- Lendlease Global Commercial REIT (SGX:JYEU)'s gross revenue for FY24 surged by 7.8% y-o-y to S$220.9mil, in line with our estimates which includes the €10mil pre-termination fee recognized from SKY Complex Building 3.
- - Read this at SGinvestors.io -
- We have revised our DDM-based Lendlease Global Commercial REIT's target price to S$0.80 and lowered our FY25e/26e DPU forecasts by 10% to 4.03/4.30, taking into account the higher interest expense and the fading recovery in demand.
The Positives
Sound operating matrix.
- - Read this at SGinvestors.io -
- The rental review for JEM office in Dec 24 is expected to yield a reversion of ~5%, while Sky Complex is expected to be fully backfilled by 2H25 with rental reversion of ~30%.
- Altogether, this is expected to boost revenue by 2% for the upcoming FY if the leasing momentum in Milan continues into FY25.
Singapore asset to support portfolio valuation.
- 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/ 2024-08-07
Previous report by Phillip:
2024-05-07 Lendlease Global Commercial REIT - Rental Upside To Come From Sky Complex Milan.
Price targets by 3 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
