Lendlease Global Commercial REIT (JYEU) AI Stock Analysis

• Market Cap: S$1.26B
• Dividend Yield: 6.92%
• Average Volume (3M): 4.33M
• Price to Earnings (P/E): 21.4
• Beta (1Y): 0.67
• Revenue Growth: -8.34%
• EPS Growth: -22.51%
• Country: SG
• Employees: 69
• Sector: Real Estate
• Sector Strength: 81
• Industry: REIT - Diversified
• EPS (TTM): 0.02
• Shares Outstanding: 2,446,669,200
• 10 Day Avg. Volume: 2,177,270
• 30 Day Avg. Volume: 4,327,800
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): 0.00
• Price to Cash Flow (P/CF): 0.00
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: S$6.15
• Price Target Upside: 1082.69% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1

Lendlease Global Commercial REIT's overall score is driven by strong financial performance, highlighted by significant revenue growth and efficient margins, despite high liabilities. Technical indicators show a positive trend, supporting the stock's current momentum. The valuation is reasonable, with a high dividend yield adding to the appeal. However, attention to liabilities and net income trends is warranted.

Positive Factors

Cost Management

Management has secured new electricity tariff contracts for Jem and 313@Somerset, which will reduce utilities expenses by 30% or S$4m-5m per year.

Financial Stability

Secured refinancing for the remainder of SGD-denominated debt, indicating financial stability.

Occupancy Rates

313@Somerset and Jem maintained almost full occupancy with occupancy remaining high at 99.9% for both.

Negative Factors

Distributable Income

1H distributable income declined c.12% due to higher interest and operating cost.

Interest Rates

A higher-for-longer interest rate environment could prompt estimates to be cut.

Revenue Decline

Gross revenue and NPI declined 13.6% and 19.8% yoy respectively in 1HFY25.

Lendlease Global Commercial REIT Business Overview & Revenue Model

Company Description

Lendlease Global Commercial REIT (JYEU) is a Singapore-based real estate investment trust focused on owning and investing in a diversified portfolio of high-quality commercial properties. The company primarily operates in the retail and office sectors, with an emphasis on sustainable and innovative property solutions. Lendlease Global Commercial REIT aims to deliver stable and sustainable returns to its unitholders through active asset management and strategic acquisitions.

How the Company Makes Money

Lendlease Global Commercial REIT makes money primarily through rental income derived from its portfolio of commercial properties. This includes leasing retail spaces in shopping centers and office spaces in commercial buildings. The company benefits from long-term lease agreements with tenants, which provide consistent revenue streams. Additionally, Lendlease Global Commercial REIT may also generate income through property management fees and capital appreciation from strategic property acquisitions and developments. Significant partnerships with retail and corporate tenants, as well as a focus on sustainable and innovative property solutions, contribute to its earnings by enhancing property value and tenant retention.

Lendlease Global Commercial REIT Financial Statement Overview

Summary

Income Statement

Balance Sheet

Cash Flow

Breakdown
Jun 2024	Jun 2023	Jun 2022	Jun 2021	Jun 2020
Income Statement		Total Revenue
220.91M	205.52M	101.66M	78.18M	56.07M
	Gross Profit
149.86M	135.13M	70.87M	53.68M	35.23M
	EBIT
143.52M	133.41M	146.27M	1.55M	29.73M
	EBITDA
134.28M	131.94M	146.27M	1.55M	29.73M
	Net Income Common Stockholders
77.18M	99.57M	141.93M	-1.94M	-8.62M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
34.12M	54.22M	49.23M	249.26M	83.68M
	Total Assets
3.83B	3.83B	3.70B	1.74B	1.56B
	Total Debt
1.54B	1.91B	1.45B	545.09M	529.00M
	Net Debt
1.50B	1.86B	1.40B	295.83M	445.32M
	Total Liabilities
1.62B	2.00B	1.52B	580.32M	563.25M
	Stockholders Equity
2.21B	1.83B	2.17B	1.16B	992.25M
Cash Flow		Free Cash Flow
121.16M	120.56M	90.75M	65.04M	14.12M
	Operating Cash Flow
128.81M	120.72M	95.23M	66.51M	14.12M
	Investing Cash Flow
475.00K	-93.36M	-1.85B	-47.29M	-1.45B
	Financing Cash Flow
-149.26M	-22.21M	1.55B	145.83M	1.52B

