On this, the analysts have lowered their target price to 90 cents from $1.08 previously as they factor in higher interest rates and forex.
DBS Group Research’s analysts Geraldine Wong and Derek Tan have kept their “buy” call on Lendlease Global Commercial REIT (LREIT) (SGX:JYEU
) after the REIT posted its results for the FY2023 ended June.
For the FY2023, LREIT posted a distribution per unit (DPU) of 4.70 cents, down 3.2% y-o-y, and below Wong and Tan’s full-year DPU estimate of 4.89 cents. The lower-than-estimated DPU was due to higher interest rates and foreign exchange (forex) losses from the REIT’s Italian property, Sky Complex.
