Announcement • Jul 03
Lendlease Global Commercial REIT to Report Fiscal Year 2026 Results on Aug 03, 2026 Lendlease Global Commercial REIT announced that they will report fiscal year 2026 results at 5:00 PM, Singapore Standard Time on Aug 03, 2026 Announcement • Jul 02
Lendlease Global Commercial Reit Announces Changes to Its Board The manager of Lendlease Global Commercial Real Estate Investment Trust (Reit) on Jun 30, 2026 appointed Penelope Ransom, an existing non-independent non-executive director, as the board’s chairperson. Ransom, who has served as a director of the manager since November 2023, will also join the audit and risk committee. She is also part of the nomination and remuneration committee, as well as the environmental, social and governance committee. She succeeds Justin Gabbani, whose resignation was announced in May. He will be leaving Lendlease Group to pursue an external opportunity, the manager said then. Guy Cawthra, the manager’s CEO, has been appointed as an executive director. Live News • May 19
Lendlease REIT Secures Full Ownership of PLQ Mall With S$2 Million in Debt Savings Lendlease Global Commercial REIT has completed the acquisition of the remaining 30% interest in PLQ Mall as of 26 March 2026, giving it full ownership of the asset.
The manager has refinanced PLQ Mall’s loans, securing about S$2 million in annual all-in debt cost savings.
The retail portfolio recorded a 12.2% positive rental reversion in 3Q FY2026, with overall portfolio occupancy at 95.3%.
Full ownership of PLQ Mall, combined with lower financing costs and high occupancy, points to a tighter grip on a key income-producing asset and more flexibility in managing it over time.
Investors may want to monitor how sustainable the 12.2% rental reversion is across future lease cycles and how interest rates or further refinancing could affect the REIT’s funding cost and distribution profile. Announcement • Apr 17
Lendlease Global Commercial REIT to Report Q3, 2026 Results on May 18, 2026 Lendlease Global Commercial REIT announced that they will report Q3, 2026 results After-Market on May 18, 2026 New Risk • Apr 01
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 35% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.5x net interest cover). Shareholders have been substantially diluted in the past year (35% increase in shares outstanding). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Announcement • Mar 27
Lendlease Global Commercial REIT (SGX:JYEU) completed the acquisition of remaining 30% stake in PLQ MALL from LL PLQM 1 Pte. Ltd. Lendlease Global Commercial REIT (SGX:JYEU) agreed to acquire remaining 30% stake in PLQ MALL from LL PLQM 1 Pte. Ltd. for SGD 100 million on February 25, 2026. A cash consideration of SGD 100.8 million will be paid by Lendlease Global Commercial REIT. As part of consideration, SGD 100.8 million is paid towards common equity of PLQ MALL. Upon completion, Lendlease Global Commercial REIT will own 100% stake in PLQ MALL. The transaction will be financed through equity investment of SGD 196.6 million.
The expected completion of the transaction is June 30, 2026.
Lendlease Global Commercial REIT (SGX:JYEU) completed the acquisition of remaining 30% stake in PLQ MALL from LL PLQM 1 Pte. Ltd. on March 26, 2026. Buy Or Sell Opportunity • Feb 26
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.3% to S$0.57. The fair value is estimated to be S$0.75, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.2% over the last 3 years. Earnings per share has declined by 37%. Revenue is forecast to decline by 5.1% in 2 years. Earnings are forecast to grow by 21% in the next 2 years. Reported Earnings • Feb 17
First half 2026 earnings released: EPS: S$0.018 (vs S$0.008 in 1H 2025) First half 2026 results: EPS: S$0.018 (up from S$0.008 in 1H 2025). Revenue: S$116.1m (up 12% from 1H 2025). Net income: S$45.6m (up 132% from 1H 2025). Profit margin: 39% (up from 19% in 1H 2025). Revenue is forecast to stay flat during the next 3 years compared to a 1.3% growth forecast for the Retail REITs industry in Singapore. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Announcement • Feb 13
