Stock Name: Starhill Gbl
Company Name: STARHILL GLOBAL REIT
Research House: Kim Eng
Company Name: STARHILL GLOBAL REIT
Research House: Kim Eng
Kim Eng Securities starts Starhill Global REIT (P40U.SG) at Buy with $0.80 target price. Notes Asia Pacific-focused commercial property landlord owns 13 prime assets in high-growth markets, with retail rental accounting for 87% of group revenue in 3Q10.
Says DPU growth underpinned by medium-, long-term leases, which provide income stability, rental upside potential; “with a clear target to double asset size and the backing of a strong and committed sponsor (Malaysia’s YTL Corp), Starhill is poised for a new beginning.”
Says Starhill eyeing assets in China, Australia, Singapore, London in bid to expand portfolio size to at least $5.0 billion in 5 years from $2.6 billion now. REIT flat at $0.615.
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