Stock Name: Starhill Gbl
Company Name: STARHILL GLOBAL REIT
DBS Vickers Securities in a Jan 31 research report says: "Gross revenue and NPI posted flat growths in 4Q11. However, DPU fell 2.9% due to higher tax and finance expenses.
"Full year DPU was 4% below our forecast on the back of higher property expenses and the absence of additional income assumed from Toshin's rental reversion. Only 3% ($27 million) of its debts are due for refinancing in FY2012 and gearing is a healthy 30.8% after the trust took in $28 million revaluation gain, mainly from Wisma Atria Ngee Ann City but was partially reversed by its Japan Properties.
"We have lowered our target price by 7.9% to 71 cents and reduced our FY2012/2013 DPU by 8-9% as we revised down our rental forecast, as well as no conversion of the convertible preferred units (CPUs) till 2016 instead of the earlier 2013. MAINTAIN BUY."
Company Name: STARHILL GLOBAL REIT
| Research House: DBS Vickers | Price Call: BUY | Target Price: 0.71 |
DBS Vickers Securities in a Jan 31 research report says: "Gross revenue and NPI posted flat growths in 4Q11. However, DPU fell 2.9% due to higher tax and finance expenses.
"Full year DPU was 4% below our forecast on the back of higher property expenses and the absence of additional income assumed from Toshin's rental reversion. Only 3% ($27 million) of its debts are due for refinancing in FY2012 and gearing is a healthy 30.8% after the trust took in $28 million revaluation gain, mainly from Wisma Atria Ngee Ann City but was partially reversed by its Japan Properties.
"We have lowered our target price by 7.9% to 71 cents and reduced our FY2012/2013 DPU by 8-9% as we revised down our rental forecast, as well as no conversion of the convertible preferred units (CPUs) till 2016 instead of the earlier 2013. MAINTAIN BUY."
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