Lendlease Global Commercial REIT - CGS-CIMB Research 2022-02-15: Acquiring The Remaining Stake In Jem

Lendlease Global Commercial REIT - Acquiring The Remaining Stake In Jem

  • Lendlease REIT (SGX:JYEU) is acquiring the remaining 68.2% stake in Jem for S$1.42bn. The acquisition, while expected, came in earlier than anticipated.
  • We expect the accretive acquisition to enhance its income stability via diversification and higher exposure in suburban retail sector. Future acquisition focus remains in Singapore.
  • Despite the accretion acquisition, we adjust our FY22-FY24F DPU forecast for Lendlease REIT by -2.2% to +0.6% due to the higher base effect and as we took the opportunity to lower our income assumptions for Grange Road Carpark.
  • Reiterate ADD call on Lendlease REIT.

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 2022-02-15
SGX Stock Analyst Report ADD MAINTAIN ADD 0.954 DOWN 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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