Starhill Global REIT kept at ‘outperform’ by Daiwa on positive Toshin master rent review

SINGAPORE (June 10): Research house Daiwa is maintaining its ‘outperform’ rating for Starhill Global REIT, with a higher target price of 87 cents.

This follows the REIT manager’s announcement of a 5.5% increase in the Toshin master-lease rent review for its Ngee Ann City property.

“Although the increase is within our forecast, we believe the timely conclusion of the rent review will remove short-term uncertainty over the income from this lease, which made up 19.7% of the portfolio’s gross rent for March 2016,” says analyst David Lum in a Thursday report.

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