Starhill Global Reit

Starhill Global Reit: DBSV says the Reit should benefit from higher contribution from Wisma Atria in the 2H and upward rental reversion from Malaysia master tenant lease. This should boost DPU by 8%. Meanwhile, there should be limited downside risk from the convertible preferred units (CPU), with dilution estimated at approx 0.4% to 1.2% to FY13-14 DPU, assuming full conversion. The house raises TP slightly higher to $0.75cts from $0.71cts. The Reit currently offers 6.8% FY12 yield.