Upcoming Dividend • May 30
Upcoming dividend of S$0.01 per share Eligible shareholders must have bought the stock before 03 June 2026. Payment date: 26 June 2026. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 6.5%. Within top quartile of Singaporean dividend payers (5.2%). Higher than average of industry peers (3.3%). Declared Dividend • May 16
First half dividend of S$0.01 announced Dividend of S$0.01 is the same as last year. Ex-date: 3rd June 2026 Payment date: 26th June 2026 Dividend yield will be 6.2%, which is higher than the industry average of 4.2%. Sustainability & Growth Dividend is well covered by both earnings (38% earnings payout ratio) and cash flows (31% cash payout ratio). The dividend has increased by an average of 30% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 67% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Upcoming Dividend • Feb 16
Upcoming dividend of S$0.03 per share Eligible shareholders must have bought the stock before 23 February 2026. Payment date: 10 April 2026. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 5.8%. Within top quartile of Singaporean dividend payers (5.1%). Higher than average of industry peers (2.7%). Reported Earnings • Jan 12
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: S$0.048 (down from S$0.12 in FY 2024). Revenue: S$131.5m (up 8.6% from FY 2024). Net income: S$20.1m (down 58% from FY 2024). Profit margin: 15% (down from 39% in FY 2024). Revenue missed analyst estimates by 2.8%. Earnings per share (EPS) also missed analyst estimates by 43%. Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, compared to a 1.4% growth forecast for the Real Estate industry in Singapore. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 29% per year, which means it is well ahead of earnings. Annonce • Jan 07
LHN Limited, Annual General Meeting, Jan 30, 2026 LHN Limited, Annual General Meeting, Jan 30, 2026, at 10:00 Singapore Standard Time. Location: 202 kallang bahru, singapore 339339, Singapore New Risk • Nov 29
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 41% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks High level of debt (69% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (15% net profit margin). Reported Earnings • Nov 29
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: S$0.048 (down from S$0.12 in FY 2024). Revenue: S$131.5m (up 8.6% from FY 2024). Net income: S$20.1m (down 58% from FY 2024). Profit margin: 15% (down from 39% in FY 2024). Revenue missed analyst estimates by 2.8%. Earnings per share (EPS) also missed analyst estimates by 43%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 1.3% growth forecast for the Real Estate industry in Singapore. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 31% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Nov 04
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.0% to S$0.80. The fair value is estimated to be S$1.03, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has declined by 2.9%. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to decline by 1.5% in the next 2 years. Buy Or Sell Opportunity • Oct 17
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.3% to S$0.82. The fair value is estimated to be S$1.05, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has declined by 2.9%. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to decline by 1.5% in the next 2 years. Valuation Update With 7 Day Price Move • Sep 11
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to S$1.01, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 16x in the Real Estate industry in Singapore. Total returns to shareholders of 339% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at S$1.09 per share. New Risk • Aug 05
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Earnings are forecast to decline by an average of 1.4% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Annonce • Aug 01
CWL Properties Pte. Ltd completed the acquisition of Berly Properties Pte. Ltd. from LHN Limited (SGX:41O). CWL Properties Pte. Ltd entered into a share sale and purchase agreement to acquire Berly Properties Pte. Ltd. from LHN Limited (SGX:41O) for SGD 25.8 million on May 21, 2025. As part of consideration, SGD 1.55 million is paid towards common equity and SGD 24.25 million is paid towards debt of Berly Properties Pte. Ltd.
For the period ending September 30, 2024, Berly Properties Pte. Ltd. reported total revenue of SGD 0.96 million and net income of SGD 4.72 million. As of September 30, 2024, Berly Properties Pte. Ltd. reported total common equity of SGD 10.69 million.
The transaction is subject to approval by regulatory board / committee, approval of merger agreement by target board and approval of offer by target shareholders. The expected completion of the transaction is July 31, 2025.
