One-Stop Financial Services, uSMART Securities Pte Ltd

uSMART Securities

One-Stop Financial Services

uSMART Securities Pte Ltd

uSMART Securities (Singapore) Pte. Ltd (uSMART SG),is a leading securities company regulated by MAS and we hold a Capital Markets Services (CMS) License under the Securities and Futures Act 2001. We provide smart, professional and outstanding one-stop financial services to our clients, to best serve investors' needs and investment journey.

Equity Bottom-Up

<ul><li>Income resilience confirmed; execution is the next test. FY25/26 validates the DPU base, while selective recovery supports modest growth into FY26/27.</li><li>Starhill Global REIT is a Singapore-listed REIT with a portfolio of retail and office assets across Singapore, Australia, Malaysia, Japan and China.</li><li>Its key assets include interests in Wisma Atria and Ngee Ann City in Singapore, The Starhill and Lot 10 in Malaysia, and Myer Centre Adelaide in Australia.</li></ul>

Income resilience confirmed; execution is the next test. FY25/26 validates the DPU base, while selective recovery supports modest growth into FY26/27.Starhill Global REIT is a Singapore-listed REIT with a portfolio of retail and office assets across Singapore, Australia, Malaysia, Japan and China.Its key assets include interests in Wisma Atria and Ngee Ann City in Singapore, The Starhill and Lot 10 in Malaysia, and Myer Centre Adelaide in Australia.

Starhill Global REIT: Income Resilience Confirmed; Execution Is the Next Test

<ul><li>Starhill Global REIT is a Singapore-listed REIT with a portfolio of retail and office assets across Singapore, Australia, Malaysia, Japan and China.</li><li>Its key assets include interests in Wisma Atria and Ngee Ann City in Singapore, The Starhill and Lot 10 in Malaysia, and Myer Centre Adelaide in Australia.</li><li>We downgrade SGREIT to OUTPERFORM and lower our target price to S$0.60 from S$0.67, implying 11.1% upside from the 25 Jun 2026 closing price of S$0.54.</li></ul>

Starhill Global REIT is a Singapore-listed REIT with a portfolio of retail and office assets across Singapore, Australia, Malaysia, Japan and China.Its key assets include interests in Wisma Atria and Ngee Ann City in Singapore, The Starhill and Lot 10 in Malaysia, and Myer Centre Adelaide in Australia.We downgrade SGREIT to OUTPERFORM and lower our target price to S$0.60 from S$0.67, implying 11.1% upside from the 25 Jun 2026 closing price of S$0.54.

Starhill Global REIT Earnings Update (29 June 2026)

<ul><li>Starhill Global REIT (SGREIT) is a Singapore-based real estate investment trust primarily focused on retail and office assets across Singapore, Australia, Malaysia, Japan, and China.</li><li>The REIT’s portfolio has grown to nine premium properties totalling 2.2 million square feet and valued at approximately SGD 2.8 billion.</li><li>SGREIT continues to demonstrate operational resilience through proactive lease renewals, asset enhancement initiatives, and prudent capital management.</li></ul>

Starhill Global REIT (SGREIT) is a Singapore-based real estate investment trust primarily focused on retail and office assets across Singapore, Australia, Malaysia, Japan, and China.The REIT’s portfolio has grown to nine premium properties totalling 2.2 million square feet and valued at approximately SGD 2.8 billion.SGREIT continues to demonstrate operational resilience through proactive lease renewals, asset enhancement initiatives, and prudent capital management.

