LHN - Phillip Securities 2024-12-02: Both Capacity & Occupancy Rising

• LHN (SGX:41O)'s FY24 revenue and adjusted PATMI beat our expectations at 110%/119% of our FY24e forecast, respectively. Earnings beat expectations from lower administration expenses due to bonus provisioning and higher co-living revenue.
• - Read this at SGinvestors.io -
• The strength of the Coliwoo brand is reflected by the estimated 70-80% direct sourcing of customers.
• We raise our FY25e earnings forecast for LHN by 19% from lower administration costs and higher co-living revenue.
• LHN's share price is trading at 5.1x forward P/E and a 27% discount to a book value of S$0.608.

The Positive

Capacity & utilisation growth.

• - Read this at SGinvestors.io -
• Demand from Coliwoo is largely from foreign guests. Margins were lower in 1H24 due to upfront expenses in new Coliwoo units, and the retrofit segment of healthcare dorm revenue.

The Negative

Losses in Hong Kong car parks (facilities management).

• 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:
2025-03-11 LHN - A Year For Harvesting.

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 Dividend Payout Dates & Corporate Actions,
LHN News