I think he's viewing from the trading stand point.

As an investment stock, this stock is great.

But as a trading stock, this stock is too expensive.

It all boils down to what kind of investor are you.

Farmer      ( Date: 03-May-2010 15:23) Posted: Can share why its exp? Base on dividends? But it still give a decent yield of >6% pa base on current price. Project divs for FY10 and beyond will hit ~ 4cts pa or >.  yipyip      ( Date: 03-May-2010 15:09) Posted: This stock very exp...... Not vested DISTRIBUTION DETAILS Distribution period:   1 January 2010 to 31 March 2010 Distribution amount:   0.95 cents per unit only

Starhill Global REIT: BUY S$0.64; Bloomberg: SGREIT SP
Retail portfolio pulling ahead;
Price Target : S$ 0.73
By: DBSV

At a Glance
·	1Q10 DPU of 0.95 Scts in line, 24% of FY10F

·	Receipt commitment for new 3 and/or 5 year facility to refinance chunky short term debt

·	Maintain BUY, TP S$0.73 maintained.

Comment on Results
1Q10 DPU of 0.95 Scts in line.  Gross revenues and net property income were
higher by 9.6% yoy and 7.7% yoy to S$37.6m and S$29.1m respectively. This
was mainly attributed to new contribution from newly acquired David Jones
asset (DJA) & stronger retail performance offset by weaker office revenues
& lower earnings from its Japanese assets. Distributable income came in at
S$18.3m (+2.0% yoy), translating to a DPU of 0.95 Scts.

Resilient underlying performance. Portfolio performance for its retail
component remains resilient (Singapore retail +3% yoy, +4% qoq), offsetting
a weaker office showing due to lower occupancies (-4%yoy, +4% qoq).
Overseas properties less DJA was 4% lower due to weaker RMB coupled with
lower occupancies in its Japanese properties.

Refinancing to be settled.  SGREIT received a committed facility of up to S
$620m to address near maturing term loan of S$570m in Sep 2010. This is
positive news in our view, as it will add further visibility & certainty to
earnings going forward.

Recommendation
Maintain BUY, TP S$0.73 with prospective yields of 6.3-6.9%. SGREIT, with
well-located malls in Orchard shopping belt, remains a prime beneficiary of
the burgeoning tourist outlook and opening of the 2 IRs.  Catalysts for
re-rating will hinge on further certainty on the REIT’s proposed AEI plans
for Wisma Atria going forward. Maintain BUY.

superior returns to our Unitholders.”

Update on capital management

In April 2010, Starhill Global REIT received a committed 3 and/or 5 year fully underwritten bank facility

proposal of up to S$620.0 million. The said facility will be utilized to refinance Starhill Global REIT’s

existing debt obligations and to meet working capital requirements. Starhill Global REIT’s outstanding

debt was S$702.3 million as of 31 March 2010, of which S$570.0 million or 81.2% matures in September

2010.