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Wait for a right entry price for Starhill Global. http://mystocksinvesting.com/singapore-stocks/starhill-global/starhill-global-reit-under-watchlist/
haroujf ( Date: 10-Jun-2014 08:15) Posted:
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AIA stop selling after sakes of 3m units. Next week should move up .
Why Starhill Global REIT&rsquo s 9.5% Decline in Distributions Is Not as Bad as It Seems
Starhill Global Real Estate Investment Trust (SGX: P40U), or SGREIT, had just released its first quarter results yesterday evening.
Currently, the REIT&rsquo s real estate portfolio comprise of interests in Wisma Atria and Ngee Ann City (both are found along the famous Orchard Road shopping belt in Singapore), Starhill Gallery and Lot 10 in Kuala Lumpur, Malaysia, the David Jones Building and Plaza Arcade in Perth, Australia, Renhe Spring Zongbei in Chengdu, China, and five properties in the prime areas of Tokyo, Japan.
For the quarter, gross revenue had dipped by 8.3% year-on-year to S$49.2 million while net property income (NPI) was at S$39.1 million, a decrease of 6.7%. The declines were mainly due to the one-time receipt in the first quarter of 2013 of accumulated rental arrears (i.e. overdue rents) net of expenses from the Toshin master lease.
Excluding the one-off gain, the revenue and NPI for the latest quarter would have been 1.8% and 2.5% higher year-on-year respectively, driven mainly by strong performance in its Singapore portfolio and a full-quarter of contribution from Plaza Arcade which was acquired in the first quarter of 2013.
Income to be distributed to unitholders in the latest quarter was S$26.7 million, 0.3% higher than that of S$26.6 million seen a year ago. Distribution per unit (DPU) was 1.24 cents, 9.5% lower compared to the 1.37 cents achieved last year. However, excluding the one-off gain of 0.19 Singapore cents per unit due to the Toshin rental arrears in the corresponding quarter a year ago, the latest DPU would have been some 5.1% higher.
SGREIT&rsquo s Singapore portfolio made up most of the REIT&rsquo s total revenue for the first quarter at 66.9%. Wisma Atria and Ngee Ann City saw positive rental reversions and high occupancies for both their retail and office units. Wisma Atria Retail clocked an 8.9% rental reversion (the adjustment of rents to reflect market conditions), while the Singapore office portfolio achieved positive rental reversion of 11.7%. The Singapore office portfolio had maintained a high occupancy rate of 99%.
In March this year, SGREIT divested Holon L in Tokyo for ¥ 1.03 billion (around S$12.8 million), a 6% premium to the latest independent valuation of the property as of 31 December 2013. The divestment is part of its ongoing strategy to refine its portfolio. Japan is currently SGREIT&rsquo s smallest geographical market, contributing to less than 3% of the REIT&rsquo s first quarter total revenue.
As of 31 March 2014, the REIT&rsquo s gearing ratio stood at 29.6%, a slight increase from the 29% seen three months ago. To put things into perspective, Suntec REIT (SGX: T82U), another retail and office REIT, has a much higher a gearing ratio of 37.3%.
The average debt maturity and average interest rates for SGREIT&rsquo s borrowings were at 3.2 years and 3.03% respectively. All of its borrowings are currently fully fixed and/or hedged via interest rate swaps and caps, an improvement from having 94% of loans having fixed and/or hedged rates in December 2013. The net asset value per unit at the end of the quarter came up to S$0.94.
