Starhill Global Real Estate Inv (P40U) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Starhill Global Real Estate Inv S$0.45, price S$0.51, upside -11.8%, quality 63 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 2, 2026.
How to read this chart
60‑month range 0.3738 SGD – 0.5818 SGD · fair‑value band 0.2800 SGD – 0.6300 SGD · the 0.5100 SGD price screens above the 0.4500 SGD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 2, 2026.
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Starhill Global Real Estate Investment Trust is a Singapore-based real estate investment trust investing primarily in real estate used for retail and office purposes, both in Singapore and overseas.
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Starhill Global Real Estate Investment Trust is a Singapore-based real estate investment trust investing primarily in real estate used for retail and office purposes, both in Singapore and overseas. Since its listing on the Mainboard of the Singapore Exchange Securities Trading Limited on 20 September 2005, Starhill Global REIT has grown its initial portfolio from interests in two landmark properties on Orchard Road in Singapore to nine properties in Singapore, Australia, Malaysia, Japan and China, valued at about S$2.8 billion as at 30 June 2025. These comprise interests in Wisma Atria and Ngee Ann City on Orchard Road in Singapore; Myer Centre Adelaide, David Jones Building and Plaza Arcade in Adelaide and Perth, Australia; The Starhill and Lot 10 Property in Kuala Lumpur, Malaysia; and a property each in Tokyo, Japan and Chengdu, China. Starhill Global REIT remains focused on sourcing attractive property assets in Singapore and overseas, while driving organic growth from its existing portfolio, through proactive leasing efforts and creative asset enhancements. Starhill Global REIT is managed by an external manager, YTL Starhill Global REIT Management Limited, of which all of its shares are indirectly held by YTL Corporation Berhad. Starhill Global Real Estate Investment Trust was incorporated in August 8th, 2005 in Singapore.
Stock analysis
Starhill Global Real Estate Inv (P40U) currently trades at 0.5100 SGD, while our model-based Fair Value estimate is 0.4500 SGD, 11.8% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 0.6100 SGD per share, and 5 of the 16 models we run sit above the 0.5100 SGD price.
Bear case: the Growth DCF group reads lowest at 0.2100 SGD, and 11 of the 16 models stay below the price. Evidence for this calculation is low.
Scenario range: 0.2800 SGD (bear) to 0.6300 SGD (bull), the price of 0.5100 SGD sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 63/100 (solid quality), in the Real Estate sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
Starhill Global Real Estate Inv reported revenue of 192M SGD in FY2026 versus 186M SGD in FY2022, a compound +0.8%/yr. Reported net income was 89.3M SGD in FY2026, compounding −0.1%/yr from FY2022.
Key figures
Market cap 1.2B SGD (≈ $926M) · P/S ratio 6.15 · Dividend yield 7.2% · Net margin 46.4% · Return on equity 2.6% · Return on assets (EBIT) 4.5% · Operating margin 71.5% · Revenue (TTM) 192M SGD.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 12% below its 52-week high and 1% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −24% fair-value upside, at −12%, P40U screens cheaper than that median.
Fair Value models
Bear 0.2800 SGDFair Value 0.4500 SGDBull 0.6300 SGD
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
+0.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.2%
Start year 2021 (pandemic). Over 10 years: −1.3% a year
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−0.1%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+6.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−0.7%
Dividend (yield on the price)7.2%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−0.7% vs −4.2%, picking up
Profit margin 2019 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.49% → 68%
Start year 2021 (pandemic)
⚠ Revenue per share shrinking 1.8%/yr over ~8Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+7.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Singapore: IMF forecast 2.0% a year to 2030, 1.7% from 2016 to 2025) that is about +5.4% a year for the price.
Compare Starhill Global Real Estate Inv with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Retail · 91 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score64 · Top 25%
Fair Value upside−11.8% · Above median
Profitability
Return on equity (TTM)2.6% · Bottom 25%
Return on assets2.9% · Below median
Net margin (TTM)23.4% · Below median
Operating margin (TTM)71.5% · Top 25%
Growth and dividend
Revenue growth0.4% · Bottom 25%
Dividend yield (TTM)7.2% · Above median
Balance sheet
Debt / equity0.54× · Below median
Valuation Multiplesvs REIT - Retail median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Starhill Global Real Estate Inv Fair Value". https://www.fairvalue-calculator.com/stock/P40U
Frequently asked questions
Is Starhill Global Real Estate Inv (P40U) overvalued or undervalued?
As of Oct 2, 2026, our model estimates a fair value of 0.4500 SGD versus a price of 0.5100 SGD, about −12% upside (overvalued).
What is the fair value of P40U?
Our model-based fair value for Starhill Global Real Estate Inv is 0.4500 SGD (as of Oct 2, 2026), built from audited fundamentals. The current price: 0.5100 SGD.
What is the quality score of P40U?
Starhill Global Real Estate Inv has a Quality Score of 63/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Starhill Global Real Estate Inv (P40U)?
Our model-based price target is the fair value of 0.4500 SGD (as of Oct 2, 2026) from 16 valuation models. Cautious scenario 0.2800 SGD, optimistic scenario 0.6300 SGD. It is a calculation from audited fundamentals, not an analyst target.
What is the Starhill Global Real Estate Inv stock forecast for 2026?
Our models put fair value at 0.4500 SGD, about −12% upside versus a price of 0.5100 SGD (overvalued). Cautious scenario 0.2800 SGD, optimistic scenario 0.6300 SGD. The calculation is refreshed regularly with new filings.
What is the revenue of Starhill Global Real Estate Inv (P40U)?
