14/11/2023 09:28

Lendlease Corp Ltd (LLC) $6.28

LLC has struggled since interest rates started to advance, but they’ve arguably magnified the sector's weakness, e.g. the stock is down another ~20% in 2023 alone. We have a core bullish outlook on bonds and bearish yields, which should finally offer a tailwind for LLC into 2024, it feels overdue to average or cut as the stock plumbs multi-year lows

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24/10/2023 09:04

Lend Lease Corp (LLC) $6.48

LLC has fallen in tandem with rising bond yields but as we have a core bullish outlook on bonds and bearish yields, we are giving this position more room even as it plumbs multi-year lows, but we are not considering increasing our exposure. We note this move goes against the classic “value add” theory of cutting losses, especially for stocks making new lows, and we would be out if it weren’t for our macro view around interest rates.

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10/10/2023 09:20

Lendlease Corp Ltd (LLC) $6.85

Back in Q3 of 2023, we took three relatively small positions in Lendlease (LLC), Elders (ELD) and Magellan Financial Group (MFG) in our Growth Portfolio, looking for some performance reversion from the years underperformers – this call looks set to receive the annual wooden spoon, with almost 25% of the year still remaining.

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14/08/2023 16:31

Lendlease (LLC) $8.24

LLC -2.83%: Fell today after reporting FY23 results that were inline in terms of underlying net profit ($257m), however, it was low quality and their reconfirmed guidance requires a few moving parts to align.

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01/08/2023 09:49

Lend Lease (LLC) $8.63

LLC has edged higher since we went long in early July but we might have to wait until its result on the 14th to see if this contrarian position is on the money.

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18/07/2023 16:51

Lendlease (LLC) $8.13

LLC -4.91% Hit today after they announced large jobs cuts across their business, totalling ~10% of the global workforce (~740 jobs), with ~5% of jobs to go in Australia. The move is part of their transformation strategy to improve returns by ramping up funds management, focussing more on the development projects with lower risk and higher margins.

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14/07/2023 09:14

Lend Lease (LLC) $8.27

LLC rallied +4.8% yesterday embracing both falling bond yields and a very strong performance by the Property Sector. It was encouraging to see one of our selected beaten-up names enjoy a bid tone following the market-friendly US inflation print although before it really starts motoring its needs to deliver on the corporate front, just as we saw by MP1 earlier this week.

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04/07/2023 09:36

Lend Lease Corp (LLC) $7.90

LLC has rallied over +12% in the last 2 weeks, we jumped on board the embattled property/infrastructure stock last week with an initial target of $9, now around 15% higher. We believe the business has its balance sheet under control with our bullish outlook resting on their profitable delivery of the $17.9b pipeline of development work in progress.

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30/06/2023 10:04

Flagship Growth Portfolio – Amendments

We are amending the Flagship Growth Portfolio

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29/06/2023 09:22

Lend Lease Corp Ltd (LLC) $7.40

LLC has endured an awful few years, it’s hard to believe this company was a market darling a decade ago. The company’s focus short term is balance sheet orientated as opposed to earnings but we ultimately believe the latter will follow. They have reportedly completed a “Presold Lendlease Apartments Cashflows” transaction which is estimated to deliver $550m plus other sales are looking likely such as the potential full or partial sale of the communities business.

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