Tan Sri Dato&rsquo (Dr) Francis Yeoh, Executive Chairman of SGREIT&rsquo s manager commented on the first quarter results:, &ldquo SGREIT continued to benefit from the strong performances of its Singapore and Australia portfolios in the first quarter. During the quarter, SGREIT divested another property in Tokyo as part of our efforts to further refine the portfolio. Since the beginning of 2013, SGREIT has divested approximately S$22 million of noncore assets and invested approximately S$60 million to strengthen its portfolio of prime retail assets in the Asia Pacific region.&rdquo
Yeoh added, &ldquo Looking ahead, the Asian economies should continue its growth trajectory as they leverage on the progressive recovery in most advanced economies. Against this backdrop, we will continue to create value for Unitholders through active asset management efforts and source for yield accretive acquisitions of prime assets in our core markets, while maintaining our proactive capital management approach.&rdquo
SGREIT last changed hands at S$0.815 on Tuesday. It currently trades at about 0.9 times its book value and sports a historical distribution yield (taking into account the latest DPU and that of the last three quarters) of 6%.
source : http://www.fool.sg/2014/04/30/why-starhill-global-reits-9-5-decline-in-distributions-is-not-as-bad-as-it-seems/
looks good
It went up to 84 cents and down beaten down back to 82.
StarhillGbl Reit: Ending 1Q14 on high note link
Starhill Global REIT (SGREIT) announced 1Q14 DPU of 1.24 S cents, 9.5% lower YoY. However, after stripping out the Toshin net arrears in 1Q13, DPU would have registered a 5.1% increase. The Singapore portfolio again hit a high note in 1Q, clocking a 7.6% growth in NPI (excluding Toshin arrears) as a result of improved occupancies and high secured rentals from both the retail and office segments. Notably, Wisma Atria retail achieved a strong 8.9% rental reversion, while the Singapore offices saw a 11.7% reversion.
Looking ahead, SGREIT disclosed that it will continue to refine its portfolio and explore potential asset enhancement initiatives (AEIs). We are also positive on SGREIT' s recent move to divest Holon L in Japan. We do not rule out more divestments going forward, which would not only turn SGREIT into a more Singapore-centric landlord but also provide it with resources to implement its AEIs. Maintain BUY and unchanged S$0.90 fair value on SGREIT.
...last:$0.810...
Starhill Global REIT: Still among our top picks
We continue to be positive on Starhill Global REIT?s performance in 2014. Starhill Gbl has recently delivered a strong set of 3Q13 results on the back of strength from its Singapore portfolio and new income stream from Plaza Arcade in Australia. We believe the full potential has yet been unleashed, as Starhill Gbl has continued to make significant progress on its portfolio occupancy and rents over the year.
On the capital management front, we note that Starhill Gbl has been consistently maintaining a robust gearing level of ~30.0%. However, with its recent refinancing of its debts due in 2013, Starhill Gbl no longer have any refinancing needs until Jun 2015. We continue to like Starhill Gbl for its clear growth drivers, robust financial standing and compelling valuation. Maintain BUY and S$0.95 fair value on Starhill Gbl. (Kevin Tan)
...last: $0.760...6-mth low: $0.749...recent hi $0.824...
Is this going to affect DPU ????
SGX-ST Announcement
ADDITION OF S-REIT CONSTITUENTS IN BENCHMARK INDEX
YTL Starhill Global REIT Management Limited (the ?Manager?), the manager of Starhill Global Real
Estate Investment Trust (?Starhill Global REIT?), has been informed by FTSE Group (?FTSE?) that
Croesus Retail Trust, Mapletree Greater China Commercial Trust and Religare Health Trust have
been added to the FTSE Singapore All Cap Index and the Benchmark Index1 (as defined in the
prospectus of Starhill Global REIT dated 13 September 2005 (?Prospectus?)) on 23 September 2013.
The Benchmark Index1 is compiled and calculated independently by FTSE.
The Benchmark Index1 is relevant to the determination of the performance fee that may be paid to the
Manager under the trust deed constituting Starhill Global REIT dated 8 August 2005 (as amended)
(?Trust Deed?). Under the Trust Deed, the Manager is entitled to a performance fee2 where the
accumulated return (comprising capital gains and accumulated distributions and assuming all
distributions are re-invested in Starhill Global REIT) of the units in Starhill Global REIT in any sixmonth
period ending 30 June or 31 December exceeds the accumulated return (comprising capital
gains and accumulated distributions and assuming re-investment of all distributions) of the
Benchmark Index1. More details regarding the fees that the Manager is entitled to under the Trust
Deed may be found in the Prospectus.
