SINGAPORE (Aug 2): Religare is reiterating its “buy” call on Starhill Global (SGREIT) with an unchanged target price of 90 cents, with the view that its portfolio’s performance is set to stabilise.

SGREIT recently announced a FY16 revenue of $219.7 million, net property income (NPI) of $170.3 million, as well as a DPU of 5.18 cents – all of which match Religare’s forecast.

In a Tuesday report, analyst Pang Ti Wee notes that the REIT’s growth in revenue and NPI at 11.4% and 6.9% respectively was due to the contribution of its newly-acquired Australian asset, but these were partially offset by the “weak performance of Singapore assets and a strong Singapore dollar”.

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