STARHILL GLOBAL REAL ESTATE INVESTMENT TRUST |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 0.475 SGD | +1.06% |
|
+2.15% | -9.52% |
| Jan. 31 | Starhill Global REIT Issue Over 1.5 Million Units as Payment of Management Fee | MT |
| Jan. 30 | Starhill Global REIT to Pay Lower Dividend as Fiscal H1 Income, Revenue Fall | MT |
Valuation
| Fiscal Period: June | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 1,690 | 1,117 | 1,240 | 1,299 | 1,161 | 1,075 | - | - |
| Enterprise Value (EV) 1 | 2,750 | 2,220 | 2,240 | 2,295 | 2,138 | 2,055 | 2,058 | 2,061 |
| P/E ratio | 25.7 x | -11.4 x | 22.7 x | 25.9 x | 41.2 x | 12.1 x | 11.5 x | 10.1 x |
| Yield | 5.78% | 5.8% | 7.05% | 6.55% | 7.38% | 8.25% | 8.47% | 8.56% |
| Capitalization / Revenue | 8.2 x | 6.18 x | 6.84 x | 6.97 x | 6.18 x | 5.46 x | 5.39 x | 5.28 x |
| EV / Revenue | 13.3 x | 12.3 x | 12.4 x | 12.3 x | 11.4 x | 10.4 x | 10.3 x | 10.1 x |
| EV / EBITDA | 19.8 x | 19.8 x | 19.4 x | - | 16.5 x | 15.7 x | 15.5 x | 15.2 x |
| EV / FCF | 21.8 x | 30 x | 20.8 x | 22 x | 20.2 x | 16.3 x | 16.5 x | 16.5 x |
| FCF Yield | 4.59% | 3.33% | 4.81% | 4.54% | 4.95% | 6.13% | 6.08% | 6.06% |
| Price to Book | 0.88 x | 0.63 x | 0.65 x | 0.7 x | 0.66 x | 0.63 x | 0.63 x | 0.62 x |
| Nbr of stocks (in thousands) | 2,181,204 | 2,191,127 | 2,214,204 | 2,239,027 | 2,254,288 | 2,263,016 | - | - |
| Reference price 2 | 0.7750 | 0.5100 | 0.5600 | 0.5800 | 0.5150 | 0.4750 | 0.4750 | 0.4750 |
| Announcement Date | 7/30/19 | 7/28/20 | 7/29/21 | 7/28/22 | 7/27/23 | - | - | - |
1SGD in Million2SGD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: June | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 206.2 | 180.8 | 181.3 | 186.4 | 187.8 | 196.8 | 199.3 | 203.6 |
| EBITDA 1 | 138.9 | 112 | 115.3 | - | 129.2 | 130.6 | 132.7 | 135.6 |
| EBIT 1 | 138.9 | 112 | 115.3 | 125.5 | 129.2 | 130.5 | 132.7 | 135.9 |
| Operating Margin | 67.35% | 61.94% | 63.6% | 67.32% | 68.82% | 66.31% | 66.58% | 66.72% |
| Earnings before Tax (EBT) 1 | 69.07 | -96.04 | 57.98 | 56.05 | 35.79 | 120.8 | 100.4 | 110.2 |
| Net income 1 | 65.59 | -97.41 | 56.52 | 53.8 | 88.94 | 88.97 | 94.5 | 103.5 |
| Net margin | 31.81% | -53.88% | 31.17% | 28.86% | 47.37% | 45.2% | 47.42% | 50.8% |
| EPS 2 | 0.0301 | -0.0446 | 0.0247 | 0.0224 | 0.0125 | 0.0393 | 0.0414 | 0.0472 |
| Free Cash Flow 1 | 126.3 | 74 | 107.8 | 104.2 | 105.7 | 125.9 | 125.1 | 124.9 |
| FCF margin | 61.25% | 40.93% | 59.43% | 55.89% | 56.3% | 63.96% | 62.77% | 61.33% |
| FCF Conversion (EBITDA) | 90.93% | 66.07% | 93.43% | - | 81.79% | 96.4% | 94.27% | 92.11% |
| FCF Conversion (Net income) | 192.56% | - | 190.65% | 193.7% | 118.85% | 141.51% | 132.38% | 120.73% |
