My Thoughts on Starhill Global 3Q14 Result



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Collated using Shareinvestor
Better late than never. I have collated the latest 3rd Qtr result together with its four previous quarters back to back in the table above. I have also stripped away the change in fair value for its 4th Qtr 2013 for better comparison. Quite a nice progression of numbers. We see a gradual reduction in operating expenses and a gradual increase in gross profit and DPU. The rest remained fairly consistent. 

Property expenses are lower for the current quarter mainly due lower operating expenses incurred by the Singapore Properties, Japan Properties and Renhe Spring Zongbei Properties. Finance expenses are higher for the current quarter mainly due to interest costs accrued for the S$100mil unsecured MTN which was issued in February 2014.

The group has no refinancing requirement until July 2015, where the maturing S$124mil MTN is covered by the avaliable undrawn committed credit facilities and/or untapped balance from their MTN programme. 100% of its debt have been fixed/hedged.

Its Singapore portfolio(contributing 67.1% of their total revenue) gained 3.8% NPI yoy to S$26mil. As of Sep 2014, its weighted debt to maturity is at 3.6 years with a gearing of 29.1%. Price to book is at 0.87x and 16.53x rolling PE(if change in fair value is removed). Despite the drag down by its China portfolio, its overall 3Q result looks quite remarkable. Will be looking forward to its full year result(end Jan 2015).

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