LHN (SGX:41O) reported PATMI of S$20m (-58% y-o-y). Excluding fair value loss on its investment properties of S$18m, core PATMI was S$35m (+24% y-o-y), matching our FY25 forecast and in line with our expectations.
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Steady top-line growth.
Group revenue rose 9% y-o-y to S$132m, underpinned by the first contribution from the property development segment and steady growth across the industrial properties (+4% y-o-y) and facilities management (+6% y-o-y) business segments. This was partially offset by the absence of retrofitting revenue recorded in FY24.
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Higher dividend proposed.
LHN declared a final dividend of 1 cent and a special dividend of 2 cents, bringing the FY25 LHN's dividends to 4 cents (FY24: 3 cents). This implies a 48.8% payout ratio and a 4.3% yield.
The special dividend reflects management’s intention to reward shareholders after the successful Coliwoo (SGX:W8W) spin-off. While LHN has no formal dividend policy, we expect the company to maintain around a 40% payout over the next two years.
Occupancy strength remains.
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Above is an excerpt from a report by UOB Kay Hian Research. Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.
