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LHN IPO - first ipo for the year should do well
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tccroy
Elite |
26-Nov-2024 08:29
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I can't find the announcements from the SGX Portal. When is the XD date?
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hschsc
Master |
26-Nov-2024 06:43
Yells: "Invest in financially healthy companies" |
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LHN Delivers Strong Revenue Growth in FY2024, Fuelled by Strong Performance of Co-living Business 。 FY2024 revenue surged by 29.2% y-o-y to S$121.0 million, with significant contributions from the Space Optimisation Business 。 Net profit attributable to equity holders increased by 23.8% to S$47.3 million, demonstrating the Group&rsquo s resilience amidst market challenges 。 Residential Properties (Co-living) saw remarkable growth, with revenue from Singapore projects climbing 85.5% y-o-y 。 Declares a final dividend and special dividend of 1.0 Singapore cent each total DPS of 3.0 Singapore cents in FY2024 |
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hschsc
Master |
21-Nov-2024 07:56
Yells: "Invest in financially healthy companies" |
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（ LHN） are thrilled to share that the Group' s net profit is projected to be at least $50 million for FY2024, marking a 13% increase from FY2023. The growth in profits for FY2024 is mainly attributed to an increase in earnings from the Coliwoo co-living business, which reaffirms our strategic direction in addressing the needs of Singapore' s residential market.
LHN' s Coliwoo continues to set the benchmark for modern and flexible living solutions, catering to individuals from all walks of life who seek convenience and a close-knit community.
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ahberngh
Elite |
19-Nov-2024 14:25
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Maybe can get special dividend? | ||||
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hschsc
Master |
19-Nov-2024 14:18
Yells: "Invest in financially healthy companies" |
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LHN Limited announced that they will report fiscal year 2024 results on Nov 25, 2024 | ||||
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Joelton
Supreme |
19-Nov-2024 13:23
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Coliwoo operator LHN expects to deliver record profit for FY2024 as co-living demand jumps
SINGAPORE - Some providers of co-living spaces in Singapore are raking it in as demand picks up among individuals looking for alternative housing options.
Mainboard-listed LHN Group, which runs Coliwoo Co-Living, expects to post record earnings for its financial year ending Sept 30, 2024, thanks to increased profit from its core co-living business.
Co-living is a modern housing concept where individuals share living spaces and common amenities such as kitchens, lounges and other facilities with others, often as part of a community.
It provides an alternative residential option for younger professionals seeking affordable and flexible living arrangements as well as a more communal and connected lifestyle.
LHN is the largest listed co-living player in Singapore, with over 2,500 rooms spread across the Republic.
In an announcement via the Singapore Exchange after the market closed on Nov 16, LHN said it expects a net profit before tax for FY2024 of no less than approximately $50 million from continuing operations, including the co-living business.
This would be about 13 per cent higher than the $44.3 million it chalked up during FY2023.
Last year&rsquo s earnings had also included net profit before tax of $21.3 million from discontinued operations, primarily gains from the disposal of associate Getgo Technologies and subsidiary LHN Logistics.
The company said the higher profits for FY2024 arose mainly from increase in profit from the co-living business under its residential properties.
In its announcement, LHN added that its FY2024 earnings were also boosted by net fair value gains on its own and joint venture investment properties, compared with net fair value loss in FY2023.
Analysts note that in recent months, the company has also been undertaking capital recycling initiatives and has adopted a more disciplined approach to optimising its asset portfolio.
In June, it realised net proceeds of some $4 million from the sale of its 40 per cent stake in the carpark at Bukit Timah Shopping Centre, which was sold for $22 million. This will be reflected in the FY2024 results.
It was also a 50-per-cent stakeholder in a venture which purchased Wilmer Place for $26.5 million. The four-storey non-conservation building in Singapore&rsquo s Civic & Cultural District with a remaining tenure of 22 years and total land area of 710.7 square metres will be converted and operated as a co-living space under LHN&rsquo s Coliwoo franchise.
Analysts remain sanguine on the outlook for the company.
Lim & Tan Securities maintained its 47 cents price target on the stock, citing the strength of demand for co-living apartments in Singapore, execution success and capital recycling.