PriceWaterhouseCoopers Singapore acted as accountant to LHN Limited.
CWL Properties Pte. Ltd completed the acquisition of Berly Properties Pte. Ltd. from LHN Limited (SGX:41O) on July 31, 2025. Price Target Changed • Jul 10
Price target increased by 30% to S$0.72 Up from S$0.56, the current price target is an average from 3 analysts. New target price is 17% below last closing price of S$0.87. Stock is up 160% over the past year. The company posted earnings per share of S$0.11 last year. Annonce • Jun 30
LHN Limited Announces Changes to Composition of Board Committees, Effective 30 June 2025 The board of directors of LHN Limited announced that Ms. Lim Bee Choo the Executive Director and Group Deputy Managing Director of the Company will be appointed as a committee member of the Nominating Committee with effect from 30 June 2025. Consequent to the above and with effect from 30 June 2025, the composition of the Board and Board Committees of the Company shall be as follows: Board of Directors: Mr. Lim Lung Tieng - Executive Chairman, Executive Director & Group Managing Director; Ms. Lim Bee Choo - Executive Director & Group Deputy Managing Director; Mr. Chan Ka Leung Gary - Lead Independent Non-Executive Director; Mr. Ang Poh Seong - Independent Non-Executive Director and Mr. Lim Kian Thong - Independent Non-Executive Director. Audit and Risk Committee: Mr. Chan Ka Leung Gary - Chairman; Mr. Ang Poh Seong and Mr. Lim Kian Thong. Nominating Committee: Mr. Ang Poh Seong - Chairman; Mr. Chan Ka Leung Gary; Mr. Lim Kian Thong; Mr. Lim Lung Tieng and Ms. Lim Bee Choo. Remuneration Committee: Mr. Lim Kian Thong - Chairman; Mr. Chan Ka Leung Gary and Mr. Ang Poh Seong. Declared Dividend • May 31
Dividend of S$0.01 announced Dividend of S$0.01 is the same as last year. Ex-date: 3rd June 2025 Payment date: 27th June 2025 Dividend yield will be 5.8%, which is higher than the industry average of 4.2%. Sustainability & Growth Dividend is well covered by both earnings (17% earnings payout ratio) and cash flows (25% cash payout ratio). The dividend has increased by an average of 29% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to decline by 23% over the next 3 years. However, it would need to fall by 81% to increase the payout ratio to a potentially unsustainable range. Annonce • May 30
LHN Limited has completed a Follow-on Equity Offering in the amount of HKD 19.470159 million. LHN Limited has completed a Follow-on Equity Offering in the amount of HKD 19.470159 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 8,963,218
Price\Range: HKD 2.1312
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 172,571
Price\Range: HKD 2.131 Annonce • May 22
CWL Properties Pte. Ltd agreed to acquire Emerald Properties Pte Ltd. from LHN Limited (SGX:41O) for SGD 25.8 million. CWL Properties Pte. Ltd agreed to acquire Emerald Properties Pte Ltd. from LHN Limited (SGX:41O) for SGD 25.8 million on May 21, 2025. As part of consideration, SGD 1.55 million is paid towards common equity and SGD 24.25 million is paid towards debt of Emerald Properties Pte Ltd.
For the period ending September 30, 2024, Emerald Properties Pte Ltd. reported total revenue of SGD 0.96 million and net income of SGD 4.72 million. As of September 30, 2024, Emerald Properties Pte Ltd. reported total common equity of SGD 10.69 million.