Lendlease Global Commercial REIT Announces Distribution for the Period from 14 November 2025 to 31 December 2025, Payable on or Around 30 March 2026 Lendlease Global Commercial REIT announced Distribution for the period from 14 November 2025 to 31 December 2025. The distribution of 0.5195 Singapore cents per Unit comprised a taxable income component of 0.5195 Singapore cents per Unit. Unitholders whose securities accounts with The Central Depository (Pte) Limited are credited with Units as of 5:00 p.m. on 25 February 2026 will be entitled to the distribution that will be paid on or around 30 March 2026. Units will be traded ex-distribution at 9.00am on 24 February, 2026. Buy Or Sell Opportunity • Feb 02
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at S$0.63. The fair value is estimated to be S$0.79, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has declined by 56%. For the next 3 years, revenue is forecast to grow by 0.8% per annum. Earnings are also forecast to grow by 14% per annum over the same time period. Announcement • Jan 13
Lendlease Global Commercial REIT to Report First Half, 2026 Results on Feb 13, 2026 Lendlease Global Commercial REIT announced that they will report first half, 2026 results on Feb 13, 2026 Buy Or Sell Opportunity • Dec 22
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.4% to S$0.61. The fair value is estimated to be S$0.77, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has declined by 56%. For the next 3 years, revenue is forecast to decline by 0.6% per annum. Earnings are forecast to grow by 12% per annum over the same time period. Buy Or Sell Opportunity • Dec 03
Now 20% undervalued Over the last 90 days, the stock has risen 1.7% to S$0.61. The fair value is estimated to be S$0.77, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has declined by 56%. For the next 3 years, revenue is forecast to decline by 0.8% per annum. Earnings are forecast to grow by 14% per annum over the same time period. New Risk • Nov 14
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 24% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.0x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Shareholders have been diluted in the past year (24% increase in shares outstanding). Announcement • Oct 03
Lendlease Global Commercial REIT to Report Q1, 2026 Results on Oct 30, 2025 Lendlease Global Commercial REIT announced that they will report Q1, 2026 results After-Market on Oct 30, 2025 Announcement • Oct 02
Lendlease Global Commercial REIT, Annual General Meeting, Oct 29, 2025 Lendlease Global Commercial REIT, Annual General Meeting, Oct 29, 2025, at 14:00 Singapore Standard Time. Location: suntec singapore convention & exhibition centre, room 331-332, 1 raffles boulevard, singapore 039593, Singapore Major Estimate Revision • Aug 16
Consensus revenue estimates fall by 11% The consensus outlook for revenues in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from S$219.9m to S$196.5m. EPS estimate fell from S$0.031 to S$0.03 per share. Net income forecast to grow 39% next year vs 13% growth forecast for Retail REITs industry in Singapore. Consensus price target up from S$0.63 to S$0.66. Share price was steady at S$0.57 over the past week. Declared Dividend • Aug 06
Final dividend of S$0.018 announced Shareholders will receive a dividend of S$0.018. Ex-date: 11th August 2025 Payment date: 24th September 2025 Dividend yield will be 6.3%, which is about the same as the industry average. New Risk • Aug 05
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 195% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.0x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Aug 05
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: S$0.022. Revenue: S$206.5m (down 6.8% from FY 2024). Net income: S$70.9m (up 22% from FY 2024). Profit margin: 34% (up from 26% in FY 2024). Revenue missed analyst estimates by 3.4%. Earnings per share (EPS) also missed analyst estimates by 32%. Revenue is forecast to grow 4.5% p.a. on average during the next 2 years, compared to a 2.9% growth forecast for the Retail REITs industry in Singapore. Announcement • Jul 07
Lendlease Global Commercial REIT to Report Fiscal Year 2025 Results on Aug 04, 2025 Lendlease Global Commercial REIT announced that they will report fiscal year 2025 results After-Market on Aug 04, 2025 Announcement • Apr 07
