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Starhill Global REIT
BUY S$0.64 Price Target: 12-Month S$0.73 (PrevS$ 0.78)
Starhill Global Reit enhancing Wisma Atria, no surprise.
Starhill Global Reit has proposed to embark on some asset enhancement plans for Wisma Atria. The exercise will involve enhancing the mall facade, featuring double-storey storefronts on the second and third storey to showcase the latest flagship stores of international retailers. Pedestrian footpath spanning the facade of Wisma Atria will be widened. Strategically located ramps and walkways leading to the new shop fronts will also be included to improve accessibility from the surrounding malls and the Orchard Road MRT station. To minimize disruption to Wisma's operation, the AEI will be carried in phases over 1Q/2011 to 3Q/2012. Estimated capex of $31m will be funded internally and yield a ROI of 8.0% or $2.5m additional NPI. Minimal impact on gearing of c. 31% post AEI works.
While the impact is yield accretive, it is likely to be felt in the medium term when the enhancement works are completed. We see this move to tap low hanging fruits from its existing portfolio as positive as it allows them to boost the mall's visibility along Orchard Road and intensify shoppers’ experience. We have previously assumed a larger scaled AEI plan in our numbers and have now adjusted our estimates to reflect the updated AEI plans unveiled by the manager. FY11 and FY12 DPU estimates of 4.28cts and 4.46cts respectively have been lowered marginally to account for the vacancy of 3%
during the AEI period. We expect the impact of additional income to be felt post FY13, upon completion and stabilization of the AEI. Maintain buy with a slightly lower TP of $0.73
Appreciate your cut & paste post but dun " pollute" this thread with your " Life is Great" leh...Can?
enghou ( Date: 09-Feb-2011 17:29) Posted:
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Daiwa recommends BUY with Target Price at 74 cents
We reiterate our 2 (Outperform) rating for Starhill Global REIT
(Starhill Global). As a deep value play, it trades at an enticing
24% discount to its December 2010 NAV of S$0.85, while its
2011 distribution-per-unit (DPU) yield (based on our DPU
forecast) of 6.5% is comfortably above the S-REIT sector
weighted average of 5.8%.
We believe Starhill Global could provide investors with more
than value. Starhill Global is one of the few S-REITs and the
only retail-property S-REIT that enjoys above-sector-median
DPU growth and 2011 DPU yield, based on our DPU forecasts.
We have revised up our 2011-13 DPU forecasts by 6-8%, and
raised our six-month target price, based on our RNG valuation (a
modified Gordon Growth Model), to S$0.74 (from S$0.70).
We believe our target price and DPU forecasts have room for
upside if management can come up with DPU-accretive
measures, such as timely asset-enhancement initiatives (AEI) or
strategic acquisitions in Asia that make sense.
Life Is Great
Hohoho! Today is a good day to buy Starhill...Sounds familiar?
Top reits gainer together with Suntec today and both are still trading below its nav as compare to CMT.
We should see it climb to 70-80cts range soon.
Precisely, glad that you finally sense it too!
Besides, the mgmt has a clear target to grow it to a $5b capitalization coy in a few yrs from the current $2.7b now.
hyruga ( Date: 29-Jan-2011 08:04) Posted:
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Capital component per unit? Urh... It could be dividends paid out from its capital or capital gain lor.
Anyone can try explain further?
tonylim2 ( Date: 26-Jan-2011 21:39) Posted:
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Still very much undervalued at 0.65 while its NAV is at 0.93. Also, dividend has been steadily been on an increase. Definitely worth looking at increasing your holdings.
the entitlements of holders of units in Starhill Global REIT’s (“Units” and holders of Units, “Unitholders”) distributable income of 1.0400 cents per Unit for the period from 1 October 2010 to 31 December 2010 (the “Distribution”), comprising a taxable income component of 0.7500 cents per Unit, a tax-exempt income component of 0.0700 cents per Unit and a capital component of 0.2200 cents per Unit
What is capital component ? Is this return of capital ?
Steady today as 4Q & FY10 results inline with market expectations.
Divs of 1.04cts set a new record, tho i think more upside to come.
Nav adjusted up 2cts to 93cts.
This one to me is still vastly undervalue..... should trade ~ 70-80cts at least.
Farmer ( Date: 11-Jan-2011 22:28) Posted:
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When this thread started, this one was trading at ~55cts...its now 65cts, judge for yourself.
Bottom line, this is a yield stock & not for aggressive trading. Have patient, wait for the next results.
Gaining strength? More like losing strength.
No worry for long term investors.... in fact, the previous price resistant may become support now. Lets wait for its 4Q10 results.
Somebody is selling single digit lots the whole day, trying to bring the price down I think. A very good counter for ones portfolio.
Check it out guys.
Cheers.
YTL Starhill Global REIT Management Limited, the manager of Starhill Global Real Estate Investment Trust
(“Starhill Global REIT”), wishes to announce that it will release Starhill Global REIT’s financial statements for
the fourth quarter and full year ended 31 December 2010 on Wednesday, 26 January 2011 before the start of
trading.
Hoho! I would expect >1ct divs this time round...Let's kiv.
Kim Eng TP 0.80
Farmer ( Date: 11-Jan-2011 12:29) Posted:
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This one breaking the 52wks high today. With its CEO & director buying in recently, it must have some value in it.
More upside to come? Lets see...
Vested. You can refer to my forum (starhill Global reits) for more information. Cheers!
aircraft ( Date: 10-Dec-2010 18:10) Posted:
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Nobody vested in this counter ?
Indeed, it is deeply undervalue at today's market. Should see some M&A action soon....Lets see.
Starhill Global REIT |
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/KIM ENG
/I came i read i posted for your info only/