“1QFY6/21 revenue fell by 10.3% to $43.1 million (23% of our full-year forecast), while net property income (NPI) declined 19.2% y-o-y to $29.8 million (21% of our full-year forecast), mainly due to rental assistance to eligible tenants affected by Covid-19, including allowance for rental arrears and rebates, primarily for the Australia properties,” note Eing and Lock.
With interests in Wisma Atria and Ngee Ann City, Starhill Global REIT’s valuation is likely priced in with the fallout from Covid-19, says CGS-CIMB analysts Eing Kar Mei and Lock Mun Yee in an Oct 28 note. Eing and Lock are maintaining their ‘add’ call on the REIT, with an unchanged target price of 70.6 cents.
Starhill Global REIT is a Singapore-based real estate investment trust investing primarily in real estate used for retail and office purposes, both in Singapore and overseas.
