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Analysts maintain ‘buy’ calls on Starhill Global REIT despite Covid-19 impact

Jovi Ho
Jovi Ho7/30/2020 01:01 PM GMT+08  • 3 min read
Analysts maintain ‘buy’ calls on Starhill Global REIT despite Covid-19 impact
A sharp fall in retail footfall and subsequent rental rebates have battered Starhill Global REIT (SGREIT), with OCBC Investment Research analysts warning of a “tough and winding road ahead” in a July 29 note.
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A sharp fall in retail footfall and subsequent rental rebates have battered Starhill Global REIT (SGREIT), with OCBC Investment Research analysts warning of a “tough and winding road ahead” in a July 29 note.

The REIT’s 2HF2020 results missed OCBC’s expectations with gross revenue and net profit income (NPI) falling 18.5% and 27.0% y-o-y to $84.1 million and $58.0 million respectively. Distribution per unit (DPU) dipped 68.2% to 70 cents.

Despite that, OCBC is still recommending investors to “buy” on the REIT, with a fair value of 53 cents.

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