- In LHN’s 3QFY24 update, we see continued expansion across all its business segments. Coliwoo remains the key growth driver with 2,401 keys (+10% q-o-q), while the construction of its food factory is progressing well.
- - Read this at SGinvestors.io -
Coliwoo occupancy rises q-o-q; overall rate above 90%.
- In 3QFY24, LHN (SGX:41O) successfully grew its Coliwoo co-living portfolio by 250 keys (or 10% q-o-q) to 2,401 in Singapore (1HFY24: 2,151 keys). The average occupancy rate improved from 91.8% in 1HFY24 to 95% in 3QFY24, driven by strategic pricing, tourism and talent influx, and new projects like Coliwoo Hotel Pasir Panjang.
- - Read this at SGinvestors.io -
Successful capital recycling initiatives.
- LHN acquired Wilmer Place at 50 Armenian Street with a 50% share in a joint venture for S$26.5m, of which LHN’s share is S$13.25m. This will be managed and operated as a co-living property under Coliwoo.
- Simultaneously, LHN divested its 40% stake in the Bukit Timah Shopping Centre (BTSC) carpark, which was acquired for S$16m in Dec 20, for S$22m in Jul 24. This is expected to generate around S$4m in net proceeds for LHN and boost cash flow.
Actively expanding energy capacity.
- Read more at SGinvestors.io.
Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.
Heidi Mo UOB Kay Hian Research | https://research.uobkayhian.com/ 2024-09-20
Previous report by UOB:
2024-06-07 LHN Limited - 1HFY24 Earnings Beat On Co-living Growth; Robust Pipeline Ahead.
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 Dividends & Corporate Actions,
LHN News Articles
