Starhill Global REIT - OCBC Investment 2023-11-02: Relatively Stable Metrics

Starhill Global REIT - Relatively Stable Metrics

Starhill Global REIT (SGX:P40U) | SGinvestors.ioStarhill Global REIT (SGX:P40U)
  • Starhill Global REIT (SGX:P40U) provided a business update for 1QFY24 (Jul to Sep 2023). Although gross revenue declined 1.0% y-o-y to S$47.1m, NPI increased 0.4% y-o-y to S$37.4m. This was driven largely by improved contributions from its Singapore properties and Myer Centre Adelaide Retail property in Australia, but partially offset by weaker performance from its Malaysia properties and absence of income from its divested properties.
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Committed portfolio occupancy improved 0.7 ppt q-o-q to 98.4%

  • Starhill Global REIT’s overall portfolio committed occupancy came in at 98.4%, as at 30 Sep 2023, representing an increase of 0.7 ppt q-o-q. This was driven by higher committed occupancy for its Australia portfolio from 94.5% (as at 30 Jun 2023) to 96.4%, but partially offset by marginally lower occupancy for its Singapore office portfolio (from 100% to 99.1%).
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Rental reversion likely remained weak

  • Other operating metrics that were disclosed by Starhill Global REIT include tenant sales and shopper traffic for Wisma Atria (Retail), which rose 14.5% and 6.5% y-o-y, respectively. Growth was achieved despite the commencement of renovation works at the basement of the mall in Aug 2023.
  • No rental reversion figures were given, but this likely remained weak, in our view, notwithstanding continued gradual growth in market rents.
  • According to data from CBRE Research, prime Orchard Road rents in Singapore rose 1.6% q-o-q in 3Q23, a sequential acceleration for the third consecutive quarter. This was likely supported by stronger retailers’ confidence in Singapore’s tourism recovery.

Aggregate leverage ratio increased to 37.4%, while average debt cost also rose

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Above is the excerpt from report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full report in PDF @

OCBC Research Team OCBC Investment Research | 2023-11-02

Previous report by OCBC:
2023-08-22 Starhill Global REIT - Forecasting Slight DPU Growth In FY24.

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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