| Dividend per Share 2 | 0.0448 | 0.0296 | 0.0395 | 0.0380 | 0.0380 | 0.0392 | 0.0402 | 0.0406 |
| Announcement Date | 7/30/19 | 7/28/20 | 7/29/21 | 7/28/22 | 7/27/23 | - | - | - |
1SGD in Million2SGD
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: June | 2021 S1 | 2021 S2 | 2022 Q2 | 2022 S1 | 2022 S2 | 2023 S1 | 2023 S2 |
|---|---|---|---|---|---|---|---|
| Net sales | 88.42 | 92.9 | - | 90.97 | 95.46 | - | 93.04 |
| EBITDA | - | - | - | - | - | - | - |
| EBIT 1 | - | - | 29.98 | - | - | - | - |
| Operating Margin | - | - | - | - | - | - | - |
| Earnings before Tax (EBT) | - | - | - | - | - | 52.71 | - |
| Net income 1 | - | - | 21.33 | 45.52 | - | 43.58 | - |
| Net margin | - | - | - | 50.03% | - | - | - |
| EPS 2 | - | - | 0.0100 | - | - | - | - |
| Dividend per Share 2 | 0.0188 | 0.0207 | 0.0100 | - | 0.0202 | - | - |
| Announcement Date | 1/28/21 | 7/29/21 | 1/25/22 | 1/25/22 | 7/28/22 | 1/27/23 | 7/27/23 |
1SGD in Million2SGD
Estimates
Balance Sheet Analysis
| Fiscal Period: June | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 1,059 | 1,102 | 1,000 | 996 | 977 | 980 | 983 | 986 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 7.626 x | 9.839 x | 8.673 x | - | 7.557 x | 7.504 x | 7.41 x | 7.272 x |
| Free Cash Flow 1 | 126 | 74 | 108 | 104 | 106 | 126 | 125 | 125 |
| ROE (net income / shareholders' equity) | 5.17% | 4.18% | 3.96% | 4.52% | 4.95% | 5.19% | 5.34% | 5.43% |
| ROA (Net income/ Total Assets) | 2.07% | 2.49% | 2.35% | 2.78% | 3.04% | 3.23% | 3.16% | 3.22% |
| Assets 1 | 3,167 | -3,918 | 2,402 | 1,934 | 2,929 | 2,759 | 2,995 | 3,218 |
| Book Value Per Share 2 | 0.8800 | 0.8100 | 0.8600 | 0.8200 | 0.7800 | 0.7500 | 0.7500 | 0.7600 |
| Cash Flow per Share | 0.0600 | 0.0500 | 0.0600 | 0.0600 | 0.0600 | - | - | - |
| Capex 1 | 7.67 | 29.7 | 34.9 | 20.1 | 17.8 | 8.46 | 8.47 | 8.49 |
| Capex / Sales | 3.72% | 16.44% | 19.27% | 10.77% | 9.5% | 4.3% | 4.25% | 4.17% |
| Announcement Date | 7/30/19 | 7/28/20 | 7/29/21 | 7/28/22 | 7/27/23 | - | - | - |
1SGD in Million2SGD
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
B-
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
5
Last Close Price
0.475
SGD
Average target price
0.5875
SGD
Spread / Average Target
+23.68%
EPS Revisions
Quarterly revenue - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| -9.52% | 789M | |
| -6.46% | 46.25B | |
| -8.31% | 20.33B | |
| -3.56% | 13.07B | |
| +16.05% | 11.53B | |
| -4.85% | 9.68B | |
| -0.83% | 8.48B | |
| -14.19% | 8.38B | |
| +1.38% | 7.63B | |
| -18.42% | 5.53B |
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