Starhill Global Real Estate Inv reported trailing-twelve-month revenue of about 192M SGD (latest available figure, as of Oct 2, 2026).
Does Starhill Global Real Estate Inv pay a dividend?
Starhill Global Real Estate Inv currently shows a dividend yield of about 7.16% relative to its recent price (as of Oct 2, 2026).
What growth is priced into Starhill Global Real Estate Inv (P40U)?
For today's price to be fair in a discounted-cash-flow model, Starhill Global Real Estate Inv would have to grow free cash flow by +7.5 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +1.2 % per year. As of Oct 2, 2026.
What discount rate (WACC) does the fair value of P40U use?
Our models discount Starhill Global Real Estate Inv at 9.6 %: a base by market capitalisation (small), damped by beta 0.45, country premium for Singapore. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Starhill Global Real Estate Inv that is +7.5 % per year a year over ten years, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has Starhill Global Real Estate Inv (P40U) delivered so far?
Over the past 5 years revenue at Starhill Global Real Estate Inv grew +1.2 % a year. The price currently implies +7.5 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Starhill Global Real Estate Inv (P40U) growing?
The median revenue growth in the sector is +2.2 % a year. That is the yardstick for the growth priced into Starhill Global Real Estate Inv (+7.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Starhill Global Real Estate Inv (P40U)?
The free-cash-flow yield on the price is 9.67 %: that much free cash flow Starhill Global Real Estate Inv produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Starhill Global Real Estate Inv (P40U)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Starhill Global Real Estate Inv it is 0.4500 SGD per share (as of Oct 2, 2026), against a price of 0.5100 SGD. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Starhill Global Real Estate Inv stock overvalued or undervalued in 2026?
As of Oct 2, 2026, P40U trades above its calculated fair value: price 0.5100 SGD, fair value 0.4500 SGD, a gap of about −12% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of P40U?
No. The price is what the market pays today (0.5100 SGD); the fair value is what the company's own numbers justify (0.4500 SGD). For Starhill Global Real Estate Inv the two are 0.0600 SGD per share apart. That gap is exactly why we show both numbers side by side.
How much is Starhill Global Real Estate Inv worth?
The market values Starhill Global Real Estate Inv at about 1.2B SGD (market capitalisation, as of Oct 2, 2026). Per share that is 0.5100 SGD; our models calculate a fair value of 0.4500 SGD per share.
What do the bullish and bearish scenarios say about P40U?
Our models span a range for Starhill Global Real Estate Inv: cautious scenario 0.2800 SGD, base 0.4500 SGD, optimistic 0.6300 SGD per share (as of Oct 2, 2026, price 0.5100 SGD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of P40U?
The PEG ratio of Starhill Global Real Estate Inv is 1.60 (P/E divided by earnings growth, as of Oct 2, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Starhill Global Real Estate Inv (P40U)?
Balance-sheet figures for Starhill Global Real Estate Inv (as of Oct 2, 2026): return on equity 2.6%, debt of 0.54 per unit of equity. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is P40U from its 52-week high?
Starhill Global Real Estate Inv trades at 0.5100 SGD, about 12% below its 52-week high of 0.5818 SGD and 1% above the low of 0.5050 SGD (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of 0.4500 SGD is for.
Which stocks are comparable to Starhill Global Real Estate Inv?
From the same area (Real Estate) we also value Simon Property Group, Realty Income Corporation, Kimco Realty Corporation, Unibail-Rodamco-Westfield SE, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Starhill Global Real Estate Inv stock attractive at the current price?
The data as of Oct 2, 2026: price 0.5100 SGD, calculated fair value 0.4500 SGD (−12%), Quality Score 63/100, from 16 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of P40U calculated?
We run Starhill Global Real Estate Inv through 16 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 0.4500 SGD, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Starhill Global Real Estate Inv itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Starhill Global Real Estate Inv (P40U)?
The closing price on Oct 2, 2026 was 0.5100 SGD. Our model-based fair value is 0.4500 SGD, about −12% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Starhill Global Real Estate Inv right now?
A fairly wide model range (0.2800 SGD to 0.6300 SGD) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Starhill Global Real Estate Inv
How large is the market capitalisation of Starhill Global Real Estate Inv (P40U)?
The market capitalisation of Starhill Global Real Estate Inv is 1.2B SGD (≈ $926M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Starhill Global Real Estate Inv (P40U)?
The price-to-sales ratio of Starhill Global Real Estate Inv is 6.15 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of Starhill Global Real Estate Inv (P40U)?
The dividend yield of Starhill Global Real Estate Inv is 7.2%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Starhill Global Real Estate Inv (P40U)?
The net margin of Starhill Global Real Estate Inv is 46.4% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Starhill Global Real Estate Inv (P40U)?
The return on equity (ROE) of Starhill Global Real Estate Inv is 2.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Starhill Global Real Estate Inv (P40U)?
On an EBIT basis the return on assets of Starhill Global Real Estate Inv is 4.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Starhill Global Real Estate Inv (P40U)?
The operating margin of Starhill Global Real Estate Inv is 71.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Starhill Global Real Estate Inv (P40U)?
Revenue at Starhill Global Real Estate Inv is growing +0.4% versus a year earlier (3y avg +0.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Starhill Global Real Estate Inv (P40U)?
Earnings per share at Starhill Global Real Estate Inv are growing −97.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Starhill Global Real Estate Inv (P40U) carry?
The net debt of Starhill Global Real Estate Inv is 913M SGD (fiscal year 2026, ≈ 8.0 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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