Starhill Global Real Estate Investment Trust
Market Cap
S$951.3m
Last Updated
2020/03/30 13:01 UTC
Data Sources
Company Financials +
Executive Summary
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.
Rewards
Risk Analysis
Snowflake Analysis
Very undervalued average dividend payer.
Share Price & News
How has Starhill Global Real Estate Investment Trust's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: P40U's share price has been volatile over the past 3 months.
Market Performance
7 Day Return
11.5%
P40U
8.0%
SG REITs
4.9%
SG Market
1 Year Return
-41.2%
P40U
-15.3%
SG REITs
-23.8%
SG Market
Return vs Industry: P40U underperformed the SG REITs industry which returned -15.3% over the past year.
Return vs Market: P40U underperformed the SG Market which returned -23.8% over the past year.
Shareholder returns
| P40U | Industry | Market | |
|---|---|---|---|
| 7 Day | 11.5% | 8.0% | 4.9% |
| 30 Day | -35.6% | -19.1% | -17.7% |
| 90 Day | -40.0% | -22.5% | -23.5% |
| 1 Year | -37.6%-41.2% | -10.3%-15.3% | -20.5%-23.8% |
| 3 Year | -31.1%-42.8% | 13.4%-5.7% | -17.1%-25.9% |
| 5 Year | -29.5%-48.5% | 21.6%-12.3% | -15.3%-29.8% |
Price Volatility Vs. Market
How volatile is Starhill Global Real Estate Investment Trust's share price compared to the market and industry in the last 5 years?
Simply Wall St News
1 month ago | Simply Wall St
Did Changing Sentiment Drive Starhill Global Real Estate Investment Trust's (SGX:P40U) Share Price Down By 15%?3 months ago | Simply Wall St
Do Institutions Own Starhill Global Real Estate Investment Trust (SGX:P40U) Shares?4 months ago | Simply Wall St
Here's Why We're Wary Of Buying Starhill Global Real Estate Investment Trust's (SGX:P40U) For Its Upcoming DividendValuation
Is Starhill Global Real Estate Investment Trust undervalued compared to its fair value and its price relative to the market?
>50%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: P40U (SGD0.44) is trading below our estimate of fair value (SGD1.15)
Significantly Below Fair Value: P40U is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: P40U is good value based on its PE Ratio (9.4x) compared to the REITs industry average (10.4x).
PE vs Market: P40U is good value based on its PE Ratio (9.4x) compared to the SG market (10.2x).
Price to Earnings Growth Ratio
PEG Ratio: P40U is good value based on its PEG Ratio (0.6x)
Price to Book Ratio
PB vs Industry: P40U is good value based on its PB Ratio (0.5x) compared to the SG REITs industry average (0.7x).
Next Steps
Future Growth
How is Starhill Global Real Estate Investment Trust forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?
14.9%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: P40U's forecast earnings growth (14.9% per year) is above the savings rate (1.8%).
Earnings vs Market: P40U's earnings (14.9% per year) are forecast to grow faster than the SG market (5% per year).
High Growth Earnings: P40U's earnings are forecast to grow, but not significantly.
Revenue vs Market: P40U's revenue (2.2% per year) is forecast to grow slower than the SG market (4.1% per year).
High Growth Revenue: P40U's revenue (2.2% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: P40U's Return on Equity is forecast to be low in 3 years time (6.6%).
Next Steps
Past Performance
How has Starhill Global Real Estate Investment Trust performed over the past 5 years?
-3.4%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: P40U has high quality earnings.
Growing Profit Margin: P40U's current net profit margins (50.3%) are higher than last year (49.5%).
Past Earnings Growth Analysis
Earnings Trend: P40U's earnings have declined by -3.4% per year over the past 5 years.
Accelerating Growth: P40U's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: P40U had negative earnings growth (-1.6%) over the past year, making it difficult to compare to the REITs industry average (4.4%).
Return on Equity
High ROE: P40U's Return on Equity (5.2%) is considered low.
Next Steps
Financial Health
How is Starhill Global Real Estate Investment Trust's financial position? (This company is analysed differently as a bank or financial institution)
Financial Position Analysis
Debt to Equity History and Analysis
Balance Sheet
Inventory Level: P40U has a high level of physical assets or inventory.
Debt Coverage by Assets: P40U's debt is not covered by short term assets (assets are 0.1x debt).
Financial Institutions Analysis
Asset Level: P40U's level of assets compared to its equity is low.
Allowance for Bad Loans: Insufficient data to determine if P40U has a sufficient allowance for bad loans.
Low Risk Liabilities: P40U reports no customer deposits, loans are made up entirely of externally borrowed funds.
Loan Level: Insufficient data to determine if P40U has an acceptable proportion of non-loan assets held.
Low Risk Deposits: P40U has advanced significantly more loans than the customer deposits it holds.
Level of Bad Loans: Insufficient data to determine if P40U has an appropriate level of bad loans.
