Lendlease Global Commercial REIT (JYEU) AI Stock Analysis

• Market Cap: S$1.48B
• Dividend Yield: 5.94%
• Average Volume (3M): 9.21M
• Price to Earnings (P/E): 27.9
• Beta (1Y): 0.64
• Revenue Growth: -5.90%
• EPS Growth: -12.15%
• Country: SG
• Employees: 69
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Diversified
• EPS (TTM): 0.02
• Shares Outstanding: 2,446,669,200
• 10 Day Avg. Volume: 12,390,500
• 30 Day Avg. Volume: 9,210,026
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• 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$0.68
• Price Target Upside: 11.48% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4

• Rating: 73 Outperform
• Price Target: S$0.50 ▼(-18.03% Downside)

Lendlease Global Commercial REIT scores well due to its strong financial performance and positive technical indicators, suggesting a stable and growing company. The high dividend yield adds to its attractiveness, although the high P/E ratio suggests caution regarding valuation. The absence of recent earnings call data and corporate events means these factors do not influence the score.

Positive Factors

Financial Performance

LREIT achieved DPU growth of 1.8% maintaining positive rental reversion and almost full occupancy for its Singapore properties.

Market Position

LREIT's strategy to focus on Singapore provides a competitive advantage due to good asset quality and precinct dominance.

Strategic Initiatives

The new CEO plans to continue pursuing asset recycling to further reduce gearing, enhancing financial stability.

Negative Factors

Financial Challenges

Full year NPNI and DPU have both declined year over year, indicating financial challenges.

Retail Landscape

Retail portfolio tenant sales fell 5.1% yoy although shopper traffic rose 1.3% yoy, impacted by weaker inbound tourism and tenant transition issues.

Retail Performance

Tenant sales declined due to the rise in outbound travel and weaknesses in specific retail categories.

Lendlease Global Commercial REIT Business Overview & Revenue Model

Company Description

Listed on 2 October 2019, Lendlease Global Commercial REIT ("LREIT") is established with the principal investment strategy of investing, directly or indirectly, in a diversified portfolio of stabilised income-producing real estate assets located globally, which are used primarily for retail and/or office purposes. Its initial portfolio comprises a leasehold interest in, 313@somerset, a retail property located in Singapore and a freehold interest in Sky Complex, which comprises three office buildings located in Milan. The portfolio has a total net lettable area of approximately 1.3 million square feet, with an appraised value of S$1.4 billion as at 30 June 2020. LREIT is managed by Lendlease Global Commercial Trust Management Pte. Ltd., an indirect wholly-owned subsidiary of Lendlease. Its key objectives are to provide Unitholders with regular and stable distributions, achieve long-term growth in distribution per unit and net asset value per unit, and maintain an appropriate capital structure.

How the Company Makes Money

Lendlease Global Commercial REIT makes money primarily through rental income from its portfolio of commercial properties. The company leases its retail and office spaces to a variety of tenants, ranging from multinational corporations to local businesses, under long-term lease agreements. This provides a steady stream of rental revenue. Additionally, the REIT may benefit from strategic asset management activities, such as property enhancements or redevelopments, which can increase property values and, consequently, rental income. Partnerships with local and international property developers and managers can further optimize the earnings potential of its assets. The REIT also engages in capital recycling, where it sells mature assets and reinvests in higher-yielding opportunities, contributing to its overall financial performance.

Lendlease Global Commercial REIT Financial Statement Overview

Summary

Lendlease Global Commercial REIT demonstrates solid financial health with consistent revenue growth and strong cash flow generation. While profitability remains strong, slight declines in certain margins and returns suggest areas for potential improvement. The company's balance sheet is stable, with manageable leverage and a strong equity base, positioning it well for future growth opportunities.

Income Statement

Lendlease Global Commercial REIT has shown consistent revenue growth, with a notable increase in revenue over the past year. The company maintains strong profitability, evidenced by healthy gross and net profit margins. However, there is a slight decline in gross profit margin compared to previous years, which could indicate rising costs or competitive pressures.

