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Starhill Global Reits
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basantd
Senior |
26-Apr-2016 09:10
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ecekca..must be more steady lah....one day super positive, one day super negative..lol..trust me this one going to 0.83-0.85 very soon.. Company Briefs: YTL Starhill Global ReitPUBLISHED
APR 23, 2016, 5:00 AM SGT YTL Starhill Global Reit' s third-quarter distribution per unit was maintained at 1.26 cents, unchanged from a year earlier. Gross revenue for the three months to March 31 grew 12 per cent to $53.6 million while net property income (NPI) rose by 7 per cent to $41.6 million. The growth in revenue and NPI was mainly driven by the contribution from Myer Centre Adelaide, which was up 121.8 per cent year on year. This was partially offset by lower contributions from the Wisma Atria property, China and Japan assets, as well as net foreign currency movements.
Income distributable to unitholders was $27.5 million, up 1.3 per cent. |
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waters
Senior |
25-Apr-2016 23:54
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YTL Starhill Global REIT (SGREIT SP): BUY Market Cap: US$1,272m | Average Daily Value: US$0.85m Last Traded Price: S$0.79 Price Target: S$0.84 (Upside 5.8%) (Prev S$0.84) Analyst Derek Tan +65 6682 3716 [email protected] Mervin Song +65 6682 3715 [email protected] Singapore Research Team Still watching for Toshin&rsquo s review
BUY for high income visibility from master leases. We like SGREIT due to its diversified portfolio of prime retail and office assets located in the Asia Pacific region. With c.44% of top line derived from master leases or long leases, the REIT offers investors income stability and visibility, as well as upside potential from positive rental reversions embedded in the master leases. Negative reversions at Wisma, but income impact is minimal Wisma Atria (Singapore)&rsquo s occupancy has dropped to 96.8% from 100% a year ago. This is largely due to tenant mix reconfiguration and the renovation at Isetan since April 2015. We understand that the Manager is looking to potentially convert level 1 from Fashion into F& B-focused, which would consist of stickier tenants but may yield lower rents. This is expected to drive higher footfalls for the floor going forward. We estimate that the overall impact will be minimal as level 1 of Wisma is estimated to only account for 0.9% of the total portfolio revenue. Upside from Toshin rent review is a near term catalyst. We believe that the upcoming rent review for the Toshin lease at Ngee Ann City is a near-term catalyst as Toshin accounts for c.19% of top line in FY16F. The rent review mechanism only allows for upward adjustment in rents, capped at 25%. This implies that the REIT&rsquo s earnings growth profile is projected to grow at a steady 2-3% in the coming two years. Valuation: We have a DCF-derived TP of S$0.84. At its current price, Starhill Global REIT offers investors dividend yield of 6.5-6.7% for FY16-17, and a total return of 12%. Maintain our BUY call. Key Risks to Our View: Upside risk from AUD and MYR currency appreciation. We estimate that c.34% of NPI is derived from assets in Malaysia and Australia an appreciation of any of these currencies against the SGD would present upside to our estimates. |
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ecekca
Elite |
25-Apr-2016 22:11
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let see whether starhill can correct back to 70cents |
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ecekca
Elite |
24-Apr-2016 22:42
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Occupany rate went down from 98% to 95.6%. that explained why DPU dropped
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ecekca
Elite |
24-Apr-2016 22:17
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based on previous Q, its bad DPU dropped by -4.55% due to gross revenue decline from 55.6mio to 53.6mio. The Net Property Income also declined from 43.7mio to 41.6mio the amt of DI dropped from 30.1mio to 28mio market not doing well
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jackson5
Master |
23-Apr-2016 08:29
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Last Q 1.32 cents. Why this Q only 1.26 cents ?