Lendlease Global Commercial REIT to Report Q3, 2025 Results on May 07, 2025 Lendlease Global Commercial REIT announced that they will report Q3, 2025 results After-Market on May 07, 2025 Announcement • Mar 28
Lendlease Global Commercial REIT to Be Deleted from OTC Equity Lendlease Global Commercial REIT will be deleted from OTC Equity effective March 27, 2025, due to Inactive Security. Announcement • Feb 11
Lendlease Global Commercial REIT Appoints Mr. Guy Alexander Cawthra as Chief Executive Officer, Effective April 1, 2025 Lendlease Global Commercial REIT announced that the appointment of Mr. Guy Alexander Cawthra as Chief Executive Officer to the Board. The Board has considered the recommendation and assessment of the NRC on Mr. Cawthra s expertise, experience, age, and background, and approved the appointment of Mr. Cawthra. Mr. Cawthra s appointment is subject to the approval of the Monetary Authority of Singapore. Mr. Cawthra will be responsible for leading the REIT Manager team and overseeing the REIT's business, including investment, asset management, finance, investor relations and compliance. 2024 to present Managing Director, Investment Management, Asia, Lendlease Group 2021 to 2024 Managing Director, Investment & Capital Markets, Asia, Lendlease Group 2016 to 2021 Head of Investment & Capital Markets, Asia, Lendlease Group 2014 to 2016 Regional Investment Director, Asia, Lendlease Group. Mr. Cawthra currently holds directorships in other Lendlease Group entities and fund entities managed by the Lendlease Group. Arrangements have been made to resign him from these entities prior to the effective date of his appointment as Chief Executive Officer and he will be fully dedicated to the REIT Manager from the effective date of his appointment. Appointment date is April 1, 2025. Declared Dividend • Feb 05
First half dividend reduced to S$0.018 Dividend of S$0.018 is 14% lower than last year. Ex-date: 10th February 2025 Payment date: 28th March 2025 Dividend yield will be 6.7%, which is about the same as the industry average. Announcement • Jan 03
Lendlease Global Commercial REIT to Report First Half, 2025 Results on Feb 03, 2025 Lendlease Global Commercial REIT announced that they will report first half, 2025 results on Feb 03, 2025 New Risk • Nov 18
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.0% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.8x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (26% net profit margin). Shareholders have been diluted in the past year (3.0% increase in shares outstanding). Announcement • Oct 14
Lendlease Global Commercial REIT to Report Q1, 2025 Results on Nov 11, 2024 Lendlease Global Commercial REIT announced that they will report Q1, 2025 results on Nov 11, 2024 Reported Earnings • Oct 04
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: S$0.025 (down from S$0.044 in FY 2023). Revenue: S$221.5m (up 7.6% from FY 2023). Net income: S$58.2m (down 42% from FY 2023). Profit margin: 26% (down from 49% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 25%. Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Retail REITs industry in Singapore. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Oct 03
Lendlease Global Commercial REIT, Annual General Meeting, Oct 29, 2024 Lendlease Global Commercial REIT, Annual General Meeting, Oct 29, 2024, at 14:00 Singapore Standard Time. Location: suntec singapore convention & exhibition centre, room 324-326, 1 raffles boulevard, singapore 039593, Singapore Announcement • Aug 28
Lendlease Global Commercial REIT (SGX:JYEU) and Warburg Pincus LLC acquired Portfolio of Industrial Assets in Singapore from Blackstone Inc. (NYSE:BX) and Soilbuild Group chairman Lim Chap Huat. Lendlease Global Commercial REIT (SGX:JYEU) and Warburg Pincus LLC acquired Portfolio of Industrial Assets in Singapore from Blackstone Inc. (NYSE:BX) and Soilbuild Group chairman Lim Chap Huat on August 26, 2024. The transaction solidifies the JV platform as the market-leading life sciences and R&D real estate platform in Asia Pacific with over SGD 2 billon of assets under management, and is consistent with the strategy of capitalizing on the attractive opportunities in the region’s rapidly expanding real estate sector.
