On a pro-forma 1HFY2022 basis, net property income (NPI) with the inclusion of JEM will more than double from $29.6 million to $72.1 million, including one-off impact due to Covid-19 arising from rental rebates and discounts.
DBS Group Research analysts Geraldine Wong and Derek Tan have kept a “buy” rating on Lendlease Global Commercial REIT (LREIT) with an increased target price of $1.10 from $1.05.
To Wong and Tan, LREIT is a hidden gem with the potential to emerge as a strong contender within the retail S-REITs space. “With JEM in the bag, we believe that the risk-reward profile for LREIT has turned more favourable with higher growth visibility, riding on the rebound of its key assets 313@Somerset and JEM going forward,” the analysts say.
