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SI Venture V SI Versalink 40N. SI Vicplas Intl SI VikingOffshore 1Y1. SI Watches. SI Wilmar Intl F SI Wilton Resources 5F7. SI Wing Tai W SI World Precision B SI Y Ventures 1F1. SI Yanlord Land Z Hybrid REIT is investing in both properties and mortgages as the combination of their revenue. Investors can invest in REITs by obtaining their shares directly on public exchanges or by investing in a mutual fund in public properties. Company Overview StarHill Global REIT is an equity real estate investment trust primarily focuses on investing in real estate utilized for retail and office purposes.
Their main concern is sourcing enticing property assets while making neat growth from portfolio, driving lively leasing business, and productive asset improvement. Their business is based on Singapore. Tentatively in Singapore, StarHill has Table 1. However, this extraordinary increase was because all the statement was made from 20 September to 31 December since all the data before its IPO regarded as irrelevant.
The gross revenue of StarHill is increasing over years. However, from , the percentage of gross revenue and Net Property Income increase with decreasing rate. The increase of net income was mostly because of higher rates of leases and rents in Singapore and revenue from other countries from its acquisitions.
Since Starhill could increase its net income, consequently the distributable incomes also increase. But, in , Starhill allowed rights issues to its shareholders, therefore the dividend per unit DPU post-rights dropped by Refer to table 1; the DPUs prior to were greater than after It was probably because they need to settle the acquisitions in Japan, China, Australia, and Malaysia, so they increase the ratio of retained earnings decrease pay-out ratio to complete their acquisitions.
From figure 1. Since , Starhill began its expansion to China and Japan. As China at that time was expanding, its revenue from China was greater than Japan. As its business is running well, they decided to expand it to Australia and Malaysia. Its revenue from Malaysia is the biggest after Singapore, it is probably because of strategic location, cheap resources and close to Singapore as the centre management of Starhill.
The valuation of Starhill also increases over the years refer to Figure 1. However, their valuation dropped by 4. It was perhaps because of GFC which started at the end of and the market started recovering by the end of It was showed by the increase of valuation since The increase in was also because of increasing consumer confidence and Starhill also acquired more Malaysian properties and David Jones Building Property.
Since then, its property valuation is increasing even though in a slower rate. Its prices moved above the benchmark index. In , the index showed upward trend with the price increase of But, the price seemed to be undervalued since it was below the benchmark. In , the unit price was getting volatile. The average daily trading volume also decreased to 1. It was because the emergence of GFC that caused price drop in market. When the market started recovering in , the unit price indicated upward trend and the average daily trading volume increased to 3.
In , although the price was getting slightly better, the trading volume decreased to 2. Since the market was bearish, the price showed down trend and decrease in daily traded volume in figure 3. Fortunately, the daily volume traded in was slightly improving and the unit price was uptrend showing increase in consumer confidence at Starhill figure 3.
It described that the company issued more units than its Net Assets in order to gain more capital. In , its current ratio was 0. The current ratio was increasing in 1. Yet, in , its current ratio dropped sharply to 0. Although its current ratio is low, but Starhill has low risk as its gearing ratio from until refer to figure 4. Figure 5. In , when the GFC emerged, Starhill deliberately increased its yield to On 15 Aug, the stock was traded at 0. Then, its price slightly climbed up to 0. On August, the volume traded was increasing by almost five times was probably because investors wished to benefit from the price decrease to be able to sell it higher at the end of period.
But actually the price kept decreasing and caused a large decrease in volume traded. On 14 Jun the price was closed at 0. This good performance was also demonstrated by higher trading volume until July. Its trading volume was pretty good until May at its peak at 14,, units. Afterwards, the price went down accompanied by decrease in trading volume.
Initially the price was 0. Its price increased from the initial period at 0. This increase in volume indicated the rise on consumer confidence which subsequently drove the price to increase. However, this increase could not offset the depression during GFC. Therefore, at the end of period, there was a loss of Park Mall is also less crowded even though it is located near the most crowded MRT station. As Vivo City is located at circle line that provides flow of transportation, people who live around Vivo City area are less likely to go to Wisma and Ngee Ann.
In addition, people who come to Singapore by water transportation are also more likely to go to Vivo City, as it is located near the harbor. The objective of this analysis is to see if the company is able to utilize its resources more efficiently and increase its return on equity over a time period.
