Lendlease Global Commercial REIT - CGS-CIMB Research 2022-05-05: Recovery Intact

Lendlease Global Commercial REIT - Recovery Intact

  • Lendlease REIT (SGX:JYEU)’s 3QFY22 (Jan 2022 to Mar 2022) portfolio occupancy remained unchanged q-o-q at 99.9%, with 313@somerset (313) achieving an occupancy rate of 99.4%.
  • According to management, Lendlease REIT enjoyed a positive single-digit reversion in 3Q. In terms of cost management, management indicated that utilities costs account for 6-8% of total opex. Lendlease REIT also guided that its current utilities contracts will be in place until next year and Lendlease REIT will likely enjoy the lower existing contracted utilities rates.
  • Interest rate hikes and a weaker € are also less of an immediate concern for Lendlease REIT as it has hedged > 90% of its debt into fixed rates and has hedged close to 100% of € income for the next 1.5 years.
  • Reiterate ADD rating for Lendlease REIT. We tweak our FY23-24F DPU estimates up by 0.26-0.87% post update and fine-tune our DDM-based target price for Lendlease REIT to S$1.05.

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/.

LOCK Mun Yee CGS-CIMB Research | https://www.cgs-cimb.com 2022-05-05
SGX Stock Analyst Report ADD MAINTAIN ADD 1.05 UP 0.954

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

Check out the most recent target prices at Lendlease REIT Target Prices. Listing of analyst research 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


SGX Stock / REIT Search


Trust Bank Referral Code