Balance Sheet

The balance sheet reflects a stable financial position with a moderate debt-to-equity ratio, indicating manageable leverage. The return on equity is positive, though it has decreased slightly, suggesting a need for improved efficiency in generating returns from equity. The equity ratio remains strong, highlighting a solid capital structure.

Cash Flow

The cash flow statement shows robust free cash flow growth, which is a positive indicator of the company's ability to generate cash. The operating cash flow to net income ratio is healthy, suggesting efficient cash conversion. However, the free cash flow to net income ratio has slightly decreased, which may warrant attention to maintain cash flow strength.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	206.54M	206.54M	220.91M	205.52M	101.66M	78.18M
Gross Profit	127.49M	127.49M	149.86M	135.13M	70.87M	53.68M
EBITDA	115.44M	139.09M	131.73M	131.94M	146.27M	1.55M
Net Income	61.94M	70.89M	77.18M	99.57M	141.93M	-1.94M
Balance Sheet
Total Assets	3.91B	3.91B	3.83B	3.83B	3.70B	1.74B
Cash, Cash Equivalents and Short-Term Investments	41.59M	41.59M	34.12M	54.22M	49.23M	249.26M
Total Debt	1.64B	1.64B	1.54B	1.91B	1.45B	545.09M
Total Liabilities	1.76B	1.76B	1.62B	2.00B	1.52B	580.32M
Stockholders Equity	2.15B	2.15B	2.21B	1.83B	2.17B	1.16B
Cash Flow
Free Cash Flow	77.26M	147.40M	121.16M	120.56M	90.75M	65.04M
Operating Cash Flow	112.58M	162.65M	128.81M	120.72M	95.23M	66.51M
Investing Cash Flow	-12.05M	-11.16M	475.00K	-93.36M	-1.85B	-47.29M
Financing Cash Flow	-68.12M	-145.01M	-149.26M	-22.21M	1.55B	145.83M

Lendlease Global Commercial REIT Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.61
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:JYEU, the sentiment is Positive. The current price of 0.61 is above the 20-day moving average (MA) of 0.59, above the 50-day MA of 0.55, and above the 200-day MA of 0.51, indicating a bullish trend. The MACD of 0.02 indicates Positive momentum. The RSI at 70.54 is Negative, neither overbought nor oversold. The STOCH value of 69.05 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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
JYEU	73 Outperform	S$1.48B	27.88	2.88%	5.94%	-5.90%	-12.15%
Sector *	63 Neutral	$7.02B	13.41	-0.50%	6.86%	4.08%	-25.24%
SGLMF	―	$999.95M	11.05	6.62%	6.98%	―	―
ACV	62 Neutral	S$1.37B	75.53	1.45%	3.09%	7.02%	-79.65%
AU8U	57 Neutral	S$1.35B	1,275.00	0.04%	6.66%	-8.59%	-93.48%
H13	―	S$1.41B	9.26	4.10%	―	―	―
Q5T	65 Neutral	S$1.22B	33.81	1.92%	7.28%	-3.65%	-69.86%

Lendlease Global Commercial REIT Corporate Events

Lendlease Global Commercial REIT Secures Favorable Tax Ruling on Perpetual Securities

Lendlease Global Commercial REIT has announced that it has received a favorable tax ruling from the Inland Revenue Authority of Singapore regarding its issuance of S$120 million 4.75% perpetual securities. This ruling classifies the securities as ‘debt securities’ for tax purposes, allowing holders to benefit from tax concessions and exemptions under Singapore’s Income Tax Act, potentially enhancing the attractiveness of these securities to investors.

The most recent analyst rating on (SG:JYEU) stock is a Hold with a S$6.15 price target. To see the full list of analyst forecasts on Lendlease Global Commercial REIT stock, see the SG:JYEU Stock Forecast page.

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.