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  Bookmark this page   Tuesday, 05 May 2015
 
Today's Headlines
Starhill Global REIT: Growth driven by Singapore

Starhill Global REIT (SGREIT) reported its 5QFY15 result (financial year end changed to 30 Jun such that financial year 2014/15 will comprise six quarters) which met our expectations. Gross revenue fell 2.7% YoY to S$47.9m, partly due to weaker FX translation, but DPU grew 1.6% to 1.26 S cents. Overall occupancy rate was healthy at 99.1%, while other bright spots came from the 13.3% and 6.0% rental reversions achieved at Wisma Atria (retail) and its Singapore office portfolio, respectively. Nevertheless, the challenging operating environment was reflected in the 2% and 9% YoY fall in shopper traffic and tenant sales at Wisma Atria. Meanwhile, SGREIT also recently announced its proposal to acquire Myer Centre Adelaide, a freehold property in South Australia, for a purchase consideration of A$288m (~S$302.4m). This would be funded via a combination of internal working capital and external borrowings. We maintain our BUY rating and S$0.93 fair value on SGREIT.

 
  Market Pulse
Market Pulse: Capland, Starhill, Venture, CDLHT, GPH, SMRT (4 May 2015)
Market Pulse: FEHT, Starhill Global, YZJ, CDL HT, UOB (30 Apr 2015)
Market Pulse: ART, Wilmar, CSE Global, FEHT (29 Apr 2015)
Market Pulse: FCOT, Sembcorp Marine, HPHT, CSE Global (28 Apr 2015)
Market Pulse: Sheng Siong, CRCT, MGCCT, Midas, DBS, RMG, FCOT (27 Apr 2015)
Market Pulse: Suntec REIT, A-REIT, FCOT, ART, Sheng Siong, MGCCT (24 Apr 2015)
Market Pulse: FCT, CCT, SGX, Cache, Soilbuild REIT (23 Apr 2015)
Market Pulse: CMT, MIT, CCT (22 Apr 2015)
Market Pulse: MLT, Starhill REIT, CMT, KSH (21 Apr 2015)
Market Pulse: United Envirotech, Tat Hong, SIA (20 Apr 2015)
  Research
Starhill Global REIT: Growth driven by Singapore
Starhill Global REIT (SGREIT) reported its 5QFY15 result (financial year end changed to 30 Jun such that financial year 2014/15 will comprise six ...
Venture Corp: 1Q15 earnings disappoint but growth to sustain
As the first quarter is always weak for Venture Corporation Limited (VMS), its 1Q15 revenue were within our expectations as it grew 3.0% YoY to S$ ...
CDL Hospitality Trusts: Hoping for a better 2Q
CDL Hospitality Trusts (CDLHT) reported its 1Q15 results, with DPU missing our expectations. Gross revenue slipped 3.5% YoY to S$42.2m, while DPU ...
UOB: Cautious tone, but single-digit growth is still possible
UOB’s 1Q15 net earnings came in at S$801m, up 1.6% YoY and 1.9% QoQ. Net Interest Margin (NIM) improved from 1.73% in 1Q14 and 1.69% in 4Q14 to 1. ...
Yangzijiang Shipbuilding: Managing a steady ship
Yangzijiang Shipbuilding (YZJ) reported a 14% YoY fall in revenue to RMB3.0b and a 12% drop in net profit to RMB706.9m in 1Q15, such that the latt ...
Far East Hospitality Trust: Tumultuous quarter
Far East Hospitality Trust (FEHT) reported a lacklustre set of 1Q15 results which fell short of ours and the street’s expectations. Gross revenue ...
 
 Strategy
Aviation Sector: Safety concerns rock Thai aviation
The recently surfaced safety concerns over Thailand’s aviation industry resulted from issues found through the audit conducted by UN’s Internation ...
Aviation & Shipping Sectors: Clear skies not yet in sight
The aviation and shipping sectors saw a weak end to CY14 with mostly disappointing results. The cost savings on lower oil prices expected by most ...
Healthcare Sector: Competition likely to remain strong
Following the recent earnings season, we saw steadier earnings from healthcare providers such as Raffles Medical Group (RFMD) and IHH Healthcare B ...
Land Transport Sector: Performing well as expected
The two public transport operators (PTOs) in Singapore, ComfortDelGro (CDG) and SMRT Corp (SMRT) had a smooth end to CY14, as results came in with ...
Consumer Sector: Concerns are less pronounced
All of our selected countries saw lower consumer confidence levels QoQ in 4Q14 but stayed in the optimistic territory except for Malaysia, possibl ...
Telecom Sector: Expect steady growth in 2015
For FY15, the three local telcos have guided for a relatively stable outlook. M1 is probably the most optimistic among them, while StarHub is prob ...
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