As at 23 September 2013, the Singapore-listed real estate investment trusts in the FTSE Singapore
All Cap Index and which comprise the Benchmark Index1 are as follows:
1. AIMS AMP Capital Industrial REIT
2. Ascendas Hospitality Trust
3. Ascendas India Trust
4. Ascendas Real Estate Investment Trust
5. Ascott Residence Trust
6. Cache Logistics Trust
7. Cambridge Industrial Trust
8. CapitaCommercial Trust
9. CapitaMall Trust
10. CapitaRetail China Trust
11. CDL Hospitality Trusts
12. Croesus Retail Trust
13. Far East Hospitality Trust
1 Starhill Global REIT has been excluded from the Benchmark Index in accordance with the definition of ?Benchmark
Index? in the Trust Deed dated 8 August 2005 between the Manager and HSBC Institutional Trust Services
(Singapore) Limited, in its capacity as trustee of Starhill Global REIT (as amended).
2 Under the Trust Deed, the Manager is entitled to receive, inter alia, management fees comprising a base fee and a
performance fee.
2
14. First Real Estate Investment Trust
15. Fortune Real Estate Investment Trust
16. Frasers Centrepoint Trust
17. Frasers Commercial Trust
18. Keppel REIT
19. Lippo Malls Indonesia Retail Trust
20. Mapletree Commercial Trust
21. Mapletree Greater China Commercial Trust
22. Mapletree Industrial Trust
23. Mapletree Logistics Trust
24. Parkway Life Real Estate Investment Trust
25. Perennial China Retail Trust
26. Religare Health Trust
27. Sabana Shari?ah Compliant Industrial Real Estate Investment Trust
28. Starhill Global REIT1 and
29. Suntec Real Estate Investment Trust.
YTL Starhill Global REIT Management Limited
(Company registration no. 200502123C)
(as manager of Starhill Global Real Estate Investment Trust)
Lam Chee Kin
Joint Company Secretary
7 October 2013
杨 忠 礼 机 构 集 团 创 办 人 丹 斯 里 杨 忠 礼 出 面 澄 清 ， 王 金 平 女 儿 并 非 嫁 给 其 长 孙 杨 恭 耀
http://aseantradinglink.blogspot.com/2013/09/tan-sri-yeoh-tiong-lay-grandson-not.html
Francis Yeoh eldest son marriage Taiwan legislation speaker's daughter
王 金 平 的 女 婿 是 杨 忠 礼 的 长 孙 杨 恭 耀
http://aseantradinglink.blogspot.com/2013/09/francis-yeoh-eldest-son-marriage-taiwan.html
Local Retail REITs: Outlook remains sanguine
Local retail landlords ended 2Q13 on a positive note, with results mostly in line with our expectations.
Aggregate leverage for the quarter has also improved sequentially across the board. Notably, a significant portion of the REITs? existing borrowings are either based on fixed rates or hedged. This will likely limit the impact of rising interest rates on the REITs? DPUs and yields.
Looking ahead, we are maintaining our positive view on the local retail REITs due to AEI activities and better rental rates for the leases due for renewal. In addition, the local retail landscape has remained largely stable.
According to Jones Lang LaSalle (JLL) 2Q13 Singapore property market review report, the growth in rents island-wide is likely to range between 0% and 0.2%, while capital values grow by 2.7%-3.8% in 2013.
We are keeping our OVERWEIGHT rating on the local retail REIT subsector. Starhill Global REIT remains as our preferred pick, due to its apparent growth drivers, higher-than-average yield of 6.8% and compelling valuation (0.88x P/B).
Source : OCBC
jomini ( Date: 17-Jun-2013 09:46) Posted:
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they dont publish such things.
then again, u prob didnt want to know. sorry i spoiled ur dream
jackson5 ( Date: 17-Jun-2013 08:48) Posted:
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