Starhill Global Real Estate Investment (P40U) AI Stock Analysis

• Market Cap: S$1.38B
• Dividend Yield: 6.29%
• Average Volume (3M): 1.38M
• Price to Earnings (P/E): 12.5
• Beta (1Y): 0.44
• Revenue Growth: 0.70%
• EPS Growth: 71.84%
• Country: SG
• Employees: 76
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Retail
• EPS (TTM): N/A
• Shares Outstanding: 2,314,358,000
• 10 Day Avg. Volume: 1,377,810
• 30 Day Avg. Volume: 1,376,496
• 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: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 78 Outperform
• Price Target: S$0.50 ▼(-16.67% Downside)

Starhill Global Real Estate Investment's strong financial performance and stable valuation are the primary drivers of its overall score. The technical analysis suggests positive momentum, although caution is advised due to potential overbought conditions. The absence of earnings call data and corporate events does not impact the score.

Positive Factors

Revenue Growth

The significant revenue growth indicates strong demand for its properties and effective asset management, enhancing long-term income stability.

Financial Flexibility

Issuing perpetual securities enhances financial flexibility, allowing the company to manage debt efficiently and invest in growth opportunities.

Sustainability Initiatives

The sustainability-linked loan supports refinancing efforts and aligns with ESG goals, potentially attracting more investors focused on sustainability.

Negative Factors

Free Cash Flow Decline

A decline in free cash flow growth could impact liquidity and limit the company's ability to reinvest in its portfolio or manage debt effectively.

Gross Profit Margin Pressure

Decreasing gross profit margins suggest rising costs or pricing pressures, which could affect profitability if not managed properly.

Management Changes

Frequent management changes can lead to strategic shifts and potential instability, impacting long-term governance and decision-making consistency.

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 generates revenue primarily through rental income derived from its portfolio of properties. The company leases retail spaces in shopping malls, hotel accommodations, and office units to tenants, which provides a steady cash flow. Additionally, Starhill Global benefits from property management fees, which are charged for managing the assets on behalf of its unitholders. The REIT may also realize capital gains when it sells properties at a profit. Significant partnerships with retail brands and hospitality operators enhance occupancy rates and drive revenue growth. Furthermore, strategic asset acquisitions and ongoing property enhancements contribute to its earnings by increasing the overall value and appeal of its real estate holdings.

Starhill Global Real Estate Investment Financial Statement Overview

Summary

Starhill Global Real Estate Investment shows strong financial performance with impressive revenue growth and profitability margins. The balance sheet is stable with moderate leverage, and the company effectively generates cash flow relative to its earnings. Minor concerns include a decrease in free cash flow growth and gross profit margin.

Income Statement

Starhill Global Real Estate Investment has demonstrated strong revenue growth with a 33.1% increase in the latest period. The company maintains robust profitability, evidenced by a high EBIT margin of 83.06% and a net profit margin of 45.72%. These metrics indicate efficient operations and strong cost management. However, the gross profit margin has slightly decreased from previous years, suggesting potential pressure on cost of goods sold.

Balance Sheet

The balance sheet reflects a stable financial position with a debt-to-equity ratio of 0.59, indicating moderate leverage. The return on equity has improved to 5.04%, showcasing better utilization of equity capital. However, the equity ratio stands at 61.17%, suggesting a balanced but slightly leveraged capital structure. Overall, the company maintains a healthy balance between debt and equity.

Cash Flow

Cash flow analysis reveals a slight decline in free cash flow growth by 5.8%, which could be a concern for future liquidity. However, the operating cash flow to net income ratio of 1.24 indicates strong cash generation relative to net income. The free cash flow to net income ratio of 0.92 suggests that the company is effectively converting its earnings into free cash flow, despite the recent decline.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	192.10M	192.10M	189.82M	188.19M	184.46M	171.60M
Gross Profit	136.67M	130.07M	136.04M	132.80M	126.80M	110.49M
EBITDA	131.10M	159.56M	115.88M	136.00M	143.51M	120.01M
Net Income	87.89M	87.82M	62.67M	28.17M	49.95M	54.43M
Balance Sheet
Total Assets	2.85B	2.85B	2.84B	2.86B	3.00B	3.08B
Cash, Cash Equivalents and Short-Term Investments	84.46M	84.46M	60.57M	68.30M	85.66M	108.32M
Total Debt	1.02B	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	1.74B	1.74B	1.62B	1.65B	1.75B	1.79B
Cash Flow
Free Cash Flow	124.19M	115.07M	121.86M	65.41M	84.27M	61.57M
Operating Cash Flow	124.19M	125.63M	136.60M	83.24M	84.27M	96.51M
Investing Cash Flow	33.51M	32.17M	-12.91M	612.00K	-20.08M	-34.94M
Financing Cash Flow	-138.58M	-132.43M	-130.68M	-96.01M	-82.78M	-71.94M

Starhill Global Real Estate Investment Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.60
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

