Lendlease Reit

🦎 ANALYST WATCH | 7 AUGUST 2026

JYEU LENDLEASE REIT

WHAT THE ANALYST SAYS

Phillip Securities Research maintains BUY, raising its target price to S$0.77 from S$0.73. Full year DPU rose 2.7 percent year on year, driven by a full half contribution from the PLQ mall acquisition and strong Singapore retail performance, with rental reversion of 11.7 percent and occupancy at 98.5 percent. Gearing improved from 42.6 percent to 38.9 percent following equity funding of the PLQ deal and debt repayment from the JEM Office sale sale proceeds. The drag remains Sky Complex Building 3 in Milan, only 51 percent occupied with a planned divestment now delayed amid a weak Milan office market. Phillip's thesis going forward rests on the PLQ upgrade completing on schedule and the Milan asset eventually finding a buyer.

NOTE

For the full report, check Phillip Capital's published research or your broker platform.

Not financial advice. Iggy's Forensic Compliance Standards apply.

🦎 IGGY MORNING BRIEF — 25 JUNE 2026

☕ Good morning, Iguanas. SGX opens 9:00 AM SGT.

OVERNIGHT

S&P 500 -7 at 7,358. Nasdaq -110 at 25,477. Dow +182 at 51,849. Tech sold off, futures bounced overnight after Micron beat and Western Digital restored its dividend.

My read: mixed for SGX income names. REITs may get relief, but AI momentum cuts both ways.

PRE-OPEN

STI closed 5,216 yesterday. Top actives were HSI warrants, that is speculative money. Underneath, income names traded real volume. Expect mixed open.

THREE ON WATCH

👁 C38U CICT +2.16%: 47,940 lots, highest among income names. Gearing 38.6%, interest cover ∼3.7x. Worth watching, one day does not change the trend.

👁 JYEU Lendlease -0.87%: pulled back on a green day. Deleveraging after Jem sale and fundraising. Interest cover still below 2x. Waiting for earnings to confirm stabilization.

👁 Z74 SingTel +1.38%: 26,977 lots. Yield ∼4.03%, but over 25% of last payout came from asset sales, not operations. Price up, dividend quality still my focus.

GAME PLAN

Big Three banks anchor the market. All show strong capital, fee income is the story. UOB updates 7 Aug. Watching if REIT volume sustains or fades.

📺 @investingiguana | 📝 investingiguana.com | 💬 t.me/iggytheinvestingiguana

Not financial advice.

Singapore stocks could remain firm this week, led by banks, industrials and transport stocks, as investors focus on earnings resilience, stable dividends and improving regional sentiment.

Wall Street’s rally was halted on Friday as a rout in global bond markets evoked fears of major central banks adopting a tighter monetary policy with the Middle East conflict driving oil prices higher, raising the specter of elevated inflation. Looks like there will be some extended losses for a few trading days minimally

the dip in chip stock would not surprise anyone. The parabolic rise would warrant profit taking with any convenient narrative to sell down. Pumping up to trap retail while they quietly rotated to sectors already beaten down and then release another narrative to pump up this compressed sector.

Want to get more information from market before trading.

The market is still so expensive and I don’t think it is a good idea to buy at this point. I rather be safe so I am staying defensive.