- LHN (SGX:41O)'s 1H24 revenue was within expectations, but earnings exceeded. Revenue and adjusted PATMI were 51%/65% of our FY24e forecast, respectively. Margins for co-living were higher than expected due to the high occupancy and room rates.
- - Read this at SGinvestors.io -
- Coliwoo has also started to manage 3rd party properties. LHN targets to grow co-living by 800 keys every year.
- We raised our FY24e earnings forecast for LHN by 7% to account for the better-than-expected earnings from Coliwoo. Our LHN's target price is raised from S$0.39 to S$0.42. We peg our valuations to 6.5x FY24e P/E, while the industry is trading around 13x.
The Positive
Stellar earnings for Coliwoo.
- - Read this at SGinvestors.io -
- The commencement of the 411 keys in Coliwoo Orchard in Feb 23 was a major boost to room rates. The residential rental index in Singapore is up 33% over the past 2-years but has started to stabilise.
The Negative
Weaker facilities management earnings.
- 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/.
Paul Chew Phillip Securities Research | https://www.stocksbnb.com/ 2024-05-23
Previous report by Phillip:
2024-03-07 LHN - Another Growth Driver Emerges.
Price targets by 2 other brokers at LHN Target Prices.
Listing of research reports at LHN Analyst Reports.
Relevant links:
LHN Share Price History,
LHN Announcements,
LHN Dividends & Corporate Actions,
LHN News Articles