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tccroy
Elite |
19-Nov-2024 09:10
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I guess there are something more than a good results
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Cadence88
Veteran |
19-Nov-2024 08:47
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Share price went up ytd just bcoz of a news article ? | ||||
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Joelton
Supreme |
18-Nov-2024 09:30
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LHN making the most of shared spaces
Having built up its co-living business which now anchors earnings, the company aims to recycle capital for its &lsquo real estate as a service&rsquo model
Roughly half a decade has elapsed since LHN marked its pivot into co-living with Coliwoo &ndash which has now become a flagship brand for the mainboard-listed real estate manager.
The performance of the co-living business &ldquo is a good reflection of a good transformation from the traditional leasing business into real estate as a service&rdquo , executive chairman and group managing director Kelvin Lim told The Business Times.
The former timber trading company switched to the real estate business in 2001 and now describes its core business as &ldquo space optimisation&rdquo in industrial, commercial, and residential properties. Other business arms include facilities management, especially in the car-park arena and a fledgling energy resources unit, which installs solar panels and provides electric vehicle charging.
Having set an ambitious annual target of adding 800 co-living keys for the next three years, how can LHN keep growth sustainable as it expands the residential arm and its other verticals?
The company introduced the Coliwoo brand in 2019 with its tenancy of a state-owned property in Boon Lay. That same year, LHN also secured co-living operator Hmlet &ndash which is now doing business as Habyt &ndash as the tenant for another property in Cantonment Road.
LHN&rsquo s Singapore co-living portfolio now comprises 1,851 master-lease keys and 550 that are owned by the group or part of a joint venture (JV), as at mid-2024.
&ldquo Anywhere there is a requirement for co-living, we will definitely invest,&rdquo Lim said, adding these could be in areas on the city fringe or near business parks and schools &ndash even in Jurong or Changi.
LHN finally completed the purchase of the strata-titled GSM Building in Middle Road in May &ndash ending a months-long hold-up caused by minority unit owners&rsquo objections to the sale price. The group has already secured permission to change the use of the building&rsquo s third through sixth floors to serviced apartments, and the property is expected to start operations next year.
Other Coliwoo-branded projects slated for 2025 include serviced apartments on the site of the former Bukit Timah Fire Station, as well as shophouse units in Arab Street. That is even as LHN just closed off its latest financial year with serviced apartment launches in River Valley.
Co-living had already contributed some S$20 million to the top line in the six months to March 31 &ndash more than one-third of group revenue for that period. Lim told BT that co-living could make up about two-thirds of revenue in the next three to five years.
More importantly, the co-living segment anchors the group&rsquo s bottom line. It contributed S$10.7 million in pre-tax profit in the same reporting period &ndash or more than two-thirds of the group&rsquo s half-year profit before tax from continuing and discontinued operations combined. Lim added: &ldquo Who knows, we will have other new concepts that will be very relevant to our day-to-day living.&rdquo
Hostels for foreign workers
In late August, LHN started running two hostels as part of a government-linked pilot housing plan for foreign healthcare workers who are working in public healthcare institutions.
Calling the 700-bed venture an interesting project, Lim said that he sees LHN &ldquo elevating the usual dormitory standard&rdquo , which has traditionally housed construction and marine sector labourers.
While typical dormitories serve blue-collar workers and co-living rentals cater to white-collar professionals, &ldquo we are targeting more (those who are) maybe in between blue and white&rdquo , he noted.
Asked whether LHN plans to open more of such projects, Lim replied that the company has &ldquo no visibility&rdquo on potential contracts for now, but &ldquo we will definitely look out&rdquo for opportunities. &ldquo For example, in Singapore, the bus captains should also adopt these kind of (housing) models,&rdquo he said, calling new dormitory-style living for bus drivers &ldquo something we are trying to canvass&rdquo .
Business growth comes with a price tag, of course.
Gearing rose to 58.1 per cent, as at end-March 2024, from 56.2 per cent six months prior. The management has attributed the increase to bank borrowings to buying properties in River Valley Road and Rangoon Road, as well as renovation costs and working capital.
Refurbishing old properties
With his eye on the balance sheet, Lim disclosed that the company is scouting for family offices or individual investors who could buy older or smaller buildings from its portfolio. &ldquo We can sell them and lease back and continue to manage (the properties). Then we can recycle the capital into bigger projects,&rdquo he said, noting that those would offer greater economy of scale.
