- LHN's 1HFY25 results were within expectations. 1HFY25 revenue and PATMI were 53% and 40% of our FY25e forecasts, respectively. Growth was driven by a jump in co-living and the sale of food factory units. Coliwoo keys increased 20% y-o-y to 2,593 units. The interim dividend was unchanged at 1 cent.
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The Positive
Healthy growth in co-living.
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The Negative
Higher net debt.
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