRight&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-25a4088 e-con-full e-flex e-con e-child\" data-id=\"25a4088\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-b968412 elementor-widget elementor-widget-heading\" data-id=\"b968412\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">RISKS<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d8c21e7 elementor-widget elementor-widget-heading\" data-id=\"d8c21e7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Risks<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b62b0a3 elementor-widget elementor-widget-text-editor\" data-id=\"b62b0a3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Pipeline delays or slower stabilisation; failure to recover gross margin; lease obligations and related-party exposure growing faster than cash earnings; funding or guarantee calls at JVs; Level 3 fair-value volatility; and limited asset-level disclosure.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-24f4715c e-flex e-con-boxed e-con e-parent\" data-id=\"24f4715c\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7c35bf2f elementor-widget elementor-widget-heading\" data-id=\"7c35bf2f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<p class=\"elementor-heading-title elementor-size-default\"><a href=\"#top\">^ Back to Top<\/a><\/p>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-73847f e-flex e-con-boxed e-con e-parent\" data-id=\"73847f\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-78ba7508 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"78ba7508\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-149a2b45 e-flex e-con-boxed e-con e-child\" data-id=\"149a2b45\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4ef7dd8f elementor-align-center elementor-widget elementor-widget-button\" data-id=\"4ef7dd8f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm elementor-animation-shrink\" href=\"https:\/\/www.kgieworld.sg\/securities\/resources\/ck\/files\/docs\/research\/THE%20ASSEMBLY%20PLACE%201H26.pdf\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">READ FULL REPORT<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-194e9d69 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"194e9d69\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm elementor-animation-shrink\" href=\"https:\/\/www.kgieworld.sg\/securities\/contact-us\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">CONTACT US TO FIND OUT MORE<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-72d53342 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"72d53342\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>A strong headline with modest improvement in underlying trading. Revenue rose 33.9% and management-adjusted NPAT increased 113.3% in 1H26, but gross margin contracted 656bps and the S$2.1m favourable year-on-year swing in net fair-value effects exceeded the S$1.0m increase in reported profit. At the same time, operating scale reached 3,520 keys across 103 assets and the secured two-year pipeline rose to c.2,100 keys from 1,490 in the prior update. Phoenix Park (>700 keys), Habitat (886 beds) and Dabu (80 keys) therefore improve the out-year runway.<\/p>\n","protected":false},"author":17,"featured_media":93485,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"class_list":["post-93484","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company-reports"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.0.1 - aioseo.com -->\n\t<meta name=\"description\" content=\"A strong headline with modest improvement in underlying trading. Revenue rose 33.9% and management-adjusted NPAT increased 113.3% in 1H26, but gross margin contracted 656bps and the S$2.1m favourable year-on-year swing in net fair-value effects exceeded the S$1.0m increase in reported profit. At the same time, operating scale reached 3,520 keys across 103 assets and the secured two-year pipeline rose to c.2,100 keys from 1,490 in the prior update. 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Phoenix Park (&gt;700 keys), Habitat (886 beds) and Dabu (80 keys) therefore improve the out-year runway.\" \/>\n\t\t<meta name=\"twitter:image\" content=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/KGI-Logo_\u255b\u03b5ai\u252c\u253carRGB_PNG.png?wsr\" \/>\n\t\t<script type=\"application\/ld+json\" class=\"aioseo-schema\">\n\t\t\t{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"BlogPosting\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/company-report-the-assembly-place-holdings-ltd-assph-sp-tap-si-3\\\/#blogposting\",\"name\":\"Company Report: THE ASSEMBLY PLACE HOLDINGS LTD. (ASSPH SP \\\/ TAP.SI) \\u2022 KGI Singapore Research\",\"headline\":\"Company Report: THE ASSEMBLY PLACE HOLDINGS LTD. 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Phoenix Park (>700 keys), Habitat (886 beds) and Dabu (80 keys) therefore improve the out-year runway.\",\"inLanguage\":\"en-US\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/#website\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/company-report-the-assembly-place-holdings-ltd-assph-sp-tap-si-3\\\/#breadcrumblist\"},\"author\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/author\\\/enya-tankgi-com\\\/#author\"},\"creator\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/author\\\/enya-tankgi-com\\\/#author\"},\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/wp-content\\\/uploads\\\/2026\\\/08\\\/THE-ASSEMBLY-PLACE-HOLDINGS-LTD.-ASSPH-SPTAP.SI-Growth-is-accelerating-proof-now-shifts-to-second-half-delivery-and-return-discipline.png?wsr\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/company-report-the-assembly-place-holdings-ltd-assph-sp-tap-si-3\\\/#mainImage\",\"width\":2085,\"height\":1080},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/company-report-the-assembly-place-holdings-ltd-assph-sp-tap-si-3\\\/#mainImage\"},\"datePublished\":\"2026-08-18T08:00:59+08:00\",\"dateModified\":\"2026-08-18T08:59:42+08:00\"},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/#website\",\"url\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/\",\"name\":\"KGI Singapore Research\",\"description\":\"Singapore's leading broker offering Futures, FX, Equities and Wealth Management.\",\"inLanguage\":\"en-US\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/#organization\"}}]}\n\t\t<\/script>\n\t\t<!-- All in One SEO -->\n\n","aioseo_head_json":{"title":"Company Report: THE ASSEMBLY PLACE HOLDINGS LTD. 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