StarhillGbl Reit FY2018/2019 Q1 Results

I was skeptical that the AEI can contribute much to the DPU. Q1 StarhillGbl Reit FY2018/201, DPU drop 4.2% to 1.15cents Y-on-Y. Some people mentioned that its an increase Q-on-Q. However, past years DPU shows that Q1 always give out higher DPU and Q4 the least. Hence we cannot compare Q-on-Q.

Upon facing more decline in DPU, StarhillGbl Reit also has more than 1/4 of its lease expiring in this new fiscal year. This is a huge amount of lease, tenant move out will be bad news. Keeping the rental reversion flat is also bad for shareholders.

StarhillGbl Reit performance has been bad for consecutive for the 3rd year. AEI doesn't improve the DPU. Huge expiring leases. Probably will avoid this reit, if I have to set a TP, base on a further decline of 4-5% this year,  with 10% MOS, it gives a TP of $0.575.

Heading Typo, should be all FY17/18