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>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

Invest, Trade and Save in Singapore, Syfe

Syfe

Invest, Trade and Save in Singapore

Syfe is an investment platform offering Managed Portfolios, Brokerage services, and Cash Management solutions to help people build wealth for a better future.

<ul><li>Starhill Global REIT (“SGREIT”) is a Singapore-listed real estate investment trust.  It owns 9 mid- to high-end predominantly retail assets in 6 key Asia Pacific cities.  In terms of asset value, Singapore (70.9%), Malaysia (15.0%) and Australia (11.9%) are the 3 major cities that SGREIT focuses on. </li><li>SGREIT’s Singapore properties, Ngee Ann City (“NAC Property”) and Wisma Atria, are the cornerstone assets of the REIT. </li><li>They are located in Orchard Road, a superior prime location in Singapore.  SGREIT owns 3 properties in Australia and they are located in Adelaide and Perth.  In Malaysia, SGREIT owns 2 assets.  </li></ul>

Starhill Global REIT (“SGREIT”) is a Singapore-listed real estate investment trust.  It owns 9 mid- to high-end predominantly retail assets in 6 key Asia Pacific cities.  In terms of asset value, Singapore (70.9%), Malaysia (15.0%) and Australia (11.9%) are the 3 major cities that SGREIT focuses on. SGREIT’s Singapore properties, Ngee Ann City (“NAC Property”) and Wisma Atria, are the cornerstone assets of the REIT. They are located in Orchard Road, a superior prime location in Singapore.  SGREIT owns 3 properties in Australia and they are located in Adelaide and Perth.  In Malaysia, SGREIT owns 2 assets.  

Starhill Global REIT (P40U.SI): A Resilient Income Play With Growth Upside

Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beverly-jcg-ltd" target="_blank" data-smartkarma-citation="entities:11480:1" rel="noopener">Beverly JCG Ltd (JCGI SP)</a> is a SGX-Catalist listed company. It offers a broad suite of services including invasive and non-invasive aesthetic procedures, dentistry and wellness treatments, amongst others.</li>
<li>As of Apr 25, the firm has a total of two Ministry of Health licensed hospitals, four aesthetic and three dental clinics, most of which are located in Klang Valley.</li>
<li>In this note, we provide a company update as well as our thoughts on the firm's latest sale and purchase agreement with KL Wellness City (KLWC).</li>
</ul>



Beverly JCG Ltd (JCGI SP) is a SGX-Catalist listed company. It offers a broad suite of services including invasive and non-invasive aesthetic procedures, dentistry and wellness treatments, amongst others.
As of Apr 25, the firm has a total of two Ministry of Health licensed hospitals, four aesthetic and three dental clinics, most of which are located in Klang Valley.
In this note, we provide a company update as well as our thoughts on the firm's latest sale and purchase agreement with KL Wellness City (KLWC).


Beverly JCG - Company Update - Balancing Between Dilution and Value Creation

Hyphens Pharma International / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hyphens-pharma-international" target="_blank" data-smartkarma-citation="entities:28034:1" rel="noopener">Hyphens Pharma International (HYP SP)</a> is a specialty pharmaceutical and consumer healthcare group. It has three key operating segments: Specialty Pharma Principals, Proprietary Brands and Medical Hypermart and Digital.</li>
<li>It has a direct presence in five ASEAN countries, including Singapore, Indonesia, Malaysia, the Philippines and Vietnam.</li>
<li>We initiate rated coverage on Hyphens with a TP of S$0.365, pegged to 9.5x FY25E P/E, representing an upside of approximately 28.1%.</li>
</ul>



Hyphens Pharma International (HYP SP) is a specialty pharmaceutical and consumer healthcare group. It has three key operating segments: Specialty Pharma Principals, Proprietary Brands and Medical Hypermart and Digital.
It has a direct presence in five ASEAN countries, including Singapore, Indonesia, Malaysia, the Philippines and Vietnam.
We initiate rated coverage on Hyphens with a TP of S$0.365, pegged to 9.5x FY25E P/E, representing an upside of approximately 28.1%.


Hyphens Pharma Initiation - Decent Fundamentals, Weak Valuations

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

Singapore

Starhill Global REIT is a real estate investment trust.  The trust invests in retail and office buildings in Singapore and overseas.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Starhill Global REIT (SGREIT SP)

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

Starhill Global REIT (P40U.SI): A Resilient Income Play With Growth Upside

Starhill Global REIT (“SGREIT”) is a Singapore-listed real estate investment trust. It owns 9 mid- to high-end predominantly retail assets in 6...

Syfe

Beverly JCG - Company Update - Balancing Between Dilution and Value Creation

In this note, we provide a company update as well as our thoughts on the Beverly JCG's latest sale and purchase agreement with KL Wellness City...

Evolve Capital Advisory Pte Ltd

Hyphens Pharma Initiation - Decent Fundamentals, Weak Valuations

We initiate rated coverage on Hyphens with a TP of S$0.365, pegged to 9.5x FY25E P/E, representing an upside of approximately 28.1%.

Evolve Capital Advisory Pte Ltd

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)