The transaction is subject to approval by regulatory board / committee, approval of merger agreement by target board and approval of offer by target shareholders. The expected completion of the transaction is July 31, 2025. Annonce • May 02
LHN Limited to Report First Half, 2025 Results on May 14, 2025 LHN Limited announced that they will report first half, 2025 results on May 14, 2025 Annonce • Apr 08
LHN Limited Announces Rename of Audit Committee to Audit and Risk Committee The Board of Directors of LHN Limited (the Company) announced that the Audit Committee of the Company has been renamed to the Audit and Risk Committee with effect from the date of this announcement to better reflect the scope and responsibilities of the Audit Committee in assisting the Board in overseeing the risk management of the Company. The composition of the Audit and Risk Committee remains unchanged as follows: Audit and Risk Committee: Mr. Chan Ka Leung Gary (Chairman); Mr. Ang Poh Seong (Member); Mr. Lim Kian Thong (Member). Upcoming Dividend • Apr 02
Upcoming dividend of S$0.01 per share Eligible shareholders must have bought the stock before 09 April 2025. Payment date: 30 May 2025. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 6.5%. Within top quartile of Singaporean dividend payers (5.9%). Higher than average of industry peers (4.0%). Declared Dividend • Feb 22
Fourth quarter dividend of S$0.01 announced Shareholders will receive a dividend of S$0.01. Ex-date: 9th April 2025 Payment date: 30th May 2025 Dividend yield will be 5.8%, which is higher than the industry average of 4.2%. Sustainability & Growth Dividend is well covered by both earnings (17% earnings payout ratio) and cash flows (44% cash payout ratio). The dividend has increased by an average of 29% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to decline by 23% over the next 3 years. However, it would need to fall by 81% to increase the payout ratio to a potentially unsustainable range. Upcoming Dividend • Jan 30
Upcoming dividend of S$0.01 per share Eligible shareholders must have bought the stock before 06 February 2025. Payment date: 21 February 2025. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 5.7%. Lower than top quartile of Singaporean dividend payers (6.0%). Higher than average of industry peers (4.1%). Annonce • Jan 27
LHN Limited Announces Re-Designation of Chan Ka Leung Gary from Independent Non-Executive Director to Lead Independent Non-Executive Director LHN Limited announced Redesignation of Mr. Chan Ka Leung Gary from Independent Non-Executive Director of the Company to Lead Independent Non-Executive Director of the Company. Mr. Chan Ka Leung Gary ("Mr. Chan") is currently the Independent Non-Executive Director of the Company. The Board of Directors having reviewed and considered Mr. Chan's qualification and experience, concurred with the recommendation of the Nominating Committee and approved the re-designation of Mr. Chan as the Lead Independent Non-Executive Director of the Company. Working Experience: Chief Executive Officer of the Greater China business of the CFO Centre Group from January 2014 to Present. Chairman of the Sustainability and AI Development Committee of Kingkey Financial International (Holdings) Limited (Hong Kong Stock Code: 1468) from November 2024 to Present Chief Strategy Officer of Elizur Inc. from 2018 to Present Corporate Finance Director of TNG (Asia) Limited from April 2015 to February 2017. Business Development Director at Azur Pacific Capital from March 2014 to Present. Director at Evemma Investment Holdings Limited from May 2013 to end 2019. Partner at Creat Capital Company Limited from August 2009 to August 2013. Other DirectorShips Present: Director of E&E Consulting Limited Chief Executive Officer of the Greater China business of the CFO Centre Group Chairman of the Sustainability and AI Development Committee of Kingkey Financial International (Holdings) Limited (Hong Kong Stock Code: 1468) Chief Strategy Officer of Elizur Inc. Director of Pomona Acquisition LLC Director and CEO of Pomona Acquisition Limited Independent Non-Executive Director of True Yoga Holdings Limited Director of GKC Holding Limited Director and CEO of Bombax Healthcare Acquisition Corp. Director of GBA (ESG) Limited. Director Experience Details: Aside from LHN Limited, Mr. Gary Chan was previously a director of Tomo Holdings Limited (Hong Kong Stock Code: 8463), a company listed on The Stock Exchange of Hong Kong Limited, from June 2017 to June 2021. Professional Qualifications: Holds a Chartered Accountant certification in Canada since 2000. Appointment Date: January 24, 2025. Reported Earnings • Jan 04
