🚀 1-Min Stock Rundown

📌 LHN Limited - Riding Co-Living Growth & Spin-Off Momentum

📊 Strong 1H2025 Results
Revenue jumped 29.4% YoY to S$70.6m, driven by co-living and new property development contributions. Net profit attributable to shareholders rose 8.8% YoY to S$14.1m (EPS: 3.38 cents). Gross margin held at 57.6%, and the Board declared an interim DPS of 1.0 cent.

🏨 Coliwoo Continues to Shine
Co-living remains the key growth engine, with 2,924 keys secured as at 31 Mar 2025 and Singapore occupancy at 97.7%.

Recently launched Coliwoo Hotel Kampong Glam is expanding brand visibility, while new projects at Balestier and Upper Bukit Timah are slated for 2H FY2025.

💵 Healthy Capital Returns
Management reaffirmed its payout policy of at least 30% of adjusted net profit for FY2025, excluding one-offs. With operating cash flow at S$38.0m in 1H2025 and cash reserves of S$59.1m, dividends and reinvestment capacity remain well-supported.

🚀 Coliwoo Spin-Off as Key Catalyst
LHN has proposed spinning off Coliwoo Group via a separate SGX Mainboard listing, with Maybank Securities as financial adviser.

If successful, LHN retains majority ownership while unlocking valuation transparency for its high-growth co-living platform. Shareholder approval is pending.

💹 Valuation Snapshot
Shares trade around S$0.80, near the upper end of their 52-week range (S$0.33–0.915).

Current market cap stands at ~S$346m, with a trailing P/E of ~7x and dividend yield of ~3.7%, offering both value and yield appeal for mid-cap investors.

🌏 Competitive Landscape
LHN’s Coliwoo competes in flexible lodging with Ascott Residence Trust and Far East Hospitality Trust in the serviced residence space, and with Centurion Corporation in student and workers’ accommodation.

Its space-optimisation strategy also sets it apart from industrial REITs like ESR-REIT, offering nimble deployment and attractive yield-on-cost when redeveloping underutilised properties.

📈 Conclusion
With robust co-living momentum, disciplined capital returns, and the potential Coliwoo spin-off as a re-rating catalyst, LHN stands out as a mid-cap play for investors seeking yield, structural growth, and exposure to Singapore’s evolving real estate landscape.

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James -Dissecting-Stocks-in-1-min- Yeo