SG : Lendlease Global Commercial REIT - Buy on dip

LREIT launched EFR at S$0.72 to S$0.74 (7.1% to 9.6% discount to VWAP). It offers attractive DPU yield of c.6% at current price. Add on dip. We expect the easing Covid-19 measures, improved income quality post-Jem acquisition and strong DPU growth in FY23 to catalyse the stock.