- Starhill Global REIT (SGX:P40U)’s 1HFY24 gross revenue declined by 0.1% y-o-y to S$94.6m, while NPI inched up 0.3% y-o-y to S$74.5m, as organic growth from its Singapore properties and Myer Centre Adelaide Retail property in Australia partially offset the effects of a stronger S$ and loss of income from its divested properties.
Results slightly missed our expectations due to one-off expenses and higher financing costs
- - Read this at SGinvestors.io -
- Together with the retention of S$1.7m for working capital requirements, DPU declined by 2.2% y-o-y to S$0.0178. This constituted 46.8% of our initial forecast, which we deem to have slightly missed our expectations.
Further improvement in underlying operational metrics
- - Read this at SGinvestors.io -
- Separately, management also shared that tenant sales and shopper traffic for Wisma Atria (Retail) increased 7.8% and 5.8% y-o-y, respectively, in 1HFY24.
Toshin master lease renewed for 12 years
- Read more at SGinvestors.io.
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 @ https://www.iocbc.com/.
Ada Lim OCBC Investment Research | https://www.iocbc.com/ 2024-01-30
Previous report by OCBC:
2023-11-02 Starhill Global REIT - Relatively Stable Metrics.
Price targets by 2 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
