Periodic/Sector reports

报告摘要

LHN’s 3QFY26 update showed resilient core operations despite softer co-living and commercial occupancies, while its expansion pipeline, new contracts and capital recycling initiatives support medium-term growth. We keep earnings unchanged but lower our valuation multiple to reflect a moderating industry valuation. Maintain BUY with a revised target price of S$0.591, based on 8.6X FY27F PE.