Miaomiao Liu, a Research Analyst at Phillip Securities Research will be discussing a result report of Lendlease Global Commercial REIT, dated Feb 05th, 2023, titled “High rental reversion and rental upside from Sky Complex”.


LREIT is currently trading at FY24 yields of 6.82% and 0.79x Price to NAV. We expect upside from a mark-to-market rental uplift upon successful backfilling of Building 3, Sky Complex, and better- than-expected international travel numbers to support further rental reversion in 313@somerset. Factoring in the higher-for-longer borrowing costs, our DDM-TP has been adjusted downward to S$0.83, with projected FY24-25e DPUs of 4.16-4.59 Singapore cents. We raise our FY24 interest rate assumption by 0.2% points.


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