LHN - Maybank Research 2024-12-02: Core Earnings A Beat; Make Yourself At Home

• Excluding fair value gains and other non-recurring items, LHN (SGX:41O)'s FY24 core PATMI of S$29m beat our/market expectation at 116%/106% of MIBG/street full year estimates. The stellar performance was mainly driven by strong demand for its co-living segment, which achieved a high occupancy rate of 97.5%, coupled with stable rental rates.
• - Read this at SGinvestors.io -

Co-living business the key growth driver

• Notably, the co-living business in Singapore remains the primary growth driver for LHN, with revenue jumping by 85.5% y-o-y to S$52.4m in FY24. This arose primarily from
  1. - Read this at SGinvestors.io -
  2. full contribution at 2 Mount Elizabeth Link and Lavender Collection; as well as
  3. services provided under Coliwoo’s management.
• LHN targets to add about 800 new rooms every year via master Lease or selective acquisition (including the ongoing conversion of floors in the GSM Building to residential spaces).

Moving towards an asset-light model

• 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 2 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