We remain positive on LHN’s prospects and maintain BUY with a 12-month TP of SGD0.54, still based on 8x FY24E P/E. Re-rating catalysts include: 1) further value-unlocking divestments; 2) potential special dividends; and 3) successful upgrade to the SGX mainboard from its current listing on the Catalist board. High occupancy rate of new assets In 3Q23, rental rates across its portfolio ranged from SGD2,200-3,500 per month, supported by strong demand for short-stay. Sep’23, its three new co-living assets, ie, Valley, had healthy occupancy level of 90%/85%/100%, respectively. Since Aug’23, LHN has grown its portfolio with the acquisition of 286 & 288 Rangoon Rd.