CGS-CIMB Research continues to rate Starhill Global REIT (SGREIT) "add" with an increased target price of 68.3 cents from 66 cents previously.
This came on the back of the REIT announcing its 3QFY2021 ended March business update, which saw revenue drop 0.6% y-o-y to $46.4 million, while net property income (NPI) was 0.6% higher y-o-y at $35.4 million.
The stable NPI was mainly due to lower rental assistance given to tenants affected by Covid-19, lower operating expenses and the appreciation of the AUD. The figure was partly offset by the weaker performance of the REIT’s portfolio in Singapore.
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