StarhillGbl Reit    Last:0.54    +0.005

Starhill Global Reits

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..

 

 

 

 

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

• 3QFY16 DPU flat, despite contribution from new asset Myer Centre Adelaide
• Weaker occupancy at Wisma and depreciation of MYR vs SGD dragged performance
• Toshin rent review in June 16 presents upside to DPU bull-case scenario implies a further 5% boost
• Maintain BUY with 12% total return to our S$0.84TP

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.  

 

let see whether starhill can correct back to 70cents

 

Occupany rate went down from 98% to 95.6%. that explained why DPU dropped

 

ecekca      ( Date: 24-Apr-2016 22:17) Posted: 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 jackson5      ( Date: 23-Apr-2016 08:29) Posted: Last Q 1.32 cents. Why this Q only 1.26 cents ?

 

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

jackson5      ( Date: 23-Apr-2016 08:29) Posted: Last Q 1.32 cents. Why this Q only 1.26 cents ? ecekca      ( Date: 23-Apr-2016 00:13) Posted: Flat DPU even after gross rev increase by 12% , NPI by 7% income less 1.5% doesn' t look good

 

Last Q 1.32 cents. Why this Q only 1.26 cents ?

ecekca      ( Date: 23-Apr-2016 00:13) Posted: Flat DPU even after gross rev increase by 12% , NPI by 7% income less 1.5% doesn' t look good

 

Flat DPU even after gross rev increase by 12% , NPI by 7% income less 1.5%

doesn' t look good

 

Sound goods

basantd      ( Date: 20-Apr-2016 07:19) Posted: 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.

 

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.

 

Don't bet against a guy who's got deep pockets.. US$10b deep... 0.83-0.85 soon.....

 

still very strong...

 

overbot level now...

 

 

So wat happen when reach 0.85 ?

basantd      ( Date: 04-Mar-2016 10:04) Posted: 0.77 now, ill be happy when reaches 0.85

 

It will go up and down .

basantd      ( Date: 04-Mar-2016 10:04) Posted: 0.77 now, ill be happy when reaches 0.85

 

0.77 now, ill be happy when reaches 0.85

 

Ok ok as long u happy .

: )!

basantd      ( Date: 03-Mar-2016 16:21) Posted: 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]

 

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]

 

Relax bro. Maybe u have the crystal ball. : )

basantd      ( Date: 26-Feb-2016 18:47) Posted: Who say long term trend down for sure.. I guarantee you its UP

 

Who say long term trend down for sure.. I guarantee you its UP

 

what to do ..the market keeps on moving in a range

Long term trend is down for sure

short term (up and down )
 

basantd      ( Date: 25-Feb-2016 10:41) Posted: ecekca one day you are positive investor......   next day you are negative..........