LHN Limited - Phillip Securities 2023-12-12: Co-living Revenue Doubles

• LHN (SGX:41O)'s 2023 revenue was within expectations, but earnings were below expectations. Revenue and adjusted PATMI were 98%/90% of our FY23e forecasts (excluding logistics). 2H23 adjusted PBT was 5% y-o-y lower due to reduced sublease gains in the commercial segment.
• - Read this at SGinvestors.io -
• Growth for LHN in FY24e will be driven by the Coliwoo expansion of 347 keys in the pipeline in Singapore and potential overseas expansion. FY25e earnings will be supported by a food factory development project worth an estimated S$70mil.
• - Read this at SGinvestors.io -

The Positive

Strong growth in co-living.

• Read more at SGinvestors.io.

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

Read also Phillip's most recent report:
2025-12-08 LHN - Steeper Growth Ahead.

Previous report by Phillip:
2025-09-11 LHN - Re-rating The Hospitality Franchise.

Price targets by other brokers at LHN Target Prices.

Listing of research reports at LHN Analyst Reports.

Relevant links:
LHN Share Price History,
LHN Announcements,
LHN Dividend Payout Dates & Corporate Actions,
LHN News