“[Starhill Global REIT’s] Orchard Road malls should be among the beneficiaries of the border reopening and gradual return of tourists. With [a] relatively strong balance sheet (gearing: 36%), and bulk (90%) debt hedged, coupled with an attractive 0.7x P/BV, we believe the REIT’s risk-reward profile is tilted towards the upside,” writes Natarajan in his March 24 report.
RHB Group Research Vijay Natarajan is keeping his “buy” recommendation on Starhill Global REIT with an unchanged target price of 68 cents.
The REIT’s current valuation is considered a “bargain” as it will benefit from the reopening of Singapore’s economy, says the analyst.
