Lendlease Global Commercial REIT - DBS Research 2023-09-11: Stronger Than Sell-Down Suggests; Trading At Eye Catching Valuations

• Lendlease Global Commercial REIT (SGX:JYEU) has underperformed its retail focused S-REIT peers lately, with its share price weakening by close to 15% while its peers have declined only around 3%. This is despite the REIT building more resilience and growth via its acquisitions of JEM mall (in Feb 2022) and a 10% stake in Parkway Parade Mall in Jun 2023.
• - Read this at SGinvestors.io -
• Despite the pivot to Singapore and increase in stability of returns, investors’ concerns revolve around its stretched financials (gearing of ~40%) and ICR ratio of 4.2x (or adjusted ICR ratio of 2.1x). Conversations centre on whether higher interest rates could cause further financial stress in the coming quarters, potentially requiring an equity recapitalization exercise if interest rates stay higher for longer.
• - Read this at SGinvestors.io -

Asset values supported by improving cashflows; LREIT has buffer for a further 10% decline in asset value declines before gearing hits 45%.

• Read more at SGinvestors.io.

Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Read also DBS's most recent report:
2026-02-23 Lendlease Global Commercial REIT - Reset And Reloaded – Purchase Of 70% Stake In PLQ Mall.

Previous report by DBS:
2026-02-15 Lendlease Global Commercial REIT - Emerging Singapore Retail Titan.

Price targets by 3 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 Dividend Payout Dates & Corporate Actions,
Lendlease REIT News