Lendlease Global Commercial REIT (SGX:JYEU) and Warburg Pincus LLC completed the acquisition of a Portfolio of Industrial Assets in Singapore from Blackstone Inc. (NYSE:BX) and Soilbuild Group chairman Lim Chap Huat on August 26, 2024. Announcement • Aug 15
Lendlease Global Commercial REIT Announces Distribution for the Period from 1 January 2024 to 30 June 2024, Payable on September 26, 2024 Lendlease Global Commercial REIT announced distribution of SGD 0.01777 per unit for the period from 1 January 2024 to 30 June 2024, Payable on September 26, 2024. Record date is August 14, 2024. Price Target Changed • Aug 07
Price target decreased by 8.4% to S$0.73 Down from S$0.80, the current price target is an average from 6 analysts. New target price is 29% above last closing price of S$0.56. Stock is down 16% over the past year. The company is forecast to post earnings per share of S$0.033 for next year compared to S$0.044 last year. Declared Dividend • Aug 07
Dividend reduced to S$0.018 Dividend of S$0.018 is 21% lower than last year. Ex-date: 13th August 2024 Payment date: 26th September 2024 Dividend yield will be 6.8%, which is higher than the industry average of 6.5%. Reported Earnings • Aug 06
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: S$50.1m (down 3.2% from 3Q 2023). Net income: S$28.2m (up 10% from 3Q 2023). Profit margin: 56% (up from 50% in 3Q 2023). Revenue is forecast to stay flat during the next 3 years compared to a 2.3% growth forecast for the Retail REITs industry in Singapore. Announcement • Jul 06
Lendlease Global Commercial REIT to Report Fiscal Year 2024 Results on Aug 05, 2024 Lendlease Global Commercial REIT announced that they will report fiscal year 2024 results After-Market on Aug 05, 2024 Announcement • Apr 06
Lendlease Global Commercial REIT to Report Q3, 2024 Results on May 06, 2024 Lendlease Global Commercial REIT announced that they will report Q3, 2024 results After-Market on May 06, 2024 Announcement • Apr 05
Lendlease Global Commercial REIT Announces Establishment of Environmental, Social and Governance Committee Lendlease Global Commercial Trust Management Pte. Ltd., as manager of Lendlease Global Commercial REIT announced the establishment of an Environmental, Social and Governance ("ESG") Committee, to assist the Board in providing oversight on ESG matters and to support the Board in understanding the material ESG issues relevant to LREIT's business operations. The ESG Committee comprises: (a) Mr. Simon John Perrott (Chairperson) (b) Dr Tsui Kai Chong (Member) (c) Mrs. Lee Ai Ming (Member) (d) Ms Penelope Jane Ransom (Member) Following the establishment of the ESG Committee, the compositions of the Board and Board Committees are as follows: Audit and Risk Committee: Mr. Justin Marco Gabbani, Mr. Simon John Perrott and Mrs. Lee Ai Ming as members and Dr Tsui Kai Chong as chairperson. Nomination and Remuneration Committee: Dr Tsui Kai Chong, Mr. Simon John Perrott and Ms Penelope Jane Ransom as members and Mrs. Lee Ai Ming as Chairperson. Major Estimate Revision • Feb 08
Consensus EPS estimates increase by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from S$0.032 to S$0.035. Revenue forecast steady at S$217.6m. Net income forecast to grow 11% next year vs 11% growth forecast for Retail REITs industry in Singapore. Consensus price target broadly unchanged at S$0.75. Share price fell 5.6% to S$0.58 over the past week. Reported Earnings • Feb 03
First half 2024 earnings released: EPS: S$0.009 (vs S$0.021 in 1H 2023) First half 2024 results: EPS: S$0.009 (down from S$0.021 in 1H 2023). Revenue: S$120.7m (up 18% from 1H 2023). Net income: S$20.7m (down 57% from 1H 2023). Profit margin: 17% (down from 48% in 1H 2023). Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Retail REITs industry in Singapore. Declared Dividend • Feb 03
First half dividend reduced to S$0.021 Dividend of S$0.021 is 14% lower than last year. Ex-date: 8th February 2024 Payment date: 27th March 2024 Dividend yield will be 6.9%, which is higher than the industry average of 6.5%. Announcement • Feb 02
Lendlease Global Commercial Reit Announces Distribution For the Period from 1 July 2023 to 31 December 2023, Payable on or Around 27 March 2024 Lendlease Global Commercial REIT announced the distribution of 2.0950 Singapore cents per Unit comprises a taxable income component of 2.0424 Singapore cents per Unit and a tax-exempt income component of 0.0526 Singapore cents per Unit, For the Period from 1 July 2023 to 31 December 2023. Unitholders whose securities accounts with The Central Depository (Pte) Limited are credited with Units as at 5.00 pm on the Record Date will be entitled to the 1H FY2024 Distribution that will be paid on or around 27 March 2024. Announcement • Dec 30