Starhill Global REIT (P40U.SI): Stable Dividend Payout with Healthy Balance Sheet

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul><li><a href="https://www.smartkarma.com/entities/starhill-global-reit" target="_blank" data-smartkarma-citation="entities:10791" rel="noopener">Starhill Global REIT (SGREIT SP)</a> 3Q22 Business Updates – Occupancy holding up strong; AEI works at Wisma Completed</li><li><a href="https://www.smartkarma.com/entities/mapletree-logistics-trust" target="_blank" data-smartkarma-citation="entities:16035" rel="noopener">Mapletree Logistics Trust (MLT SP)</a> 4Q22 DPU +5.0% YoY; Healthy reversions and higher DPU and NAV due to acquisitions</li><li><span style="font-size: var(--content-font-size);"><a href="https://www.smartkarma.com/entities/cdl-hospitality-trusts" target="_blank" data-smartkarma-citation="entities:936" rel="noopener">CDL Hospitality Trusts (CDREIT SP)</a> 1Q22 Business Updates – Recovery story intact with SG portfolio leading the way</span></li></ul>

Starhill Global REIT (SGREIT SP) 3Q22 Business Updates – Occupancy holding up strong; AEI works at Wisma CompletedMapletree Logistics Trust (MLT SP) 4Q22 DPU +5.0% YoY; Healthy reversions and higher DPU and NAV due to acquisitionsCDL Hospitality Trusts (CDREIT SP) 1Q22 Business Updates – Recovery story intact with SG portfolio leading the way

ASEAN Builder's Scoop (29Apr22) - SGREIT Robust Occupancy

<ul><li><a href="https://www.smartkarma.com/entities/starhill-global-reit" target="_blank" data-smartkarma-citation="entities:10791" rel="noopener">Starhill Global REIT (SGREIT SP)</a> 1H22 DPU +2,3% YoY; Rebounded from the bottom though tourist arrivals remain key driver</li><li><a href="https://www.smartkarma.com/entities/frasers-centrepoint-trust" target="_blank" data-smartkarma-citation="entities:2870" rel="noopener">Frasers Centrepoint Trust (FCT SP)</a> 1Q22 Business Updates –  Resilient performance with tenant sales besting pre-Covid levels albeit due to seasonality</li><li><a href="https://www.smartkarma.com/entities/keppel-reit" target="_blank" data-smartkarma-citation="entities:192" rel="noopener">Keppel REIT (KREIT SP)</a> 2H21 DPU -1.7% YoY; Occupancy fell despite rentals picking up pace</li></ul>

Starhill Global REIT (SGREIT SP) 1H22 DPU +2,3% YoY; Rebounded from the bottom though tourist arrivals remain key driverFrasers Centrepoint Trust (FCT SP) 1Q22 Business Updates –  Resilient performance with tenant sales besting pre-Covid levels albeit due to seasonalityKeppel REIT (KREIT SP) 2H21 DPU -1.7% YoY; Occupancy fell despite rentals picking up pace

ASEAN Builder's Scoop (26Jan22) - SGREIT Rebounded from Bottom

Singapore

Starhill Global REIT is a Singapore-based real estate investment trust that invests in a portfolio of retail and office properties. It owns nine mid- to high-end assets across Singapore, Australia, Malaysia, Japan, and China, generating revenue primarily from leasing. The company was established in 2005 and is headquartered in Singapore.

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Starhill Global REIT (SGREIT SP)

Starhill Global REIT: Income Resilience Confirmed; Execution Is the Next Test

Income resilience confirmed; execution is the next test. FY25/26 validates the DPU base, while selective recovery supports modest growth into...

uSMART Securities

Starhill Global REIT Earnings Update (29 June 2026)

Stable DPU, but valuation upside has narrowed. Result verdict: defensive income intact; no growth reset yet. Starhill Global REIT is a Singapore....

uSMART Securities

Starhill Global REIT (P40U.SI): Stable Dividend Payout with Healthy Balance Sheet

Starhill Global REIT (SGREIT) is a Singapore-based real estate investment trust primarily focused on retail and office assets across Singapore,...

uSMART Securities

ASEAN Builder's Scoop (29Apr22) - SGREIT Robust Occupancy

MLT boosted by acquisitions; CDREIT SG portfolio leading the way; ART lacklustre in SG, CN; FHT improvements across mrkts; ELITE 7.5+% GBP yield;...

SCCM Asia Research

ASEAN Builder's Scoop (26Jan22) - SGREIT Rebounded from Bottom

FCT tenant sales besting pre-covid levels; KREIT occupancy fell despite rents picking up pace; SUN office picking up retail's slack; MINT US...

SCCM Asia Research

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