Lendlease Global Commercial REIT - Phillip Securities 2024-08-07: DPU Is Bottoming Out

• 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 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:
2025-05-09 Lendlease Global Commercial REIT - JEM Rental Reversion of 13%.

Previous report by Phillip:
2025-02-05 Lendlease Global Commercial REIT 1HFY25 - Low-teens Rental Reversion Expected For JEM Office.

Price targets by 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 Dividend Payout Dates & Corporate Actions,
Lendlease REIT News