Starhill Global REIT

UOBKayhian on 27 Jan 2014

FY14F DPU Yld (%): 6.5
FY15F DPU Yld (%): 6.5

Results in line with expectations. Starhill Global REIT (Starhill) reported 4Q13 distributable income of S$26.5m (+20.6%yoy, +1.5% qoq) and a DPU of 1.23 S cents (+8.8% yoy, +1.7% qoq). Full-year 2013 DPU of 5.0 S cents (+13.9%) is in line with expectations, accounting for 100% of our 2013 forecasts. Maintain BUY with an unchanged target price of S$0.93 based on DDM (required rate of return: 7.0%, terminal growth: 1.8%).