Starhill Global Real Estate Investment (P40U) AI Stock Analysis

• Market Cap: $1.25B
• Dividend Yield: 6.7%
• Average Volume (3M): 1.72M
• Price to Earnings (P/E): 11.4
• Beta (1Y): 0.46
• Revenue Growth: 0.70%
• EPS Growth: 71.84%
• Country: SG
• Employees: 76
• Sector: Real Estate
• Sector Strength: 48
• Industry: REIT - Retail
• EPS (TTM): 0.03
• Shares Outstanding: 2,298,848,000
• 10 Day Avg. Volume: 1,959,040
• 30 Day Avg. Volume: 1,716,466
• PEG Ratio: 0.18
• Price to Book (P/B): 0.67
• Price to Sales (P/S): 6.07
• P/FCF Ratio: 10.13
• Enterprise Value/Market Cap: 1.76
• Enterprise Value/Revenue: 11.52
• Enterprise Value/Gross Profit: 16.08
• Enterprise Value/Ebitda: 16.86
• 1Y Price Target: $0.59
• Price Target Upside: 9.36% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2

• Rating: 70 Outperform
• Price Target: S$0.50 ▼(-7.41% Downside)

Starhill Global Real Estate Investment holds a strong position with solid financial health and a fair valuation. The technical indicators suggest some caution due to overbought conditions, but the overall upward trend and attractive dividend yield support a positive outlook. The absence of recent earnings call data prevents further insights into management's outlook or strategic direction.

Starhill Global Real Estate Investment Business Overview & Revenue Model

Company Description

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$2.9 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, The Starhill 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, of which all of its shares are indirectly held by YTL Corporation Berhad.

How the Company Makes Money

Starhill Global REIT makes money primarily through the rental income generated from its portfolio of retail and commercial properties. The trust leases out space in its shopping malls and office buildings to a wide range of tenants, including retailers, restaurants, and corporate offices. The rental agreements typically include base rent, which is a fixed monthly fee, and may also include variable components like turnover rent, which is a percentage of the tenant's sales. Additionally, SGREIT benefits from property appreciation and strategic asset enhancement initiatives that increase the value and rental yields of its properties. The trust may also engage in partnerships and joint ventures to acquire or develop new properties, further contributing to its revenue streams.

Starhill Global Real Estate Investment Financial Statement Overview

Summary

Starhill Global Real Estate Investment exhibits strong financial health, with consistent revenue growth and solid profitability metrics. The company's moderate leverage and strong equity position provide financial stability, while robust cash flows highlight effective cash management. Despite some challenges in maintaining operational efficiency and equity levels, the company is well-positioned for sustainable performance in the REIT - Retail industry.

Income Statement

Starhill Global Real Estate Investment shows strong profitability with a TTM gross profit margin of 71.64% and a net profit margin of 33.49%. Revenue has been growing steadily, with a 3.80% growth from 2021 to 2024. EBIT and EBITDA margins are also healthy at 68.33% and 68.34% respectively, indicating effective cost management. However, the slight decrease in EBIT from 2022 to 2024 signals potential challenges in sustaining operational efficiency.

Balance Sheet

The company maintains a solid equity base with an equity ratio of 61.06%, reflecting financial stability. The debt-to-equity ratio stands at 0.59, indicating moderate leverage. The ROE is relatively strong at 3.71%, suggesting efficient use of equity to generate profit. However, the decrease in stockholders' equity from 2020 to 2024 suggests a need for careful management of financial resources.

Cash Flow

Starhill Global Real Estate Investment demonstrates robust cash flow generation, with free cash flow growth of 86.28% from 2021 to 2024. The operating cash flow to net income ratio is favorable at 2.01, highlighting strong cash conversion. The free cash flow to net income ratio is 1.90, indicating substantial cash generation relative to net income. However, the fluctuations in operating cash flow over the years suggest potential volatility in cash flow management.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	191.46M	192.10M	189.82M	188.19M	184.46M	171.60M
Gross Profit	137.17M	130.07M	136.04M	132.80M	126.80M	110.49M
EBITDA	130.84M	159.56M	115.88M	136.00M	143.51M	120.01M
Net Income	64.14M	87.82M	62.67M	28.17M	49.95M	54.43M
Balance Sheet
Total Assets	2.83B	2.85B	2.84B	2.86B	3.00B	3.08B
Cash, Cash Equivalents and Short-Term Investments	69.21M	84.46M	60.57M	68.30M	85.66M	108.32M
Total Debt	1.03B	1.02B	1.04B	1.15B	1.18B	1.21B
Total Liabilities	1.10B	1.10B	1.12B	1.21B	1.25B	1.29B
Stockholders Equity	1.73B	1.74B	1.62B	1.65B	1.75B	1.79B
Cash Flow
Free Cash Flow	122.15M	115.07M	121.86M	65.41M	84.27M	61.57M
Operating Cash Flow	128.89M	125.63M	136.60M	83.24M	84.27M	96.51M
Investing Cash Flow	10.97M	32.17M	-12.91M	612.00K	-20.08M	-34.94M
Financing Cash Flow	-131.67M	-132.43M	-130.68M	-96.01M	-82.78M	-71.94M

Starhill Global Real Estate Investment Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.54
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:P40U, the sentiment is Positive. The current price of 0.54 is above the 20-day moving average (MA) of 0.53, above the 50-day MA of 0.51, and above the 200-day MA of 0.48, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 68.37 is Neutral, neither overbought nor oversold. The STOCH value of 33.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:P40U.

