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What’s next for Lendlease shares?

Analysts have given the commercial real estate investment trust’s shares an average price target of S$0.95.

Source: Bloomberg

LREIT stock price: what’s the latest?

Lendlease Global Commercial Real Estate Investment Trust (LREIT) shares rallied this week, following the opening of PUMA’s biggest and first-ever flagship store in Southeast Asia at 313@somerset.

‘PUMA’s flagship outpost exemplifies the refreshed tenant mix at 313@somerset to create a bolstered portfolio of local and international F&B, fashion and lifestyle brands along with novel shopping options,’ LREIT said in a press release.

‘Its immersive concept also supports the Singapore Tourism Board’s wider plan to rejuvenate Orchard Road into a vibrant lifestyle and leisure destination.’

LREIT added that the deployment of 480 square feet of space also underscored its strategy in optimising the additional gross floor area from the Urban Redevelopment Authority’s scheme to ‘create new value’ for unitholders.

LREIT shares are down by approximately 7% this year, but up 2.5% in the last one month.

How do analysts view Lendlease?

In terms of outlook, analysts have a consensus rating of ‘outperform’ and an average price target of S$0.97 on LREIT, based on the latest SGX StockFacts data.

The price target equates to an 20.5% upside potential from the REIT’s last traded price of S$0.80.

The latest call came from UOB’s equity research team, who maintained a ‘buy’ call and price target of S$0.95 on 4 July 2022.

Analyst Jonathan Koh wrote that one of its malls, Jem, attracts shopper traffic of 22 million per year thanks to ‘an attractive mix of anchor tenants’ like IKEA, Don Don Donki, H&N and Uniqlo. The mall also provides organic growth from positive rent reversion and annual rental escalation of 3.2%.

Management is also planning to unlock additional net lettable area at level one and basement one to cater for demand for more retail space, he added.

Finally, with visitor arrivals to Singapore increasing to 19% of pre-pandemic levels, this return of tourists is also expected to restore shopper traffic in the second half of 2022.

Thinking of trading Lendlease shares?

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