Lendlease Global Commercial REIT's Near-Term Equity Fundraising Risk Limited -- Market Talk

Dow Jones2023-06-06

0549 GMT - Lendlease Global Commercial REIT's purchase of a 10% stake in a Singapore mall is positive, and any potential near-term equity fundraising risk is limited given stable Singapore retail valuations, Citigroup analyst Brandon Lee says in a note. Potential rental upside from asset enhancement and preemptive rights Lendlease has to buy additional stake in the mall from other investors if they wish to sell are also positives, the analyst notes, adding that an increase in gearing beyond 40% could raise investor concerns. While Lendlease has underperformed S-REITs so far this year, Citi keeps its buy rating due to undemanding valuations. Its target price is unchanged at S$0.78. Units are 1.5% lower at S$0.660. (venkat.pr@wsj.com)

(END) Dow Jones Newswires

June 06, 2023 01:49 ET (05:49 GMT)

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LianHin
2023-06-21
LianHin
Thank you

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Potential rental upside from asset enhancement and preemptive rights Lendlease has to buy additional stake in the mall from other investors if they wish to sell are also positives, the analyst notes, adding that an increase in gearing beyond 40% could raise investor concerns. While Lendlease has underperformed S-REITs so far this year, Citi keeps its buy rating due to undemanding valuations. Its target price is unchanged at S$0.78. Units are 1.5% lower at S$0.660. 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