On Oct 15, LHN put three freehold co-living properties up for sale with a guide price of S$120 million in all. It had bought 115 Geylang Road for S$13.5 million and 471 Balestier Road via a JV for S$15 million, both in 2021. It bought 404 Pasir Panjang Road for S$30 million in 2022.
The buildings can be purchased individually or together, &ldquo with or without Coliwoo management, or via the benefit of a master lease&rdquo , the company said. Two are managed by Habyt, while the third trades under the Coliwoo name.
Under its capital recycling strategy, &ldquo the company focuses on refurbishing old and underutilised properties&hellip strategically monetising them through opportunities such as sale-and-leaseback arrangements&rdquo , LHN said, noting that it does not expect any significant impact to its co-living business operations.
Sale proceeds will likely go towards financing new acquisitions and repaying borrowings, as well as for working capital, LHN added.
Given high labour and other operating costs, Lim believes that it makes the most sense for co-living facilities to be run out of properties that can offer at least 150 to 200 rooms.
But, even though LHN has been touting a preference for an asset-light approach, Lim acknowledged that suitable properties may be hard to come by in Singapore. &ldquo You need to somehow acquire some older buildings to retrofit. That&rsquo s why we buy. So, with a combination of master lease and purchase, we can then achieve what we are today.&rdquo
JV purchases are another strategy. Earlier this year, LHN snagged Wilmer Place in Armenian Street in a 50-50 deal with Oxley chief executive Ching Chiat Kwong. That deal went hand in hand with the sale of a 40 per cent stake in the car park at Bukit Timah Shopping Centre.
At the same time, Lim has ruled out a potential exit from any businesses other than a small office/home office (SOHO) project in the troubled Myanmar market.
Despite the Bukit Timah Shopping Centre divestment, Lim said that LHN is sticking with the car-park business &ndash and could still do more acquisitions.
LHN manages 94 car parks islandwide, as at end-June, with one owned by a JV and the rest under contract. The car park management portfolio in Singapore spans more than 25,000 lots altogether.
Lim also expects the car-park management industry to be reinvigorated by the ongoing rollout of the navigation satellite-based Electronic Road Pricing (ERP 2.0) system for motorists. For instance, he said that LHN is studying how parking payment-related mobile apps could lead to new business opportunities in the car park operation business, although he did not go into specifics.
As Lim summed up the business model: &ldquo We target old buildings to repurpose and lease it out for recurring income &ndash we&rsquo ve been doing that for the last 27 years &ndash and the facilities management (arm) will then run the facilities of each property in the most efficient and economical way.&rdquo
Lim pointed out that LHN had earlier ventured into serviced offices &ldquo but we were not very successful&rdquo . Instead, &ldquo the concept of real estate as a service grew for us after 2015, when we started our self-storage business&rdquo , he said, referring to the Work+Store brand aimed at small businesses.
While the traditional self-storage sector targets individual customers who want to store excess belongings, LHN saw unmet need from e-commerce retailers who need warehouse space.
&ldquo We created storage space. We created packing areas. We even created co-working facilities... so it&rsquo s very useful and cost-saving for (clients),&rdquo Lim noted, adding that this model proved a hit during the Covid-19 pandemic when physical stores were shuttered and online shopping prevailed.
As Lim concluded: &ldquo Our main business didn&rsquo t change we are still optimising space.&rdquo
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hschsc
Master |
18-Nov-2024 08:05
Yells: "Invest in financially healthy companies" |
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https://www.businesstimes.com.sg/companies-markets/lhn-making-most-shared-spaces
LHN making the most of shared spacesHaving built up its co-living business which now anchors earnings, the company aims to recycle capital for its &lsquo real estate as a service&rsquo model |
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hschsc
Master |
17-Nov-2024 11:43
Yells: "Invest in financially healthy companies" |
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The Group (LHN) expects to record a net profit before tax (" Profits" ) for FY2024 of no less than approximately S$50 million from continuing operations as compared to the financial year ended 30 September 2023 (" FY2023" ) of approximately S$44.3 million (which comprised net profit before tax from continuing operations of approximately S$23.0 million and that from discontinued operations of approximately S$21.3 million). The higher Profits for FY2024 arises mainly from (i) increase in profit from the co-living business under the Group&rsquo s residential properties and (ii) net fair value gains on the Group and joint ventures&rsquo investment properties in FY2024 as compared to net fair value loss in FY2023. These are partially offset by (i) absence of one-off gain from the Group&rsquo s disposal of an associate (Getgo Technologies Pte. Ltd.) (ii) absence of net profit before tax from discontinued operations in relation to the Group&rsquo s disposal in LHN Logistics Limited and its group of companies and (iii) lower gain from net investment in subleases. | ||||
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spursfan
Supreme |
15-Nov-2024 19:44
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POSITIVE PROFIT ALERT FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024 https://links.sgx.com/1.0.0/corporate-announcements/9O86SFAHVLCU01IP/825536_e%20Profit%20Alert%20FY24.pdf |
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tccroy
Elite |
12-Nov-2024 10:10
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Year end results coming soon | ||||
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hschsc
Master |
16-Oct-2024 16:53
Yells: "Invest in financially healthy companies" |
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Give warrant to rise for funding ?
