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CGS-CIMB maintains 'buy' call on Lendlease REIT, but cuts target price and DPU forcasts

Lim Hui Jie
Lim Hui Jie8/11/2022 03:03 PM GMT+08  • 4 min read
CGS-CIMB maintains 'buy' call on Lendlease REIT, but cuts target price and DPU forcasts
The acquisition of Jem has been "accretive" for the REIT's results, says CGS-CIMB. Photo credit: Lendlease
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CGS-CIMB Research analyst Lock Mun Yee has cut her target price on Lendlease Global Commercial REIT (LREIT) from $1.05 to $1.02, although she still maintains her “buy” call.

In an Aug 9 note, Lock writes that LREIT’s FY2022 earnings were lifted by its acquisition of Jem and Singapore’s strong reopening.

LREIT’s FY2022 revenue and net property income (NPI) grew by 29.3 and 32.7% respectively, coming in at $101.7 million and $75.5 million.

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