Citi says Australia's Lendlease investors await new CEO strategy, earnings pressures stay

** Citi ("neutral", A$3.10 PT) says key near-term focus for Lendlease Group LLC.AX investors is greater clarity on strategy under the company's new chief executive

** Citi says co's Australian retirement business deal was completed in line with book value, easing investor concerns about significant discounts on non-core asset sales

** Brokerage notes reports that LLC is potentially selling its 75% stake in the Victoria Cross office building in Sydney, which Citi views as a positive sale

** Brokerage says earnings have been pressured by losses in the non-core business in FY26 and expects further pressure in FY28 due to project timing shifts

** Adds, share price decline leaves Lendlease trading at approximately a 46% discount to NTA, which supports the shares at current levels

** LLC rises as much as 2.3% to A$2.720

** YTD, LLC down nearly 50%