Initiation: LHN Limited (LHN SP) 28 September 2021 A diversifi | KGI Securities Singapore

Initiation: LHN Limited (LHN SP)
28 September 2021
A diversified real estate management service provider

LHN is a real estate management service group which specialises in space optimisation. The company also provide facilities management and logistics services, which complements its space optimisation business.

Catalysts. A solid FY22 revenue growth is expected from the space optimization business, given that 4 residential properties are expected to commence operations. Revenue and earnings drivers include reopening of borders and positive momentum of co-living trends. Meanwhile, the facilities management segment is expected to grow in tandem with the space optimization business, coupled with recurring dormitory management income. Finally, the logistics management segment is expected to grow in line with robust shipping activity.

We initiate with an OUTPERFORM recommendation and TP of S$0.49, based on 6.0x FY22F P/E.


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