Stock Name: Starhill Gbl
Company Name: STARHILL GLOBAL REIT
CIMB in a Sept 5 research report says: "With increased macro-economic uncertainties, we seek comfort in the stability offered by Starhill's master and long leases and strong balance sheet. Starhill remains the cheapest retail S-REIT under our coverage at 0.7x P/BV and 7.0% DPU yields.
"Though rental uplift for its Toshin master lease is a key source of growth, we believe all will not be lost even if this fails to come through, as the impact could be mitigated by other sources of growth. We raise our FY11-13 DPU estimates by 1-2% on higher retail-rent assumptions.
"Our DDM target price accordingly rises to 68 cents (discount rate 8.8%) from 66 cents. We see catalysts from positive rental reviews for the Toshin lease, higher-than-expected returns from AEI and accretive debt-funded acquisitions. MAINTAIN OUTPERFORM."
Company Name: STARHILL GLOBAL REIT
| Research House: CIMB | Price Call: BUY | Target Price: 0.68 |
CIMB in a Sept 5 research report says: "With increased macro-economic uncertainties, we seek comfort in the stability offered by Starhill's master and long leases and strong balance sheet. Starhill remains the cheapest retail S-REIT under our coverage at 0.7x P/BV and 7.0% DPU yields.
"Though rental uplift for its Toshin master lease is a key source of growth, we believe all will not be lost even if this fails to come through, as the impact could be mitigated by other sources of growth. We raise our FY11-13 DPU estimates by 1-2% on higher retail-rent assumptions.
"Our DDM target price accordingly rises to 68 cents (discount rate 8.8%) from 66 cents. We see catalysts from positive rental reviews for the Toshin lease, higher-than-expected returns from AEI and accretive debt-funded acquisitions. MAINTAIN OUTPERFORM."
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