LHN - Lim & Tan Securities 2023-08-10: Additions To Co-living Pipeline

LHN - Additions To Co-living Pipeline

LHN (SGX:41O) | SGinvestors.ioLHN (SGX:41O)
  • LHN (SGX:41O) has added to its strong pipeline of co-living spaces (Coliwoo) with the recent S$23.3mil acquisition of 2 River Valley Properties and the S$14.5mil acquisition of a property at Rangoon Road. So far, LHN has launched ~663 keys in FY23, bringing the total number to around 1,678 keys.
  • - Read this at SGinvestors.io -
  • Maintain BUY on LHN with a target price of S$0.50, pegged to 7.5x core FY23F P/E (25% discount to core historical average P/E of 10.0x).

S$14.5mil acquisition of the Rangoon Road Property in Aug 2023.

  • Located at 99 Rangoon Road, the four-storey freehold property has a total land area of 242.6 sqm with existing leases expiring in Feb’24. LHN intends to operate the property as a student hostel with retail/food and beverage on the first level.

Purchase of 2 River Valley Properties for S$23.3mil in July 2023.

  • - Read this at SGinvestors.io -
  • While the building is currently zoned “residential with commercial at the first storey”, LHN intends to convert the building into a serviced residence and/or hotel. The acquisition will expand its co-living capacity in Singapore, increase the brand value of Coliwoo, provide potential capital appreciation to LHN as well as additional revenue opportunities.

Boosting co-living pipeline with additional keys.

  • Read more at SGinvestors.io.

Chan En Jie Lim & Tan Securities Research | https://www.limtan.com.sg/ 2023-08-10

Read also LIM's most recent report:
2023-09-22 LHN - Cash Infusion From Divestment.

Price targets by 2 other brokers at LHN Target Prices.

Listing of research reports at LHN Analyst Reports.

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


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