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ecekca
Elite |
23-Apr-2016 00:13
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Flat DPU even after gross rev increase by 12% , NPI by 7% income less 1.5% doesn' t look good |
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ecekca
Elite |
20-Apr-2016 07:31
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Sound goods
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basantd
Senior |
20-Apr-2016 07:19
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Analysts upbeat over Starhill Global REIT?s 2016 prospects Profits will likely benefit from an upcoming rent review. Starhill Global REIT (SGREIT) is poised to see a flood of upside catalysts, according to a report by DBS. The upcoming rent review for Toshin lease at Ngee Ann City is a near-term catalyst which will have a significant impact on distributions as Toshin accounts for about 19% of top line in end-FY16. Toshin renewed the lease for another twelve years beginning June 2013. The rent review mechanism only allows for upward adjustment in rents, capped at 25%. This implies that SGREIT?s earnings growth profile is projected to growing at a steady 2-3% rate in the next two years. Meanwhile, DBS estimates that rents in June 2016 to come in from $15psf/mth, to close to $16psf/mth. Meanwhile, upside might potentially come from, firstly, revised rents being pegged close to a recent media report of a Ngee Ann market study that a fair ?market rent? of about $19.83psf for the property. Another possible upside may stem from nearby shopping malls where average retail rents range from $20psf/mth onwards. ?With the strong uplift in S-REIT prices in recent times, driven by the large caps S-REITs, we believe second liners like SGREIT (0.9x P/NAV, FY16-17% yield of 6.8%-7.0% should play catch up,? reports DBS. Uncertainties from the group?s exposures in Malaysia and Australia are unfounded, says DBS, given the recent renewal of its master lease for Lot 10 and Starhill Gallery in Malaysia mean limited downside risk. Additionally, the planned asset enhancement initiatives at Plaza arcade from end-FY17 onwards implies further upside to medium-term distributions. | ||||
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basantd
Senior |
15-Apr-2016 15:27
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Don't bet against a guy who's got deep pockets.. US$10b deep... 0.83-0.85 soon..... | ||||
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ecekca
Elite |
07-Apr-2016 19:16
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still very strong... |
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ecekca
Elite |
04-Apr-2016 20:59
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overbot level now... |
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ecekca
Elite |
04-Mar-2016 15:18
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So wat happen when reach 0.85 ?
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ecekca
Elite |
04-Mar-2016 14:45
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It will go up and down .
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basantd
Senior |
04-Mar-2016 10:04
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0.77 now, ill be happy when reaches 0.85 |
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ecekca
Elite |
03-Mar-2016 20:22
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Ok ok as long u happy .
: )!
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basantd
Senior |
03-Mar-2016 16:21
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no crystal ball...starhill boss, Francis Yeoh is one of those guys who just wants to win everytime..their group ytl is one of the largests in malaysia..they had the cash to buy takashimaya and wisma atria on the cheap when market when down..his ytl group market cap is US 10b..starhill is around 1b..i think he will do anything to make his singapore baby do well!! The YTL Corporation (YTL Corp) was founded by Tan Sri Dato' Seri (Dr.) Tiong Lay in 1955. His oldest son, Tan Sri Dato' Seri (Dr) Francis Yeoh Sock Ping, became the Managing Director of YTL Corp in 1988. Under Yeoh' s stewardship, the YTL Group grew from a single listed entity in 1985 to a group of five listed companies. Today, YTL Corp is one of theBursa Malaysia' s largest companies and together with its listed subsidiaries has a combined Market Capitalisation of about RM30.8 billion (US$10.15 billion). The company has also been listed on the Tokyo Stock Exchange since 1996, being the first Asian non-Japanese company to be listed there.[2] YTL Group had an annual average compounded growth rate of 55% over the 15 years to 2010.[3] The group' s portfolio of business includes power, utilities, cement, construction, real estate, information technology and leisure in Asia-Pacific and Europe. These various business units contributed at least RM1bil a year in dividends to YTL Corp.[4] Amongst the group' s key businesses are utilities, operating and maintenance (O& M) activities, high-speed rail, cement manufacturing, construction contracting, property development, hotels & resorts, technology incubation, real estate investment trust (REIT), and carbon consulting. YTL serves more than 12 million customers in over three continents.[2] In 2010 Malaysian Business Magazine Top 100 Companies survey of Malaysia&rsquo s largest listed companies, YTL Corp has emerged as the largest non-government linked company in Malaysia.[5] YTL Corp has also been named as one of the Top 250 Global Energy Companies in Asia under the Platts Top 250 Global Energy Company rankings and also earned a ranking of 15 overall in the Fastest Growing Asian Companies.[6] |
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ecekca
Elite |
26-Feb-2016 20:59
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Relax bro. Maybe u have the crystal ball. : )
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basantd
Senior |
26-Feb-2016 18:47
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Who say long term trend down for sure.. I guarantee you its UP | ||||
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ecekca
Elite |
25-Feb-2016 21:48
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what to do ..the market keeps on moving in a range Long term trend is down for sure short term (up and down )
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