Lendlease Global Commercial REIT to Report First Half, 2024 Results on Feb 01, 2024 Lendlease Global Commercial REIT announced that they will report first half, 2024 results on Feb 01, 2024 New Risk • Nov 18
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.9% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.6x net interest cover). Earnings are forecast to decline by an average of 11% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (49% net profit margin). Shareholders have been diluted in the past year (2.9% increase in shares outstanding). Announcement • Oct 07
Lendlease Global Commercial REIT to Report Q1, 2024 Results on Nov 07, 2023 Lendlease Global Commercial REIT announced that they will report Q1, 2024 results at 5:00 PM, Singapore Standard Time on Nov 07, 2023 Reported Earnings • Oct 05
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: S$0.044 (down from S$0.098 in FY 2022). Revenue: S$205.9m (up 93% from FY 2022). Net income: S$99.9m (down 29% from FY 2022). Profit margin: 49% (down from 131% in FY 2022). Revenue missed analyst estimates by 4.4%. Earnings per share (EPS) exceeded analyst estimates by 4.5%. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Retail REITs industry in Singapore. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • Oct 01
Lendlease Global Commercial REIT Announces Executive Changes The Board of Directors of Lendlease Global Commercial Trust Management Pte. Ltd. capacity as manager of Lendlease Global Commercial REIT, announced the resignation of Ms. Chay Suet Yee (Jill) as Joint Company Secretary of the Company with effect on 29 September 2023. Following the resignation, Ms. Chiang Shu Zhen, Amy remains as the Company Secretary of the Company. Announcement • Sep 30
Lendlease Global Commercial REIT, Annual General Meeting, Oct 31, 2023 Lendlease Global Commercial REIT, Annual General Meeting, Oct 31, 2023, at 14:00 Singapore Standard Time. Location: Suntec Singapore Convention & Exhibition Centre, Room 324-325 1 Raffles Boulevard Singapore Singapore Agenda: To consider and approve the Audited Financial Statements of LREIT for the financial year ended 30 June 2023 together with the Independent Auditors' Report thereon; to consider re-appointment of KPMG LLP as the Independent Auditors; to consider re-endorse the appointment of Mrs. Lee Ai Ming as a director of the Manager; and to consider and authorize manager to issue units in LREIT whether by way of rights, bonus or otherwise; to consider issue Units in pursuance of any Instruments made or granted by the Manager while this Resolution was in force (notwithstanding that the authority conferred by this Resolution may have ceased to be in force at the time such Units are issued). New Risk • Aug 14
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 8.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.6x net interest cover). Earnings are forecast to decline by an average of 8.0% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (49% net profit margin). Shareholders have been diluted in the past year (2.0% increase in shares outstanding). New Risk • Aug 08
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 58% Last year net profit margin: 133% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.5x net interest cover). Earnings are forecast to decline by an average of 12% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (58% net profit margin). Shareholders have been diluted in the past year (2.0% increase in shares outstanding). Reported Earnings • Aug 08
Full year 2023 earnings: Revenues miss analyst expectations Full year 2023 results: Revenue: S$204.9m (up 92% from FY 2022). Net income: S$118.8m (down 16% from FY 2022). Profit margin: 58% (down from 133% in FY 2022). Revenue missed analyst estimates by 4.4%. Revenue is forecast to grow 5.8% p.a. on average during the next 2 years, compared to a 3.3% growth forecast for the Retail REITs industry in Singapore. Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Jun 06
Lendlease Global Commercial REIT (SGX:JYEU) acquired 10% stake in Parkway Parade Partnership Pte. Ltd. from Lendlease Asia Investments Pty Limited for SGD 88.9 million. Lendlease Global Commercial REIT (SGX:JYEU) acquired 10% stake in Parkway Parade Partnership Pte. Ltd. from Lendlease Asia Investments Pty Limited for SGD 88.9 million on June 5, 2023. The purchase price was subject to post-completion adjustments. Lendlease Global Commercial Trust Management Pte. Ltd. financed the acquisition through internal resources and debt facilities. Distribution Per Unit (“DPU”) accretive on a pro forma basis. Deloitte & Touche Corporate Finance Pte Ltd acted as financial advisor and fairness opinion provider to Lendlease Global Commercial Trust Management Pte. Ltd.
