- Lendlease REIT (SGX:JYEU)'s 1HFY24 gross revenue increased by 17.9% to S$119.9mil with the 2-year supplementary rental from Building 3 of Sky Complex and form 55% of our FY24e forecast.
- NPI increased 22.2% y-o-y while Lendlease REIT's distribution slid 14.5% y-o-y to 2.1 cents, and were 54%/52% of our FY24e estimates.
- - Read this at SGinvestors.io -
- We reiterate our BUY recommendation on Lendlease REIT with lower DDM-based target price of S$0.83 and FY24e-25e DPU forecast of 4.16-4.59 Singapore cents.
- Erosion of DPU brought by higher-for-longer interest rates will still be apparent. We expect FY24e earnings will be supported by strong rental reversion.
The Positives
Resilient rental reversion of 15.7%,
- - Read this at SGinvestors.io -
- Due to the lingering effects of COVID-19 base rents, we expect a rental reversion in the high teens for 313@somerset and in the low teens for Jem in 2025, as 20.3% of the lease by GRI is set to expire.
Stable 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/ 2024-02-05
Read also Phillip's most recent report:
2024-05-07 Lendlease Global Commercial REIT - Rental Upside To Come From Sky Complex Milan.
Price targets by 2 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
