Broker: Maybank Research Pte Ltd
Date of Report: October 6, 2025

Excerpt from Maybank Research Pte Ltd report.

Report Summary

• Maybank upgrades Lendlease Global Commercial REIT (LREIT) to BUY, with a target price of SGD0.69, citing falling interest rates, resilient Singapore retail sales, and improved capital management leading to lower gearing.
• The REIT’s capital structure benefits from proposed divestment of Jem office, reducing gearing and positioning for future growth. Lower borrowing costs and stable macro conditions support higher DPU estimates and future acquisitions.

Above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank website: https://www.maybank.com/investment-banking