Lendlease Global Commercial REIT - Phillip Securities 2023-11-09: High Rental Reversion Could Hold Up Valuation

Lendlease Global Commercial REIT - High Rental Reversion Could Hold Up Valuation

Lendlease REIT (SGX:JYEU) | SGinvestors.ioLendlease REIT (SGX:JYEU)
  • No financials were provided by Lendlease Global Commercial REIT (SGX:JYEU) for 1Q24.
  • Portfolio committed occupancy remains high at 99.9%, with strong rental reversion of 16.3%. We expect the momentum to continue for the rest of FY24, with 313@Somerset leading the performance as international travellers return.
  • - Read this at SGinvestors.io -
  • We expect FY24e earnings will be supported by strong rental reversion and fading headwinds from the interest rate hike.
  • We reiterate our BUY recommendation on Lendlease REIT with an unchanged DDM-based target price of S$0.86 and FY24e-25e DPU forecasts of S$0.0438-S$0.0463.

The Positives

Robust rental reversion.

  • - Read this at SGinvestors.io -
  • In FY24, 7.8% of leases by Lendlease REIT's gross rental income (GRI) are set to expire, and we anticipate the momentum of high reversion to persist, with 313@somerset benefiting from the return of tourism and Jem maintaining stability.

Healthy operating metrics.

  • Read more at SGinvestors.io.

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

Liu Miao Miao Phillip Securities Research | https://www.stocksbnb.com/ 2023-11-09

Previous report by Phillip:
2023-08-15 Lendlease Global Commercial REIT - Higher Reversion For Longer.

Price targets by 4 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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