Starhill Global ( former McQ Prime )

[winston]

Vested. Results will be announced Jan 28

[Blackjack]

Change of Audit Committee Chairman and Lead Independent Director
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_6606140FCB06796C482576B80035DE44/$file/ChangeOfACChairman_27Jan10.pdf?openelement

Rotation of chairman... Is it common?

[winston]

Vested.

STARHILL GLOBAL REIT - Starhill Global REIT , whose assets include stakes in Singapore's Ngee Ann City and Wisma Atria, said fourth quarter distributable income rose 5.6 percent to S$18.8 million.

Distribution per unit was 0.97 Singapore cents compared with 0.92 Singapore cents a year ago.

[Blackjack]

Nav also increased slightly, over the last quarter.
Looking at the tenant contribution in revenue over % of portfolio leased area, with Breadtalk contributing 2.4% gross rent with 9.1% leased area. Seems to be the most "discounted" amongst the top 10 tenants.

[winston]

Vested. What if the Shopping District shifts from Orchard to Marina Bay in the future ?


From DBS:-

At a Glance• DPU of 0.97 Scts for 4Q09
• Retail income to support weakening office revenue
• Maintain Buy, TP $0.66

Comment on Results

DPU of 0.97 Scts. Gross revenues and net property income grew by1.5% and 3.2% to S$34.3m and S$26.8m respectively. Growth was largely contributed from stronger retail revenues from its Singapore and China properties, offset by weaker performance at its office space.

Distributable income came in at $19.1m, which is a 5.5% yoy increase, translating to a DPU of 0.97 Scts. The group also wrote their book up slightly by S$25m or 1.4% - NAV per unit stands at S$0.82.

Retail portfolio to offset weakening office space. SGReit’s office portfolio is expected to face downward pressure on rents from 2010 as negative rental reversions starts to kick in. The group expects to renew a total of total of 47.2% of its office NLA over 2010-11.

Current rents are ranging between $7-9psf/mth compared to the expiring levels of c$10psf. The drag is likely to be offset by income from its retail portfolio and new contributions from the David Jones property in Australia.

Retail rents are expected to be underpinned by the pick up in retail sales on the back of an
improving economy, anticipated increase in tourist arrivals and absence of new supply (in view of the strong absorption of the new stock). Income from the acquisition of the David Jones asset should be felt from 1Q10 with the recent completion of transaction.

Recommendation

We maintain our Buy call with TP at $0.66. SGReit remains one of the major beneficiaries of the improved tourism outlook with the upcoming opening of the 2 IRs and is well-located malls in the heart of the Orchard Rd shopping belt. The stock is offering FY10- 11 DPU yield of 7.2-7.4% and 0.64x P/bk NAV.

[Blackjack]

Personally I think it is not easy for that to happen. For much to be put into developing an area into a popular tourist spot, there don't seem to be enough drivers to replace this as a shopping precinct. MBS will more likely be a venue for family entertainment and activities, and retail will simply be an icing on the cake.

[Blackjack]

So how long does it take usually to employ a new CEO? Any guess whether it would be from within YTL ranks or?

[Blackjack]

Vested

DJ MARKET TALK:Daiwa Raises Starhill Global To Outperform Vs Hold

0043 GMT [Dow Jones] STOCK CALL: Daiwa upgrades Starhill Global REIT (P40U.SG) to Outperform from Hold; "it has been a laggard over the past three months and its enticing valuations can no longer be ignored."

Notes REIT trades at FY10 yield of 9.2%, P/B of 0.65X vs retail S-REIT sector yield of 5.3%-6.4%, P/B range of 1.08X-1.10X. Raises target price to S$0.66 from S$0.63, based on RNG valuation model.

Increases DPU forecasts by 7.8% for FY10, 6.5% for FY11 to reflect lower borrowing costs, management fees in FY10, higher net property income in FY11. REIT closed +0.9% at S$0.54 yesterday. (FKH)

Source: Dow Jones Newswire

[tonylim]

Is there a way to know the scale of management fees charged by the Manager ?
By AUM , acqusition , etc. etc..

[ichew]

Is there a way to know the scale of management fees charged by the Manager ?
By AUM , acqusition , etc. etc..

see latest AR09 pg 59

ppty mgr fee + commission = 3% of gross rentals

mgt fees = base fee of 0.5% per annum of value of trust ppty + perf fee (where accumulated return of trust index exceeds tat of accumulated return of benchmark index) per half-yr

acquisition fee = 1% of purchase px or value of real estate

divestment fee = 0.5% of sale px

tink still got some others ...

=================

from this yr's AR09 pg 85
their mgt fees = $10,787,000
no perf fees this yr