Lendlease Global Commercial REIT (SGX:JYEU) completed the acquisition of 10% stake in Parkway Parade Partnership Pte. Ltd. from Lendlease Asia Investments Pty Limited on June 5, 2023. Announcement • Jan 07
Lendlease Global Commercial REIT to Report First Half, 2023 Results on Feb 07, 2023 Lendlease Global Commercial REIT announced that they will report first half, 2023 results on Feb 07, 2023 Buying Opportunity • Oct 12
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 5.7%. The fair value is estimated to be S$0.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 19% per annum. Earnings is forecast to decline by 9.3% per annum over the same time period. Announcement • Oct 07
Lendlease Global Commercial REIT to Report Q1, 2023 Results on Nov 07, 2022 Lendlease Global Commercial REIT announced that they will report Q1, 2023 results at 9:00 AM, Singapore Standard Time on Nov 07, 2022 Reported Earnings • Oct 05
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: S$0.099 (up from S$0.002 loss in FY 2021). Revenue: S$107.0m (up 36% from FY 2021). Net income: S$141.9m (up S$143.9m from FY 2021). Net asset value (NAV) per share: S$0.78 (down 3.7% from FY 2021). The current share price is even with NAV per share. Revenue missed analyst estimates by 6.4%. Earnings per share (EPS) exceeded analyst estimates by 162%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the REITs industry in Singapore. Announcement • Oct 01
Lendlease Global Commercial REIT, Annual General Meeting, Oct 25, 2022 Lendlease Global Commercial REIT, Annual General Meeting, Oct 25, 2022, at 14:00 Singapore Standard Time. Agenda: To adopt the Report of DBS Trustee Limited, as trustee of LREIT, the Statement by Lendlease Global Commercial Trust Management Pte. Ltd., as manager of LREIT, and the Audited Financial Statements of LREIT for the financial year ended 30 June 2022 together with the Independent Auditors' Report thereon; to re-appoint KPMG LLP as the Independent Auditors of LREIT to hold office until the conclusion of the next AGM of LREIT, and to authorise the Manager to fix their remuneration; to re-endorse appointment of directors of the manager; and to consider other matters. Recent Insider Transactions • Sep 13
Key Executive recently sold S$508k worth of stock On the 9th of September, Chung Yip Chow sold around 616k shares on-market at roughly S$0.83 per share. This transaction amounted to 63% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Chung Yip's only on-market trade for the last 12 months. Buying Opportunity • Aug 17
Now 22% undervalued Over the last 90 days, the stock is up 7.2%. The fair value is estimated to be S$1.05, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 23% per annum. Earnings is forecast to decline by 12% per annum over the same time period. Reported Earnings • Aug 11
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: S$0.098 (up from S$0.001 loss in FY 2021). Revenue: S$107.0m (up 36% from FY 2021). Net income: S$140.4m (up S$141.7m from FY 2021). Net asset value (NAV) per share: S$0.78 (down 3.7% from FY 2021). The current share price is 6.4% higher than NAV per share. Revenue missed analyst estimates by 6.4%. Earnings per share (EPS) exceeded analyst estimates by 162%. Over the next year, revenue is forecast to grow 104%, compared to a 6.7% growth forecast for the reits industry in Singapore. Announcement • Aug 08
Lendlease Global Commercial REIT Announces Cash Dividend for the Period from 31 March 2022 to 30 June 2022, Payable on 14 September 2022 Lendlease Global Commercial REIT announced the Transfer Books and Register of Unitholders of Lendlease Global Commercial REIT ("LREIT") will be closed at 5.00 pm on 18 August 2022 for the purpose of determining Unitholders' entitlements to LREIT's distributions. Details of the distribution are as follows: Unitholders with units in LREIT ("Units") traded under the main LREIT stock counter, Lendlease Reit, will receive a total of 1.3128 Singapore cents per Unit for the period from 31 March 2022 to 30 June 2022. The distribution of 1.3128 Singapore cents per Unit comprises a taxable income component of 0.9568 Singapore cents per Unit and a tax-exempt income component of 0.3560 Singapore cents per Unit. The Units under the Lendlease Reit A stock counter will be aggregated and traded under the existing LREIT stock counter, Lendlease Reit, on the first day of "ex-distribution" trading, i.e. at 9.00 a.m. on 17 August 2022. The Lendlease Reit A stock counter will be merged with the existing LREIT stock counter, Lendlease Reit, on 19 August 2022. Unitholders whose securities accounts with The Central Depository (Pte) Limited are credited with Units as at 5.00 pm on 18 August 2022 will be entitled to the distribution that will be paid on 14 September 2022. Announcement • Jul 05