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: S$0.12 (up from S$0.041 in FY 2023). Revenue: S$121.0m (up 29% from FY 2023). Net income: S$47.3m (up 180% from FY 2023). Profit margin: 39% (up from 18% in FY 2023). Revenue exceeded analyst estimates by 8.1%. Earnings per share (EPS) also surpassed analyst estimates by 96%. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, while revenues in the Real Estate industry in Singapore are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Major Estimate Revision • Dec 04
Consensus EPS estimates increase by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from S$120.6m to S$131.8m. EPS estimate increased from S$0.07 to S$0.079 per share. Net income forecast to shrink 28% next year vs 0.5% decline forecast for Real Estate industry in Singapore. Consensus price target up from S$0.42 to S$0.50. Share price rose 13% to S$0.48 over the past week. Price Target Changed • Dec 03
Price target increased by 9.6% to S$0.46 Up from S$0.42, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of S$0.44. Stock is up 38% over the past year. The company is forecast to post earnings per share of S$0.079 for next year compared to S$0.11 last year. Declared Dividend • Dec 02
Dividend of S$0.01 announced Dividend of S$0.01 is the same as last year. Ex-date: 6th February 2025 Payment date: 21st February 2025 Dividend yield will be 6.8%, which is higher than the industry average of 4.2%. Sustainability & Growth Dividend is well covered by both earnings (17% earnings payout ratio) and cash flows (44% cash payout ratio). The dividend has increased by an average of 29% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to decline by 51% over the next 2 years. However, it would need to fall by 81% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Nov 26
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: S$0.12 (up from S$0.041 in FY 2023). Revenue: S$121.0m (up 29% from FY 2023). Net income: S$47.3m (up 180% from FY 2023). Profit margin: 39% (up from 18% in FY 2023). Revenue exceeded analyst estimates by 8.1%. Earnings per share (EPS) also surpassed analyst estimates by 96%. Revenue is forecast to grow 3.8% p.a. on average during the next 2 years, while revenues in the Real Estate industry in Singapore are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Annonce • Nov 26
LHN Limited, Annual General Meeting, Jan 24, 2025 LHN Limited, Annual General Meeting, Jan 24, 2025. Annonce • Nov 14
LHN Limited to Report Fiscal Year 2024 Results on Nov 25, 2024 LHN Limited announced that they will report fiscal year 2024 results on Nov 25, 2024 New Risk • Aug 05
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: S$131.8m (US$99.7m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (15% net profit margin). Shareholders have been diluted in the past year (2.3% increase in shares outstanding). Market cap is less than US$100m (S$131.8m market cap, or US$99.7m). Buy Or Sell Opportunity • Aug 02
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.5% to S$0.33. The fair value is estimated to be S$0.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 15% over the last 3 years. Earnings per share has declined by 21%. Revenue is forecast to grow by 20% in 2 years. Earnings are forecast to grow by 87% in the next 2 years. New Risk • May 31
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (15% net profit margin). Shareholders have been diluted in the past year (2.3% increase in shares outstanding). New Risk • May 23
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 28% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (15% net profit margin). Declared Dividend • May 16
Dividend of S$0.01 announced Dividend of S$0.01 is the same as last year. Ex-date: 31st May 2024 Payment date: 24th June 2024 Dividend yield will be 8.8%, which is higher than the industry average of 4.2%. Sustainability & Growth Dividend is well covered by both earnings (26% earnings payout ratio) and cash flows (30% cash payout ratio). The dividend has increased by an average of 33% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to grow by 78% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 15
First half 2024 earnings released: EPS: S$0.032 (vs S$0.041 in 1H 2023) First half 2024 results: EPS: S$0.032 (down from S$0.041 in 1H 2023). Revenue: S$54.5m (down 1.9% from 1H 2023). Net income: S$13.0m (down 23% from 1H 2023). Profit margin: 24% (down from 31% in 1H 2023). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Real Estate industry in Singapore. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Annonce • May 06