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QueenMaya
Senior |
16-Oct-2024 13:36
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Yes greatbway for them to reduce their debts from the sale.
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ahberngh
Elite |
16-Oct-2024 13:14
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If they can make good profits, selling is good because they need capital to look for better prospects. It is dangerous for them to keep on borrowing for new developments.
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tccroy
Elite |
16-Oct-2024 13:04
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Why LHN want to sell these properties? I thought they are using these properties to generate income for long term?
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hschsc
Master |
16-Oct-2024 11:46
Yells: "Invest in financially healthy companies" |
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THREE freehold co-living properties have been put up for sale for a guide price of S$120 million by property management services group LHN. In year 2021 LHN bought it at 58.5 million. The profit will quite a big sum if the deal is success.
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Joelton
Supreme |
16-Oct-2024 11:29
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LHN puts three freehold co-living properties up for sale for S$120 million
They can be acquired individually or collectively as a portfolio
THREE freehold co-living properties have been put up for sale for a guide price of S$120 million by property management services group LHN.
The three properties are located at 115 Geylang Road, 471 Balestier Road, and 404 Pasir Panjang Road, said marketing agent JLL, which is conducting an expression of interest exercise.
The properties can be acquired individually or collectively as a portfolio. Flexible options are available for investors to acquire the properties, including with or without Coliwoo management, or via the benefit of a master lease, JLL said on Tuesday (Oct 15). Co-living operator Coliwoo is an indirect wholly owned subsidiary of LHN.
Ervin Seow, JLL hotels and hospitality group&rsquo s vice-president of investment sales, said: &ldquo Freehold properties tend to be held for generations, and are rarely available for sale due to their strong wealth preservation characteristics. An incoming investor (can) acquire quality assets while gaining exposure to the continued growth of the co-living sector.&rdquo
The largest of the three properties up for sale is 404 Pasir Panjang Road, which has a site area of 1,544.6 square metres (sq m) and a gross floor area (GFA) of 26,396 sq ft. The building&rsquo s ground floor is available for commercial use. LHN bought the property for S$30 million in 2021, and it is currently operating as Coliwoo Hotel Pasir Panjang.
JLL said that the Pasir Panjang property will be offered with the flexibility of vacant possession or a master lease with Coliwoo.
The 115 Geylang Road property occupies a site area of 305.6 sq m and has a GFA of 9,926 sq ft. It has a restaurant on the ground floor which is currently tenanted. The property was purchased by LHN in 2021 for S$13.5 million.
The 471 Balestier Road property spans a site area of 366.1 sq m, with a total GFA of 11,925 sq ft. It is approved for retail use on the ground floor. LHN bought the site in 2021 for S$15 million, via a joint venture with mattress company Four Star.
Both the Geylang and Balestier properties are managed by co-living operator Habyt.
&ldquo All three properties are newly renovated, allowing immediate income generation for the incoming owners without any major capital expenditure requirements,&rdquo JLL said.
&ldquo Investors can also explore further value-add works to enhance the properties&rsquo cash flow generation potential,&rdquo it added.
Tan Ling Wei, senior vice-president of investment sales at JLL hotels and hospitality group, said: &ldquo Investor sentiment towards Singapore&rsquo s co-living market remains positive, driven by strong demand for flexible living spaces and the city&rsquo s growing appeal to young professionals and expatriates. Additionally, the sector has experienced strong occupancy rates, with rental rates normalising as the market matures and stabilises.&rdquo
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tccroy
Elite |
10-Oct-2024 11:58
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Year end results announcement coming next month
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