- 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