Starhill Global Real Estate Investment Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
P40U	70 Outperform	$1.25B	11.45	6.62%	6.70%	0.70%	71.84%
Sector *	63 Neutral	$6.82B	13.32	-1.02%	7.20%	3.67%	-27.43%
ADN	―	S$1.17B	12.11	4.89%	―	―	―
CRPU	74 Outperform	S$878.86M	13.86	6.17%	8.69%	5.89%	1.81%
Q5T	65 Neutral	S$1.19B	33.52	1.92%	7.40%	-3.65%	-69.86%
JYEU	64 Neutral	S$1.42B	26.73	2.88%	6.20%	-5.90%	-12.15%
AU8U	57 Neutral	S$1.27B	1,216.67	0.04%	7.12%	-8.59%	-93.48%

Starhill Global Real Estate Investment Corporate Events

Starhill Global REIT Issues New Units for Management Fee Payment

Starhill Global REIT has issued 1,421,219 new units to its manager, YTL Starhill Global REIT Management Limited, as part payment for the base management fee for the period from April to June 2025. This issuance increases the total number of units to 2,298,847,903, with the manager holding approximately 3.07% of the total units. The issuance reflects the company’s strategic approach to managing its financial obligations and maintaining its market position.

The most recent analyst rating on (SG:P40U) stock is a Buy with a S$0.60 price target. To see the full list of analyst forecasts on Starhill Global Real Estate Investment stock, see the SG:P40U Stock Forecast page.

Starhill Global REIT Extends Property Management Agreement for Five Years

Starhill Global Real Estate Investment Trust has announced the extension of its property management agreement with YTL Starhill Global Property Management Pte. Ltd. for its Singapore properties, Ngee Ann City and Wisma Atria, for an additional five years. This extension ensures continuity in property management operations and maintains the existing terms and conditions, which supports stable management and operational efficiency. The extension is deemed an ‘interested person’ transaction under Singapore Exchange regulations but falls below the threshold requiring further action, indicating a stable financial position for the REIT.

The most recent analyst rating on (SG:P40U) stock is a Buy with a S$0.68 price target. To see the full list of analyst forecasts on Starhill Global Real Estate Investment stock, see the SG:P40U Stock Forecast page.

Starhill Global REIT Announces Toshin Master Lease Rent Review

Starhill Global REIT has announced a rent review for its master lease with Toshin Development Singapore Pte Ltd, which is set to commence on 8 June 2025. The lease terms include an annual fixed rent that will be the higher of a 1% increase over the existing base rent or the prevailing market rental value, with adjustments based on valuations by three licensed valuers. The Toshin Master Lease is significant as it contributes to approximately 23.1% of Starhill Global REIT’s portfolio gross rent, highlighting its impact on the company’s financial performance.

The most recent analyst rating on (SG:P40U) stock is a Buy with a S$0.60 price target. To see the full list of analyst forecasts on Starhill Global Real Estate Investment stock, see the SG:P40U Stock Forecast page.

Starhill Global REIT Completes S$100 Million Notes Redemption

Starhill Global REIT has successfully redeemed its S$100 million 3.15% notes due in 2025, using proceeds from unsecured loan facilities. This redemption underscores the company’s proactive financial management and may enhance its financial flexibility, potentially benefiting stakeholders by maintaining robust operational stability.

The most recent analyst rating on (SG:P40U) stock is a Buy with a S$0.68 price target. To see the full list of analyst forecasts on Starhill Global Real Estate Investment stock, see the SG:P40U Stock Forecast page.

Starhill Global REIT Faces Changes in Benchmark Index

Starhill Global REIT has been informed by FTSE Group of changes to the Benchmark Index, effective from May 15, 2025. This amendment impacts the calculation of the performance fee for the REIT’s manager, which is based on the accumulated returns of the REIT compared to the Benchmark Index. The exclusion of Starhill Global REIT from the Benchmark Index could influence the performance fee structure, potentially affecting the financial incentives for the management.

The most recent analyst rating on (SG:P40U) stock is a Buy with a S$0.68 price target. To see the full list of analyst forecasts on Starhill Global Real Estate Investment stock, see the SG:P40U Stock Forecast page.