buysellhold july.23

LIM & TAN

LIM & TAN

Lendlease Global REIT ($0.64, down 2 cents) announced that it has entered into a new lease agreement with Sky Italia S.r.l. in respect of Sky Complex. The Property comprises Buildings 1 and 2 located at Via Luigi Russolo 4, 20138 Milan, Italy, and Building 3 located at Via Luigi Russolo 9, 20138 Milan, Italy. The original lease for the Property (the “Original Lease”) was due to expire in May 2032, subject to an option held by the Tenant to terminate its lease over the Property in 2026.

Lendlease Global REIT’s market cap stands at S$1.5bln and currently trades at 25x forward PE and 0.8x PB, with a dividend yield of 8.3%. Consensus target price stands at S$0.75, representing 18% upside from current share price.

 

 

 

 

 

CapitaLand Ascott Trust (CLAS) is divesting three hotels in Osaka, Japan to an unrelated third party for a total of JPY10.7 billion (S$99.8 million). The three properties are Hotel WBF Honmachi, Hotel WBF Kitasemba East and Hotel WBF Kitasemba West. The three properties will be divested at about 15% above book value. Net proceeds of the divestment are expected to be about JPY3.9 billion (S$36.4 million) and CLAS will recognise a net gain of JPY1.1 billion (S$10.1 million). The divestment of the three properties is expected to be completed in 1Q 2024.

 

CLAS is capitalized at $3.6 billion at 96 cents and trades at 0.84x book, 19x PE and 6.2% dividend yield based on an estimated full year annualized payout of 6 cents per unit. Based on consensus target price of $1.13, potential upside is 18% from current price level.

LIM & TAN

CGS CIMB

Manulife US REIT (US$0.080, down 0.3 cents) has announced that all the 12 Lenders have obtained the necessary approvals in relation to the restructuring of the Existing Facilities and the waivers in relation to the breach based on the terms as set out in the Circular.

MUST’s market cap stands at US$147.5mln at currently trades at distressed levels of 0.2x P/B, with a halt in distributions until FY26. The entry of the Master Restructuring Agreement will provide the REIT greater clarity on the steps needed to reduce leverage and get back on track. Given the suspension of distributions until FY26, dividends-focused investors looking for yield are better placed to look elsewhere.

 

 

 

 

 

Lendlease Global Commercial REIT

First step towards restoring inorganic growth

 

■ Restructuring of Sky Complex lease is the first step in the divestment plan for Building 3, which will improve gearing and restore inorganic growth ability.

■ Favourable restructuring outcome - long lease with pre-termination fee.

■ Reiterate Add. Potential DPU upside on faster lease-up of Building 3.

 

 

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