LHN - UOB Kay Hian 2026-03-20: Resilient Portfolio Occupancies; Transitioning To Asset-light Business Model

• LHN (SGX:41O) entered FY26 on a firm footing, maintaining high occupancy levels across its space optimisation business.
• As at end-1QFY26, co-living (Coliwoo) occupancy stood at 96.5% (+0.4ppt q-o-q), while industrial and Work+Store spaces recorded healthy occupancies of 95.3% (-0.3ppt q-o-q) and 93.1% (-5.9ppt q-o-q due to effect from JV starting 1QFY26) respectively. Commercial space occupancy remained stable at 86.0% (-0.8ppt q-o-q).
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Coliwoo portfolio scales further, reinforcing leadership in co-living.

• The Coliwoo (SGX:W8W) portfolio expanded to 3,200 rooms (3,529 rooms including 85 SOHO), up from 2,933 rooms at end-FY25, attributable to a new accommodation management contract with a transport operator and 1 King George’s Avenue’s JV acquisition.
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Capital recycling gathers pace, supporting balance sheet flexibility.

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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/.

Previous report by UOB:
2025-12-09 LHN - FY25 Earnings In Line; Building Momentum Beyond Coliwoo’s Spin-off.

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