Starhill Global REIT - DBS Research 2023-07-31: Strutting Down The Orchard Recovery Runway

Starhill Global REIT - Strutting Down The Orchard Recovery Runway

Starhill Global REIT (SGX:P40U) | SGinvestors.ioStarhill Global REIT (SGX:P40U)
  • Starhill Global REIT (SGX:P40U) reported 2H FY22/23 (Jan to Jun 2023) gross revenue of S$93.0m (-2.5% y-o-y), NPI of S$73.6m (-2.0% y-o-y). Full year gross revenue of S$187.7m (+0.7% y-o-y) and NPI of S$147.8m (+2.2% y-o-y) in line with estimates.
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  • Average cost of debt up 14 bps q-o-q to end the financial year at 3.67%.
  • Singapore Retail – 2H FY22/23 NPI saw a strong ~5.0% y-o-y increase from Wisma Atria post the completion of a refresh of the exterior of the assets at the end of last year; Ngee Ann City (NAC) retail was flat y-o-y
  • Singapore Office – 2H FY22/23 NPI rose by 6% and 3% at Wisma Atria and Ngee Ann City respectively alongside higher rents within the office submarket as well as higher occupancy for Starhill Global REIT’s SG office segment (+ 6.0 ppt y-o-y to 99.4%)
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Capital management adds comfort.

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Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @

Geraldine WONG DBS Group Research | Derek TAN DBS Research | 2023-07-31

Previous report by DBS:
2023-01-30 Starhill Global REIT - Wisma Atria Sales Going Through The Roof.

Price targets by other brokers at Starhill Global REIT Target Prices.

Listing of research reports at Starhill Global REIT Analyst Reports.

Relevant links:
Starhill Global REIT Share Price History,
Starhill Global REIT Announcements,
Starhill Global REIT Dividends & Corporate Actions,
Starhill Global REIT News Articles


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