Chew’s high expectations of the stock comes on the back of its latest 1HFY2024 ended March results announcement, which saw revenue increase by 27.2% y-o-y to $57.5 million, driven by the group’s co-living business, which saw revenue doubled and earnings tripled. Earnings dropped by 23.4% y-o-y to $13.0 million.
PhillipCapital is upbeat on local co-living operator LHN, as the research house has kept its “buy” call, while raising target price to 42 cents from 39 cents previously.
Analyst Paul Chew says: “We raised our FY2024 earnings by 7% to account for the better-than-expected earnings from Coliwoo… We expect growth to remain stable for LHN in 2HFY2024, supported by stable room rates.”
