Lendlease Global Commercial REIT - CGS-CIMB Research 2022-02-06: Improving Outlook

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
SGX Stock Analyst Report ADD MAINTAIN ADD 0.956 SAME 0.956

Read also CGS-CIMB's most recent report:
2022-11-08 Lendlease Global Commercial REIT - Good Leasing Traction To Kick Start The Year

Target prices by 2 other brokers at Lendlease REIT Target Prices.
Listing of broker reports at Lendlease REIT Analyst Report.

Relevant links:
Lendlease REIT Share Price History,
Lendlease REIT Announcements,
Lendlease REIT Dividends & Corp Actions,
Lendlease REIT News Articles


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