Lendlease Global Commercial REIT - Improving Outlook
- Lendlease Global Commercial REIT (SGX:JYEU)'s 1HFY22 (Jul 2021 to Dec 2021) DPU of S$0.0240 (+2.6% y-o-y) was in line with our expectations.
- Rental reversion continues to be encouraging at a high positive single digit.
- Improving COVID-19 situation bodes well for 313’s performance.
- Reiterate ADD call on Lendlease Global Commercial REIT with an unchanged DDM-based target price of S$0.956.
- Lendlease Global Commercial REIT’s FY22-23F DPU growth will be underpinned by annual rental escalations in ~60% of the mall’s NLA, the long lease structure of Sky Complex, the redevelopment of Grange Road carpark, and acquisitions of additional stakes in Jem.
Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.
EING Kar Mei CFA CGS-CIMB Research | LOCK Mun Yee CGS-CIMB Research | https://www.cgs-cimb.com 2022-02-06 2022-02-06
Read also CGS-CIMB's most recent report:
2022-11-08 Lendlease Global Commercial REIT - Good Leasing Traction To Kick Start The Year
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