Lendlease Global Commercial REIT - Maybank Research 2023-08-10: Building Momentum; Strengthening Reversions

Lendlease Global Commercial REIT - Building Momentum; Strengthening Reversions

Lendlease REIT (SGX:JYEU) | SGinvestors.ioLendlease REIT (SGX:JYEU)
  • Lendlease REIT (SGX:JYEU) reported 2HFY23 DPU of S$0.0225, -8.2% h-o-h/-6.3% y-o-y. Organic and inorganic top-line growth was more than offset by higher borrowing cost.
  • Buildings are close to full occupancy while reversions are positive and accelerating. Tourism-led retail growth should further help reversions.
  • - Read this at SGinvestors.io -

Meeting takeaways – Continued growth in retail

  • We hosted Lendlease REIT's management for lunch with a group of investors. Key topics discussed included rent reversion outlook, updates on ongoing asset enhancements and redevelopment of Grange Road car park, funding cost trajectory and views on capital recycling.
  • - Read this at SGinvestors.io -
  • Redevelopment of car park is on track to become operational by 2024.
  • Management intends to remain a Singapore-centric play. Its focus is on growing its stakes in Parkway Parade and Paya Lebar Quarter.
  • Divestment or strata sale of office assets to lower gearing and/or redeem the perps is being explored. On capital management, cost of debt will be ~3-3.5% vs 2.66% in FY23 following refinancing of EUR debt.

Steady operation offset by higher funding cost

  • Read more at SGinvestors.io.

Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @ https://www.maybanktrade.com.sg/.

Krishna Guha Maybank Research | https://www.maybank-ke.com.sg/ 2023-08-10

Read also Maybank's most recent report:
2024-05-07 Lendlease Global Commercial REIT - Navigating Headwinds ~ Healthy Operating Metrics, Higher Funding Cost.

Previous report by Maybank:
2024-02-05 Lendlease Global Commercial REIT - Treading Water ~ Robust Reversions, Declining Dividends.

Price targets by 2 other brokers at Lendlease REIT Target Prices.

Listing of research reports at Lendlease REIT Analyst Reports.

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


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