LHN Limited Provides Earnings Guidance for the Six Month Ended March 31, 2024 LHN Limited provided earnings guidance for the six month ended March 31, 2024. For the period, the group expects to record a lower net profit before tax from continuing operations and discontinued operations for first half 2024of no less than approximately SGD 14.5 million as compared to the six months ended 31 March 2023 of approximately SGD 20.3 million. The lower Profits for 1H2024 was mainly due to the following items, namely (i) absence of one-off gain from the Group's disposal of an associate (Getgo Technologies Pte. Ltd.); (ii) absence of net profit before tax from discontinued operations in relation to the Group's disposal in LHN Logistics Limited and its group of companies; and (iii) lower gain from net investment in subleases. These are partially offset by (i) increase in profit from the co-living business under the Group's residential properties; and (ii) lower net fair value loss on the Group and joint ventures' investment properties. Annonce • May 03
LHN Limited to Report First Half, 2024 Results on May 13, 2024 LHN Limited announced that they will report first half, 2024 results on May 13, 2024 New Risk • Apr 11
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: S$135.0m (US$99.7m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.7x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (18% net profit margin). Market cap is less than US$100m (S$135.0m market cap, or US$99.7m). Upcoming Dividend • Apr 04
Upcoming dividend of S$0.01 per share Eligible shareholders must have bought the stock before 11 April 2024. Payment date: 31 May 2024. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 8.7%. Within top quartile of Singaporean dividend payers (6.3%). Higher than average of industry peers (4.4%). Upcoming Dividend • Jan 30
Upcoming dividend of S$0.01 per share at 8.7% yield Eligible shareholders must have bought the stock before 06 February 2024. Payment date: 23 February 2024. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 8.7%. Within top quartile of Singaporean dividend payers (6.4%). Higher than average of industry peers (4.2%). Reported Earnings • Jan 10
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: S$0.041 (down from S$0.12 in FY 2022). Revenue: S$93.6m (up 11% from FY 2022). Net income: S$16.9m (down 65% from FY 2022). Profit margin: 18% (down from 57% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 4.8%. Earnings per share (EPS) exceeded analyst estimates by 20%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, while revenues in the Real Estate industry in Singapore are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Jan 08
LHN Limited Recommends Special Dividend for the Financial Year Ended 30 September 2023, Payable on May 31, 2024 LHN Limited recommended special dividend of SGD 0.01 per share for the financial year ended 30 September 2023. Ex-dividend date is 11 April 2024, Record date is 15 April 2024 and payable date is May 31, 2024. Reason for the update: Revision of record date for special dividend. Price Target Changed • Dec 15
Price target decreased by 15% to S$0.44 Down from S$0.52, the current price target is an average from 3 analysts. New target price is 33% above last closing price of S$0.33. Stock is up 8.2% over the past year. The company is forecast to post earnings per share of S$0.056 for next year compared to S$0.041 last year. Major Estimate Revision • Dec 07
Consensus EPS estimates fall by 24% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from S$126.6m to S$116.9m. EPS estimate also fell from S$0.074 per share to S$0.056 per share. Net income forecast to grow 36% next year vs 32% growth forecast for Real Estate industry in Singapore. Consensus price target down from S$0.52 to S$0.49. Share price was steady at S$0.33 over the past week. Reported Earnings • Nov 25
Full year 2023 earnings released: EPS: S$0.045 (vs S$0.11 in FY 2022) Full year 2023 results: EPS: S$0.045 (down from S$0.11 in FY 2022). Revenue: S$93.6m (down 16% from FY 2022). Net income: S$16.9m (down 63% from FY 2022). Profit margin: 18% (down from 41% in FY 2022). Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 2.7% growth forecast for the Real Estate industry in Singapore. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Nov 15