Lendlease Global Commercial REIT Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.52
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:JYEU, the sentiment is Negative. The current price of 0.52 is above the 20-day moving average (MA) of 0.51, above the 50-day MA of 0.50, and below the 200-day MA of 0.54, indicating a bearish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 44.69 is Neutral, neither overbought nor oversold. The STOCH value of 66.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:JYEU.

Lendlease Global Commercial REIT Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
C38U	79 Outperform	$15.73B	15.81	6.32%	4.77%	1.54%	4.48%
AJBU	77 Outperform	$4.85B	12.81	10.67%	3.76%	11.48%	144.93%
J69U	71 Outperform	$4.61B	20.04	5.08%	6.03%	1.49%	5.99%
JYEU	67 Neutral	S$1.26B	21.37	3.16%	6.92%	-8.34%	-22.51%
K71U	67 Neutral	$3.36B	33.40	2.02%	6.29%	4.19%	-42.41%
Sector *	60 Neutral	$2.81B	11.31	0.21%	8508.38%	6.19%	-15.39%

Lendlease Global Commercial REIT Corporate Events

Lendlease Global Commercial REIT Achieves Positive Rental Reversions Amid Strategic Enhancements

Lendlease Global Commercial REIT reported positive rental reversions for its retail and office portfolios in Singapore for the third quarter of FY2025, with a 10.4% increase in retail and a 13% uplift in office rentals. Despite a slight decline in visitation and tenant sales due to a softer retail landscape, the company has successfully refinanced S$200 million in perpetual securities at a lower rate and signed new tenants, such as Shaw Theatres at Jem. The REIT is also progressing with asset enhancement and redevelopment projects, including the transformation of a car park into a multifunctional event space, which is expected to enhance its property offerings and stakeholder value.

Lendlease Global Commercial REIT Issues New Units for Management Fees

Lendlease Global Commercial Trust Management Pte. Ltd., as the manager of Lendlease Global Commercial REIT, announced the issuance of 14,544,855 new units in the REIT. This issuance includes 9,132,558 units as payment for management fees, with the units’ value determined by the average trading price on the Singapore Exchange. The issuance reflects the company’s strategy to manage its financial obligations and maintain liquidity, potentially impacting its market positioning and stakeholder interests.

Lendlease Global Commercial REIT to Redeem S$200 Million Perpetual Securities

Lendlease Global Commercial REIT has announced the redemption of S$200 million worth of 5.25% subordinated perpetual securities. This strategic financial move, scheduled for April 11, 2025, underlines the company’s commitment to optimizing its capital structure and potentially enhancing its financial flexibility, which could positively impact stakeholders and its market positioning.

Lendlease Global Commercial REIT Boosts Rental Income with Strategic Moves

Lendlease Global Commercial REIT has secured a 13% rental increase for its Jem office, leased to Singapore’s Ministry of National Development, which will enhance its gross rental income contribution. The Singapore portfolio, including retail malls, has shown strong performance with high occupancy rates and positive rental growth, reinforcing the strategic importance of locations like Jurong Gateway. Additionally, LREIT has priced S$120 million in fixed rate perpetual securities to refinance existing debt, indicating proactive financial management.

Lendlease Global Commercial REIT Issues S$120 Million Perpetual Securities

Lendlease Global Commercial REIT announced the pricing of its S$120 million 4.75% fixed rate perpetual securities under its S$1 billion multicurrency debt issuance programme. The securities, set to be issued on February 28, 2025, will provide distribution payments semi-annually with the option for redemption on specified dates. This issuance is expected to enhance the company’s financial flexibility and support its continued growth in the real estate market.