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Friday, April 17, 2020

LendLease

Chart wise, we have witnessed the drastic selling down taken place from 90 cents to touch the low of 44 cents, more than 50% being wipe off since the IPO offered price of 88 cents in Oct 2019, seems extremely oversold!


The price action has warranted a rebound and recovered from 44 cents to close higher at 61 cents, looks quite positive.

NAV 82.1 cents.
Dividend is about 5 cents.
Yield is 8.19%

Short term wise, I think a nice breakout of 63.5 cents plus high volume that may likely drive the price higher towards 68 cents then 70 cents with extension to 78 cents.


Not a call to buy or sell.
Pls dyodd.

The recent announcement dated 9th April 2020:
Sky Italia, which leases 100% of Sky Complex, has to-date made all its rental payments in a timely manner as per its lease and it contributes 33.9% of LREIT’s net property income1 . Sky Italia is wholly owned by Comcast Corporation, the world’s largest broadcasting and cable television company by revenue2 rated A3 with a stable outlook by Moody’s Investors Service, Inc.


To ensure financial stability and cashflow sustainability, LREIT adopts a prudent and disciplined approach towards capital management. As at 31 December 2019, LREIT had a gearing ratio of 34.9% and a cash balance of S$88.5 million. Its weighted average running cost of debt was 0.86% per annum with an interest coverage ratio at 10.8 times. LREIT’s borrowings are 100% hedged with no debt maturities until its financial year ending 30 June 2023. Its weighted average debt maturity was 3.6 years

The Covid-19 pandemic has worsened globally, including in Singapore. Given the various measures introduced by the Singapore government, there will be an impact on 313@somerset’s contribution to LREIT’s distributable income from April 2020 onwards as compared against the profit and distribution forecast set out in LREIT’s IPO prospectus.
quote :https://links.sgx.com/FileOpen/Lendlease%20-%20Update%20on%20the%20Impact%20of%20the%20Covid-19%20Outbreak%20-%209%20April%202020.ashx?App=Announcement&FileID=605955



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