Thursday, January 27, 2011

StarhillGlobal

StarhillGlobal: REIT has reported 4Q rev of $45.6m, +33.0%yoy, +0.9%qoq. Net property income was 36.7m +37.0%yoy, +2.6%qoq. Distributable income correspondingly rose by 22.1% yoy and 3.7%qoq to $23.2m. Rise from prev yr was due to contribution from Msia properties Starhill Gallery and Lot 10 and David Jones building in Australia...

DPU for 4Q at 1.04c resulting in full yr DPU at 3.9c, a yield of 6.0%. Macquarie maintains Neutral with TP at $0.67 up from $0.60 remarks that co has stable income profile with mild and steady growth but prefer suburban retail over prime Orchard Rd, key pick was CapitaMall Trust (Outperform, TP$2.25).

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