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Starhill Global Real Estate Investment
(SGX:P40U)
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Rating:62Neutral
Price Target:
S$0.59
▲(14.23% Upside)
Action:Downgraded
Date:07/30/26
The score is driven by stable-but-middling financial performance (earnings and free-cash-flow step-down in FY2026 and meaningful leverage) offset by supportive valuation for an income profile (high ~6.52% dividend yield and a reasonable ~14.32 P/E). Technicals add a small positive tilt with price slightly above major moving averages, but limited momentum data constrains conviction.
Positive Factors
Recurring rental income
The lease-based model provides recurring cash inflows from commercial tenants, giving the trust a durable earnings foundation. Portfolio performance remains linked to occupancy, renewals, tenant quality and asset competitiveness rather than one-off sales.
Negative Factors
Meaningful leverage
The sizable debt base increases sensitivity to refinancing costs, interest rates and asset values. Leverage can constrain financial flexibility and limit the trust’s ability to fund acquisitions or absorb prolonged weakness in rental income.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring rental income
The lease-based model provides recurring cash inflows from commercial tenants, giving the trust a durable earnings foundation. Portfolio performance remains linked to occupancy, renewals, tenant quality and asset competitiveness rather than one-off sales.
Read all positive factors
Starhill Global Real Estate Investment (P40U) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$1.22B
Dividend Yield6.94%
Average Volume (3M)2.12M
Price to Earnings (P/E)13.7
Beta (1Y)0.31
Revenue Growth0.46%
EPS Growth-59.03%
CountrySG
Employees76
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)0.04
Shares Outstanding2,322,413,300
10 Day Avg. Volume1,555,210
30 Day Avg. Volume2,115,036
Financial Highlights & Ratios
PEG Ratio-0.47
Price to Book (P/B)0.76
Price to Sales (P/S)6.49
P/FCF Ratio16.81
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.05
Revenue Forecast (FY)S$198.00M
Starhill Global Real Estate Investment Business Overview & Revenue Model
Company Description
Starhill Global REIT, a Singapore-based real estate investment trust, focuses its investments on retail and office properties situated in Singapore and various international markets. Since its initial public offering on the Singapore Exchange Secu...
How the Company Makes Money
Starhill Global Real Estate Investment (P40U) makes money primarily by earning recurring income from its properties and distributing most of that income to unitholders under the REIT structure. Key revenue streams generally include (1) base rental...
Starhill Global Real Estate Investment Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
58
Neutral
Cash Flow
55
Neutral
| Breakdown | TTM | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 192.13M | 194.29M | 192.10M | 189.82M | 188.19M | 184.46M |
| Gross Profit | 135.96M | 137.26M | 130.07M | 136.04M | 132.80M | 126.80M |
| EBITDA | 129.76M | 91.48M | 160.95M | 115.88M | 136.00M | 143.51M |
| Net Income | 88.13M | 40.90M | 87.82M | 62.67M | 28.17M | 49.95M |
Balance Sheet | ||||||
| Total Assets | 2.87B | 2.84B | 2.85B | 2.84B | 2.86B | 3.00B |
| Cash, Cash Equivalents and Short-Term Investments | 89.78M | 98.52M | 84.46M | 60.57M | 68.30M | 85.66M |
| Total Debt | 1.01B | 1.11B | 1.02B | 1.04B | 1.15B | 1.18B |
| Total Liabilities | 1.10B | 1.19B | 1.10B | 1.12B | 1.21B | 1.25B |
| Stockholders Equity | 1.77B | 1.65B | 1.74B | 1.62B | 1.65B | 1.75B |
Cash Flow | ||||||
| Free Cash Flow | 125.15M | 74.97M | 115.07M | 121.86M | 65.41M | 84.27M |
| Operating Cash Flow | 125.16M | 84.45M | 125.63M | 136.60M | 83.24M | 84.27M |
| Investing Cash Flow | 34.28M | 27.05M | 32.17M | -12.91M | 612.00K | -20.08M |
| Financing Cash Flow | -145.73M | -99.60M | -132.43M | -130.68M | -96.01M | -82.78M |
Starhill Global Real Estate Investment Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | S$18.61B | 14.47 | 7.40% | 4.52% | 5.37% | 19.25% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | S$4.32B | 13.98 | 5.19% | 5.35% | 1.18% | ― | |
62 Neutral | S$1.22B | 13.67 | 5.01% | 6.94% | 0.46% | -59.03% | |
60 Neutral | S$6.50B | 26.00 | 2.71% | 6.39% | -4.05% | -57.18% | |
59 Neutral | S$1.97B | 59.17 | 1.12% | 7.07% | 6.52% | ― | |
52 Neutral | S$1.11B | -85.14 | -0.39% | 7.59% | -9.65% | -1366.67% |
* Real Estate Sector Average
SG:P40U
Starhill Global Real Estate Investment
0.53
>-0.01
-1.49%
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-6.84%
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Starhill Global Real Estate Investment Corporate Events
Starhill Global REIT Pays Manager Fee with New Unit Issuance
Jul 30, 2026
Starhill Global REIT has issued 1,401,427 new units to its external manager, YTL Starhill Global REIT Management Limited, as part payment of the base management fee for the quarter ended 30 June 2026. The units were priced at S$0.5498 each, based ...
Starhill Global REIT refreshes board and committees as part of governance renewal
Jul 29, 2026
Starhill Global REIT has announced changes to its board and key governance committees, effective 1 August 2026, as part of a broader board renewal process. The Singapore-based retail and office-focused REIT, which owns a S$2.7 billion portfolio of...
Starhill Global REIT Brings Forward CEO Transition While Maintaining Board Structure
Jun 8, 2026
Starhill Global REIT has accelerated its leadership transition, with newly appointed chief executive and executive director Tan Peck Mun Kemmy taking over from long-serving CEO Ho Sing on 30 June 2026, earlier than previously scheduled. The board ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.