These two companies are very much similar as they operate in a similar fashion, their rental spaces include both commercial as well as office spaces. This was mainly caused by the negative revaluation of their assets which hit their profit hard. Another factor in the development of the Net profit margins was that the Singapore government had given tax rebates and also the lower sales volume in the Singapore market meant that lesser taxes needed to be paid.
In more costs had to be incurred the reason mainly being the fact that the link from wisma Atria to the orchard mrt had to be closed and tenancy reliefs had to be paid which brought the costs up. There were also costs incurred in strategic review and high professional fees.
Thereafter StarHill has been trying to lower costs and improve their profit margin. Their properties have lately been appreciating in value. Asset Turnover — The asset turnover represents how effective the company is utilizing the assets to make a return.
StarHill Global has shown a constant increase in their asset turnover ratio. The asset turnover has slowly moved up from 5. StarHill has a better mix of capital tied up in their assets as they are able to make a higher return and an increasing return on those assets. On the other hand we have Suntec who have excessive assets which are growing year on year but is not able to generate a proportionately higher income to each dollar of asset.
Equity Multiplier — The equity multiplier shows the proportion of total assets financed with debt. For StarHill Global, their Equity multiplier stands in the region of 1. But since the size of Suntec REITs assets is bigger in dollar value, they will be carrying a bigger burden of debts which causes a little uncertainty in the eyes of investors. The REITs traded on the SGX mostly invest in property assets such as industrial and office, residential, retail, healthcare, hotels and lodgings.
With REITs, investor enables to own a share of a diversified portfolio without owning the property. For the purpose of the analysis, we will discuss the macroeconomic structures in Singapore. The key factors influencing the macroeconomic structures are: Government Regulation In the few previous years, the REIT in Singapore is considered as the good investment.
The house rental rate has rising because of the high increase in Singapore property prices Bloomberg, One of the reasons of increased in Singapore property price is the low bank interest rate. Due to the low interest rate, consumers are driven to invest their money in property for a better return compares to holding cash. However, the increase of Singapore property price has gone uncontrollably that forced the government to intervene in the property market.
In recent times, government has introduced several cooling measures to reduce the demand of Singapore properties. The latest policy of cooling measures is regulates the borrowers monthly mortgage payments cannot exceed 60 percent of their income. This policy also protects the borrowers for unpredictable rising interest rates. The unpredictable rising interest rate maybe occurs in the near future as the US Federal Reserve is planning to reduce the money stimulus.
Therefore, when the US interest rate increases, Singapore interest rate will inevitably increase their interest rate too. However, according to Moody credit rating agency, the expected increase interest rate for the upcoming 12 months will not impact heavily on the REITs in Singapore, as out of 13 REITs in Singapore, more than half of them are bound with fixed-interest rate and need for refinance is low MAS, The cooling measures policy indeed has caused the investors to shift their demand to the retail and office sectors.
In office rents in Singapore are expected to increase according to Lynette Leong chief executive office of the manager for Capita Commercial Trust. Lynette Leong pointed some strong bases that cause the increase in the office rents in Singapore. Many companies are keen to develop their business or set up their headquarters in Singapore.
However, the increase in the demand for the office spaces does not match with the supply anymore as the supply in office space has hit to the lowest level in two decades. One of the reason for the company to set up headquarters in Singapore because the city office rents have dropped 16 percent last year which make the Singapore become cheaper than Hong Kong, Shanghai , Tokyo, Mumbai and Sydney.
The limited place supply itself is a rational caused of the scarcity of land Singapore is smaller than New York City. Moreover, according to brokerage Collier International, the positive trend of the office sectors have been showed in the past three months where the office rents in business district has increased or showing a signed of recovery which was the first gain since fourth quarter of Economic outlook GDP Growth Domestic Product measures the total value of product and service produced by a country in certain period of time.
From the graph above, it illustrated that the GDP growth in Singapore, showing a positive trend upward from Decrease in the unemployment rate is due to the increase in growing sectors of shopping centers, properties and tourism. For example, in , tourism sectors reached the visitors of As the number of visitors increased, the receipt bill from these visitors also hit the new high of Giving the high number of visitors, tourism sectors such as accommodation, entertainment, restaurant and others are experiencing growth and expansion.