Lendlease Global Commercial REIT to Report Fiscal Year 2022 Results on Aug 08, 2022 Lendlease Global Commercial REIT announced that they will report fiscal year 2022 results at 9:00 AM, Singapore Standard Time on Aug 08, 2022 Board Change • Jun 29
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Non-Independent Non-Executive Chairman of Lendlease Global Commercial Trust Management Pte. Ltd. Hsueh Ling Ng is the most experienced director on the board, commencing their role in 2019. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • Apr 20
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 9.8%. The fair value is estimated to be S$0.99, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 163% in 2 years. Earnings is forecast to grow by 221% in the next 2 years. Major Estimate Revision • Feb 25
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from S$82.2m to S$109.4m. EPS estimate unchanged from S$0.048 at last update. REITs industry in Singapore expected to see average net income decline 16% next year. Consensus price target of S$0.98 unchanged from last update. Share price fell 3.0% to S$0.81 over the past week. Major Estimate Revision • Feb 18
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from S$82.4m to S$93.1m. EPS estimate reaffirmed at S$0.04. Net income forecast to grow 102% next year vs 1.6% growth forecast for REITs industry in Singapore. Consensus price target broadly unchanged at S$0.98. Share price was steady at S$0.84 over the past week. Price Target Changed • Feb 16
Price target increased to S$1.11 Up from S$0.98, the current price target is an average from 6 analysts. New target price is 33% above last closing price of S$0.84. Stock is up 5.7% over the past year. The company is forecast to post earnings per share of S$0.045 next year compared to a net loss per share of S$0.0011 last year. Reported Earnings • Feb 08
First half 2022 earnings: EPS and revenues miss analyst expectations First half 2022 results: EPS: S$0.033 (up from S$0.005 loss in 1H 2021). Revenue: S$46.6m (up 26% from 1H 2021). Net income: S$39.4m (up S$45.2m from 1H 2021). Profit margin: 85% (up from net loss in 1H 2021). Revenue missed analyst estimates by 3.6%. Earnings per share (EPS) also missed analyst estimates by 105%. Over the next year, revenue is forecast to grow 2.6%, compared to a 6.1% growth forecast for the industry in Singapore. Reported Earnings • Oct 06
Full year 2021 earnings released: S$0.001 loss per share (vs S$0.005 loss in FY 2020) The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2021 results: Revenue: S$78.7m (up 101% from FY 2020). Net loss: S$1.34m (loss narrowed 78% from FY 2020). Net asset value (NAV) per share: S$0.81 (flat on FY 2020). The current share price is 3.7% higher than NAV per share. Recent Insider Transactions • Sep 02
Board Member recently bought S$57k worth of stock On the 30th of August, Simon Perrott bought around 65k shares on-market at roughly S$0.88 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Breakeven Date Change • Jun 30
Forecast breakeven pushed back to 2022 The 5 analysts covering Lendlease Global Commercial REIT previously expected the company to break even in 2021. New consensus forecast suggests the company will make a profit of S$47.9m in 2022. Average annual earnings growth of 42% is required to achieve expected profit on schedule. Announcement • Jan 09
Lendlease Global Commercial REIT to Report First Half, 2021 Results on Feb 10, 2021 Lendlease Global Commercial REIT announced that they will report first half, 2021 results on Feb 10, 2021 Is New 90 Day High Low • Jan 06
New 90-day high: S$0.77 The company is up 13% from its price of S$0.68 on 08 October 2020. The Singaporean market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is S$1.64 per share. Is New 90 Day High Low • Dec 07
New 90-day high: S$0.72 The company is up 12% from its price of S$0.65 on 08 September 2020. The Singaporean market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is down 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is S$1.37 per share. Announcement • Nov 03
Lendlease Global Commercial REIT Announces Change of Secretary The Board of Directors of Lendlease Global Commercial Trust Management Pte. Ltd., in its capacity as manager of Lendlease Global Commercial REIT, wishes to announce the resignation of Mr. Tan Wee Sin as Secretary of the company and in his place, the appointment of Mr. Cho Form Po as the Secretary of the company with immediate effect. Announcement • Jul 17
Lendlease Global Commercial REIT to Report Q4, 2020 Results on Aug 11, 2020 Lendlease Global Commercial REIT announced that they will report Q4, 2020 results at 9:00 AM, Singapore Standard Time on Aug 11, 2020 