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 0.6 is above the 20-day moving average (MA) of 0.58, above the 50-day MA of 0.58, and above the 200-day MA of 0.53, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 63.92 is Neutral, neither overbought nor oversold. The STOCH value of 91.67 is Negative, 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	78 Outperform	S$1.38B	12.50	6.62%	6.29%	0.70%	71.84%
CRPU	73 Outperform	S$856.94M	13.47	6.17%	8.87%	5.89%	1.81%
JYEU	70 Neutral	S$1.85B	28.80	2.88%	8.01%	-6.64%	-12.15%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
AU8U	65 Neutral	S$1.38B	1,325.00	0.04%	6.66%	-8.59%	-93.48%
Q5T	65 Neutral	S$1.26B	34.94	1.92%	7.16%	-3.65%	-69.86%
ADN	61 Neutral	S$1.19B	12.22	4.89%	4.51%	-6.67%	581.75%

Starhill Global Real Estate Investment Corporate Events

Starhill Global REIT Secures Debt Classification for S$100m Perpetual Securities in IRAS Tax Ruling

Starhill Global REIT has obtained an advance tax ruling from the Inland Revenue Authority of Singapore confirming that its S$100 million 3.25 per cent subordinated perpetual securities (Series 004), issued under its S$2 billion multicurrency debt issuance programme, will be treated as debt securities for Singapore income tax purposes. As a result, the distributions, including any optional distributions, payable on these perpetual securities will be regarded as interest on indebtedness, providing clarity on the tax treatment for the REIT and its investors and potentially enhancing the securities’ attractiveness to income-focused stakeholders.

The most recent analyst rating on (SG:P40U) stock is a Buy with a S$0.50 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 Updates Benchmark Index Used for Manager Performance Fees

Starhill Global REIT has announced that FTSE Group will amend the benchmark index used to measure its performance, with the changes taking effect from 22 December 2025. This benchmark index, which excludes Starhill Global REIT itself and is independently compiled by FTSE, is a key reference for determining the manager’s performance fee under the trust deed, as fees are paid only when the REIT’s accumulated returns outperform those of the index. The revised composition, listing major Singapore-listed REITs and property business trusts as constituents, may influence how investors evaluate Starhill Global REIT’s relative performance and the variability of its manager’s incentive fees over time.

The most recent analyst rating on (SG:P40U) stock is a Buy with a S$0.50 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 Update

Starhill Global REIT announced updates regarding the rent review for its Toshin Master Lease, effective from June 2025. The new Annual Fixed Rent is set approximately 1% higher than the base rent under the prior lease, aligning with the lease’s terms. This update reflects the company’s consistent approach to maintaining predictable growth in rental income while upholding collaborative relationships with tenants. The next scheduled rent review will occur in June 2028, showcasing the long-term structured engagement with Toshin. Additionally, turnover rent linked to Toshin’s performance remains a separate determining factor, emphasizing the strategic integration of tenant performance into rental income streams.

The most recent analyst rating on (SG:P40U) stock is a Buy with a S$0.50 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 Redemption of S$100 Million Perpetual Securities

Starhill Global Real Estate Investment Trust has successfully redeemed and cancelled its S$100 million 3.85% perpetual securities issued under its S$2 billion multicurrency debt issuance program. This redemption, completed on December 15, 2025, signifies a strategic financial move by the company, potentially enhancing its financial flexibility and market positioning by reducing outstanding debt obligations.

The most recent analyst rating on (SG:P40U) stock is a Buy with a S$0.50 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 Reviews FY2024/25 Performance and Strategic Initiatives at AGM

Starhill Global Real Estate Investment Trust held its 16th Annual General Meeting, where the CEO presented the financial highlights for FY2024/25, an operational review, and discussed the rejuvenation of its portfolio and ESG initiatives. The meeting provided insights into the company’s market outlook and strategic direction, potentially impacting its operations and stakeholder interests.

The most recent analyst rating on (SG:P40U) stock is a Buy with a S$0.50 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 Redemption of Perpetual Securities

Starhill Global Real Estate Investment Trust has announced the redemption of its S$100,000,000 3.85% perpetual securities on December 15, 2025. This strategic financial move is part of the company’s broader debt management strategy, potentially impacting its financial flexibility and stakeholder returns.

The most recent analyst rating on (SG:P40U) stock is a Buy with a S$0.50 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 Issues New Units for Management Fee Payment

Starhill Global REIT announced the issuance of 1,345,008 new units to its manager, YTL Starhill Global REIT Management Limited, as partial payment of the base management fee for the third quarter of 2025. The issuance reflects the company’s strategy to manage its financial obligations through a combination of cash and equity, potentially impacting its unit distribution and market positioning.

The most recent analyst rating on (SG:P40U) stock is a Buy with a S$0.50 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 Issues S$100 Million Perpetual Securities

Starhill Global Real Estate Investment Trust has announced the issuance of S$100,000,000 3.25% Subordinated Perpetual Securities under its S$2,000,000,000 Multicurrency Debt Issuance Programme. This issuance, approved in principle by the Singapore Exchange Securities Trading Limited, is expected to enhance the company’s financial flexibility and strengthen its market position, with the securities set to be listed on the SGX-ST on 13 October 2025.

The most recent analyst rating on (SG:P40U) stock is a Buy with a S$0.50 price target. To see the full list of analyst forecasts on Starhill Global Real Estate Investment stock, see the SG:P40U Stock Forecast page.