LHN Limited to Report Fiscal Year 2023 Results on Nov 24, 2023 LHN Limited announced that they will report fiscal year 2023 results on Nov 24, 2023 New Risk • Sep 27
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 3.8% per year for the foreseeable future. Minor Risks High level of debt (71% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (S$130.9m market cap, or US$95.6m). New Risk • Aug 19
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: S$135.0m (US$99.5m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks High level of debt (71% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (S$135.0m market cap, or US$99.5m). Upcoming Dividend • May 23
Upcoming dividend of S$0.01 per share at 4.6% yield Eligible shareholders must have bought the stock before 30 May 2023. Payment date: 21 June 2023. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 4.6%. Lower than top quartile of Singaporean dividend payers (6.5%). Higher than average of industry peers (3.7%). Annonce • May 16
LHN Limited Declares Interim Dividend for the Six Months Ended 31 March 2023, Payable on 21 June 2023 LHN Limited declares Interim Dividend of SGD 0.01 per share for the Six Months Ended 31 March 2023, payable on 21 June 2023. Record date 02 June 2023 and Ex-dividend date 30 May 2023. Reported Earnings • May 13
First half 2023 earnings released: EPS: S$0.041 (vs S$0.079 in 1H 2022) First half 2023 results: EPS: S$0.041 (down from S$0.079 in 1H 2022). Revenue: S$55.6m (down 6.0% from 1H 2022). Net income: S$16.9m (down 47% from 1H 2022). Profit margin: 31% (down from 54% in 1H 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 2.7% growth forecast for the Real Estate industry in Singapore. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 43% per year, which means it is tracking significantly ahead of earnings growth. Annonce • May 06
LHN Limited Provides Earnings Guidance for the Six Months Ended 31 March 2023 LHN Limited provided earnings guidance for the six months ended 31 March 2023. Based on information currently available, the Group expects to record a lower net profit before tax for 1H2023 of no less than approximately SGD 19 million as compared to the six months ended 31 March 2022 ("1H2022") of approximately SGD 35.9 million. The lower net profit before tax for 1H2023 arises mainly from the Space Optimisation Business due to fair value loss on the Group's investment properties and joint ventures' investment properties in 1H2023 as compared to fair value gain in 1H2022. The decrease in net profit before tax for 1H2023 is expected to be partially offset by a one-off gain on disposal of an associate. Annonce • Jan 31
LHN Limited Approves Final Dividend for the Financial Year Ended 30 September 2022 LHN Limited at Annual General Meeting Held on 30 January 2023, approved the declaration of final dividend of 1.0 Singapore cent (SGD 0.01) (equivalent to 5.67 Hong Kong cents (HKD 0.0567)) per ordinary share tax exempt (one-tier) for the financial year ended 30 September 2022. Upcoming Dividend • Jan 30
Upcoming dividend of S$0.01 per share at 5.1% yield Eligible shareholders must have bought the stock before 06 February 2023. Payment date: 21 February 2023. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 5.1%. Lower than top quartile of Singaporean dividend payers (6.2%). Higher than average of industry peers (3.3%). Annonce • Jan 06
LHN Limited Proposes Final Dividend for the Financial Year Ended 30 September 2022 LHN Limited proposed to declare a final dividend of 1.0 Singapore cents (SGD 0.01) (equivalent to 5.67 Hong Kong cents (HKD 0.0567)) per ordinary share tax exempt (one-tier) for the financial year ended 30 September 2022, at its annual general meeting will be convened and held on 30 January 2023. For Shareholders in Singapore: The Share Transfer Books and Register of Members of the Company will be closed at 5:00 p.m. on 7 February 2023 for the purpose of determining shareholders' entitlements to the proposed final dividend. Duly completed registrable transfers in respect of the Shares received by the company's Singapore principal share registrar up to 5:00 p.m. on 7 February 2023 will be registered to determine shareholders' entitlements to the proposed final dividend. For Shareholders in Hong Kong: The branch register of members of the Company in Hong Kong will be closed between 8 February 2023 and 9 February 2023 (both days inclusive), during which period no transfer of Shares of the Company will be registered in Hong Kong. In order to determine shareholders' entitlements to the proposed final dividend, all share transfers in Hong Kong, accompanied by the relevant share certificates, must be lodged with the Company's Hong Kong branch share registrar no later than 4:30 p.m. on 7 February 2023. Reported Earnings • Jan 06
