บทวิเคราะห์ (Research)

LHSC : Pure shopping mall play LHSC owns the lease to Terminal 21 shopping mall which is in a prime area of Bangkok. The REIT’s operations have recovered with key stats exceeding pre-Covid levels: occupancy rate is at 98%, renewal rate 87%, SSS growth 5-7%, and average rent is comparable to 2019. Annualized DPU would be Bt1.05, implying 11% yoy growth. The REIT plans to invest in T21 Pattaya; that should be DPU-accretive, with upside risk per the financial advisor’s report. This will further diversify risk with assets in Bangkok and Pattaya, expand market cap, and improve trading liquidity. At last close, LHSC offers 4.3% real yield and is trading at 19% discount to NAV.