Next Steps
Dividend
What is Starhill Global Real Estate Investment Trust's current dividend yield, its reliability and sustainability?
10.30%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: P40U's dividend (10.3%) is higher than the bottom 25% of dividend payers in the SG market (3.23%).
High Dividend: P40U's dividend (10.3%) is in the top 25% of dividend payers in the SG market (7.09%)
Stability and Growth of Payments
Stable Dividend: P40U's dividend payments have been volatile in the past 10 years.
Growing Dividend: P40U's dividend payments have fallen over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: With its reasonable payout ratio (71.7%), P40U's dividend payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: P40U's dividends in 3 years are forecast to be covered by earnings (97.7% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
9.9yrs
Average management tenure
CEO
Sing Ho (53yo)
9.92s
Tenure
Mr. Ho Sing has been the Chief Executive Officer of YTL Starhill Global REIT Management Limited, the Manager of Starhill Global Real Estate Investment Trust since April 20, 2010. Mr. Ho has over 20 years o ...
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO & Executive Director | 9.92yrs | no data | 0.0093% SGD88.8k | |
| Chief Financial Officer of YTL Starhill Global REIT Management Limited | 10.92yrs | no data | no data | |
| Senior VP & Head of Investments - YTL Starhill Global REIT Management Limited | no data | no data | no data | |
| Senior Vice President of Finance & Accounting - YTL Starhill Global REIT Management Limited | no data | no data | no data | |
| Senior Vice President of Human Resource & Administration | no data | no data | no data | |
| Senior VP and Head of Investor Relations & Corporate Planning - YTL Starhill Global REIT Mgmnt. Ltd. | no data | no data | no data | |
| Senior VP of Legal & Compliance and Joint Company Secretary of YTL Starhill Global REIT Mgmt Ltd | no data | no data | no data | |
| Senior Vice President of Asset Management - YTL Starhill Global REIT Management Limited | 1.5yrs | no data | no data | |
| Joint Company Secretary - YTL Starhill Global REIT Management Limited | no data | no data | no data |
9.9yrs
Average Tenure
Experienced Management: P40U's management team is seasoned and experienced (9.9 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO & Executive Director | 9.92yrs | no data | 0.0093% SGD88.8k | |
| Non-Executive Director | 11.25yrs | S$63.00k | no data | |
| Non-Executive Chairman | 11.25yrs | S$100.00k | no data | |
| Independent Director | 2.58yrs | S$68.00k | no data | |
| Independent Director | 3.33yrs | S$68.00k | no data | |
| Lead Independent Director | 2.17yrs | S$73.00k | no data |
6.6yrs
Average Tenure
61.5yo
Average Age
Experienced Board: P40U's board of directors are considered experienced (6.6 years average tenure).
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Ownership Breakdown
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Top Shareholders
Company Information
Starhill Global Real Estate Investment Trust's company bio, employee growth, exchange listings and data sources
Key Information
- Name: Starhill Global Real Estate Investment Trust
- Ticker: P40U
- Exchange: SGX
- Founded:
- Industry: Retail REITs
- Sector: Real Estate
- Market Cap: S$951.302m
- Shares outstanding: 2.19b
- Website: https://www.starhillglobalreit.com
Location
- Starhill Global Real Estate Investment Trust
- Tower B
- 391B Orchard Road
- Singapore
- 238874
- Singapore
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| P40U | SGX (Singapore Exchange) | Yes | UNITS | SG | SGD | Sep 2005 |
| SGLM.F | OTCPK (Pink Sheets LLC) | Yes | UNITS | US | USD | Sep 2005 |
Biography
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. Since its listing on the Mainboard of the Singapore Exchange Securities Trading Limited (the “SGX-ST”) on 20 September 2005, Starhill Global REIT has grown its initial portfolio from interests in two landmark properties on Orchard Road in Singapore to 10 properties in Singapore, Australia, Malaysia, China, and Japan, valued at about S$3.1 billion. These comprise interests in Wisma Atria and Ngee Ann City on Orchard Road in Singapore, Myer Centre Adelaide, David Jones Building and Plaza Arcade in Adelaide and Perth, Australia, Starhill Gallery and Lot 10 in Kuala Lumpur, Malaysia, a retail property in Chengdu, China, and two properties in Tokyo, Japan. Starhill Global REIT remains focused on sourcing attractive property assets in Singapore and overseas, while driving organic growth from its existing portfolio, through proactive leasing efforts and creative asset enhancements. Starhill Global REIT is managed by an external manager, YTL Starhill Global REIT Management Limited. The Manager is a wholly-owned subsidiary of YTL Starhill Global REIT Management Holdings Pte. Ltd. which is in turn an indirect wholly-owned subsidiary of YTL Corporation Berhad.
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2020/03/30 13:01 |
| End of Day Share Price | 2020/03/30 00:00 |
| Earnings | 2019/12/31 |
| Annual Earnings | 2019/06/30 |
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.