Full year 2022 earnings: EPS in line with expectations, revenues disappoint Full year 2022 results: EPS: S$0.11 (up from S$0.069 in FY 2021). Revenue: S$111.8m (down 7.6% from FY 2021). Net income: S$45.8m (up 63% from FY 2021). Profit margin: 41% (up from 23% in FY 2021). Revenue missed analyst estimates by 9.0%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 8.3% p.a. on average during the next 2 years, compared to a 3.2% growth forecast for the Real Estate industry in Singapore. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Price Target Changed • Dec 13
Price target decreased to S$0.47 Down from S$0.51, the current price target is provided by 1 analyst. New target price is 57% above last closing price of S$0.30. Stock is down 6.3% over the past year. The company is forecast to post earnings per share of S$0.072 for next year compared to S$0.11 last year. Annonce • Nov 29
LHN Limited, Annual General Meeting, Jan 30, 2023 LHN Limited, Annual General Meeting, Jan 30, 2023. Agenda: To propose dividend; and to consider other matters. Reported Earnings • Nov 29
Full year 2022 earnings: EPS in line with expectations, revenues disappoint Full year 2022 results: EPS: S$0.11 (up from S$0.069 in FY 2021). Revenue: S$111.8m (down 7.6% from FY 2021). Net income: S$45.8m (up 63% from FY 2021). Profit margin: 41% (up from 23% in FY 2021). Revenue missed analyst estimates by 9.0%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Price Target Changed • Nov 16
Price target increased to S$0.51 Up from S$0.47, the current price target is provided by 1 analyst. New target price is 82% above last closing price of S$0.28. Stock is down 16% over the past year. The company is forecast to post earnings per share of S$0.11 for next year compared to S$0.069 last year. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Independent Non-Executive Director Gary Chan was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Jul 22
Price target increased to S$0.51 Up from S$0.47, the current price target is provided by 1 analyst. New target price is 76% above last closing price of S$0.29. Stock is down 23% over the past year. The company is forecast to post earnings per share of S$0.11 for next year compared to S$0.069 last year. Major Estimate Revision • May 24
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from S$127.4m to S$124.8m. EPS estimate rose from S$0.08 to S$0.09. Net income forecast to shrink 15% next year vs 11% decline forecast for Real Estate industry in Singapore. Consensus price target up from S$0.47 to S$0.47. Share price was steady at S$0.30 over the past week. Reported Earnings • May 14
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down S$14.8m from profit in 1H 2021). Profit margin: (down from 23% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 16%, compared to a 5.8% growth forecast for the industry in Singapore. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 27
Price target decreased to S$0.47 Down from S$0.54, the current price target is an average from 2 analysts. New target price is 41% above last closing price of S$0.33. Stock is up 43% over the past year. The company is forecast to post earnings per share of S$0.078 for next year compared to S$0.069 last year. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Independent Non-Executive Director Gary Chan was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Feb 02
Upcoming dividend of S$0.01 per share Eligible shareholders must have bought the stock before 09 February 2022. Payment date: 24 February 2022. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 5.6%. Within top quartile of Singaporean dividend payers (5.6%). Higher than average of industry peers (3.2%). Price Target Changed • Jan 08
Price target decreased to S$0.47 Down from S$0.54, the current price target is an average from 2 analysts. New target price is 48% above last closing price of S$0.32. Stock is up 62% over the past year. The company is forecast to post earnings per share of S$0.078 for next year compared to S$0.069 last year. Board Change • Jan 08
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Independent Non-Executive Director Gary Chan was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. 
