Broker Name: Maybank Research Pte Ltd
Date of Report: March 22, 2026
Excerpt from Maybank Research Pte Ltd report.
Report Summary
- LHN Ltd maintains robust occupancy rates across its co-living, industrial, and commercial property portfolios, with its co-living brand Coliwoo operating 3,200 rooms at 96.5% occupancy and targeting 4,000 rooms by end-2026.
- The company is pursuing an asset-light strategy, expanding through joint ventures, and diversifying income streams via property development, while keeping a formal dividend policy and aiming for stable gearing.
- Key growth drivers include further expansion of its co-living and Work+Store businesses, value-unlocking divestments, and steady performance in facilities management and carpark operations.
- Risks to the outlook include potential project delays, increased competition, and higher borrowing costs, though LHN’s capital recycling and sustainable practices may help mitigate these downsides.
- Maybank maintains a BUY rating with a target price of SGD 0.70, reflecting LHN’s resilient fundamentals, undemanding valuation, and strong dividend yield.
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
