LHN - Maybank Research 2024-04-11: Expanding Co-living Capacity

• LHN (SGX:41O) was awarded the former Bukit Timah Fire Station site to develop a mixed-use project with 60 serviced apartment units on levels 2 & 3, and a ground floor commercial F&B and retail operation. Refurbishment capex is estimated at around S$7m.
• - Read this at SGinvestors.io -
• We leave unchanged our forecasts and LHN's target price of S$0.45 (pegged at 8x FY24E P/E) for now. Maintain BUY rating.

Co-living within a community node

• - Read this at SGinvestors.io -
• Expected to open in 1H25, this latest project comes after two successful mixed-use projects with ground level F&B offerings (Coliwoo 450 SR & Coliwoo Balestier).
• In our view, the Bukit Timah project should capitalize on LHN’s expertise and synergy across its business units in co-living, commercial and facility management.

New acquisition with prominent JV partner

• Read more at SGinvestors.io.

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

Read also Maybank's most recent report:
2025-05-16 LHN - Steady Delivery, 1HFY25 Results Broadly In Line.

Previous report by Maybank:
2025-03-06 LHN - Executing Its Expansion Plans.

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