In order to maintain the tourism business, Singapore keeps on building attraction places or interesting spots or events. One of these attraction are established in is Singapore Aquarium at Sentosa. Beside attraction, Singapore also hosts popular events such as Formula 1. Example of the expansion in tourism sector also opens a lot of job opportunity for Singaporean is Marina Bay Sands; MBS employs more than full time employees.
In , a new national art gallery and a new Pinacotheque museum in collaboration with the French museum will also be established. In a nutshell, the Singapore GDP heavily depends on the service sectors. As jobs opportunity growing in the market, the Singaporean is earning more income. For this reason, Singapore will spend more, as their income is higher. The higher spending by the Singaporean will increase the opportunity for the retail sectors to growth.
As the tourist will need to pay high prices to purchase the good in Singapore, therefore, it is not profitable for them to purchase goods in Singapore. For example, tourist from Indonesia, as can be seen in the graph below. The Indonesian Rupiah fell to the lowest point from of one Singapore dollar equal According to our prediction, in the future, the Singapore dollar will remain strong, as Singapore will use the strong currency to control the inflation.
Besides that, another reason of the REITs not doing better is because of the currency risk and the possibility of increase in interest rates will make either consumer or investor to rethink to invest or to purchase the good in the Singapore. Financial Report Operations In Singapore, either Wisma Atria or Ngee Ann City are located on orchard road which these malls attracted shoppers from domestic or non-domestic and causing shopper traffic of 27 million.
After asset redevelopment of wisma atria in , it yielded return on investment for roughly Also according to office properties in the portfolio the overall occupancy of the office increased to the highest over the last five years for The strong performance can be seen also by demand for property on orchard road such as fashion, retail, medical centre and so forth. However, SGREIT use currency hedge strategy, which maximizes the utility of local currency, designated borrowings to correspond the currency of the asset investment whenever possible.
In singapore portfolio showed some positive figures such as Ngee Ann City Retail master Toshin extended the rent review up 6. Moreover, YTL groups increase its holding of convertible preferred units into ordinary units from This increment was due to strong contribution from both singapore assets and Plaza Arcade in Australia.
Also, some of the debts that are mature in September will be post refinanced and will be extended for approximately 3. They are The Heeren, orchard gateway and the redevelopment of orchard road. The occupancy rate remains strong at This implies that there is lesser area that can be occupied on orchard road and StarHill global REIT are the one of suppliers.
Moreover, demand for leasing on area of orchard roads increased because more tourists are coming as well as domestic spending. Also, because of the existence of tourist arrival this will lead to increase on price for orchard rentals. Furthermore, Because of the tightening supply of available area while the demand is still steady, therefore the bargaining power of supplier increased.
The market proxy that we chose to use is the Straits Times Index of the Singapore stock exchange. Calculation can be seen at appendix 2. But however we do not expect that this historical rate will prevail in the future as we see the next coming years to be a period of growth rather than any recession. Although the Syrian war may create some small disturbances to the STI index we do not expect any drastic change in the return from the market portfolio.
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SI Jawala 1J7. SI Jumbo 42R. The chairman added that companies like SECOO are now powerful distributors that help international brands enter the Asian market efficiently. Liked our analysis of this AGM? Some of them have made the fundamentally poor excuse that if you take into account exceptional items DPU would have actually risen. There are ever stronger headwinds against retail real estate business models. Two years ago I went to Dallas Texas for a weekend. There were virtually no shops open in the downtown area on a Saturday.
Whats more, the biggest and formerly fanciest shopping mall had actually closed down. I prefer business parks and industrial. Thanks for the detailed summary, I enjoyed reading it! I understand that this lease makes up Do you know if the entire Since Toshin also rents from Starhill, do you know if they are paying similarly low rental rates? Lastly, what are you thoughts on With the threat of eCommerce and online retailers, does this seem like a huge concentration risk? At the same time, Ngee Ann City and Takashimaya still look pretty busy and I go by the mall times a week.
At times, parking can be hell especially during a sale! The two office blocks also house a good number of tenants and that adds to the shopper traffic there. What looks like a good investment now may turn out bad if demand, industry factors, and the fundamentals of the company change. Your email address will not be published. Notify me of follow-up comments by email. This site uses Akismet to reduce spam. Learn how your comment data is processed.
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