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Starhill Global Real Estate Investment Trust (SGLMF) fair value: what the stock is really worth

We calculate from audited financials what Starhill Global Real Estate Investment Trust is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
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Real Estate · US · ISIN SG1S18926810

SG Starhill Global Real Estate Investment Trust logo Broad data Sep 13, 2026

Starhill Global Real Estate Investment Trust

SGLMF · US

Stretched ValuationStrong overvaluation with only moderate quality.

!Fair value $0.2400 · Strongly overvalued (−43%)
!Quality 64/100
!Weak Growth (revenue 5y +1.1 %/yr)
Highly profitable · 56.8% net margin (TTM)
Moderate debt · generates free cash flow
·8.81% dividend yield
!Moderate moat 60/100

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$0.4671 $0.1977 Fair Value $0.2400 Jul 2015 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 13, 2026.

How to read this chart

60‑month range $0.1977 – $0.4671 · fair‑value band $0.2000 – $0.4000 · the $0.4200 price screens above the $0.2400 fair value. Dashed = 300-day average. As of Sep 13, 2026.

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Company profile

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 Investment Trust (SGLMF) currently trades at $0.4200, while our model-based Fair Value estimate is $0.2400, implying the stock looks roughly 75.0% overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of $0.5900 per share, and 6 of the 16 models we run sit above the $0.4200 price.

Bear case: the Growth DCF group reads lowest at $0.1600, and 10 of the 16 models stay below the price. Evidence for this calculation is high.

Scenario range: $0.2000 (bear) to $0.4000 (bull), the price of $0.4200 sits above 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 64/100 (solid quality), in the Real Estate sector.

Weak Growth: Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.

Starhill Global Real Estate Investment Trust reported revenue of 192M SGD in FY2025 versus 172M SGD in FY2021, a compound +2.9%/yr. Reported net income was 87.8M SGD in FY2025, compounding +12.7%/yr from FY2021.

Key figures

Market cap $958M · P/E ratio 8.4 · P/S ratio 3.84 · EPS (TTM) $0.0500 · Dividend yield 8.8% · Net margin 45.7% · Return on equity 6.2% · Return on assets (EBIT) 4.5%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 37 out of 100 (low confidence).

What moves the price

The share trades about 10% below its 52-week high and 26% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Real Estate peers we cover trades at −43% fair-value upside, at −43%, SGLMF screens richer than that median.

Fair Value models

Bear $0.2000 Fair Value $0.2400 Bull $0.4000
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. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then ($0.0130 per share) are deliberately not added. 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. 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.
Highest evidence
Residual Income $0.5500 $0.5500 $0.5000 76
FCF DCF $0.0400 $0.1500 $0.3500 72
Growth DCF $0.0500 $0.1600 $0.3400 71
All 16 models by family
DCF Models
FCF DCF $0.0400 $0.1500 $0.3500 72
5Y Revenue Exit $0.0200 $0.1700 $0.4100 63
5Y EBITDA Exit $0.1600 $0.4100 $0.7700 70
10Y Revenue Exit $0.0100 $0.1400 $0.2900 60
10Y EBITDA Exit $0.1000 $0.2900 $0.4900 65
Dividend Discount
Gordon GGM $0.2400 $0.2800 $0.3200 69
DDM Multi-Stage $0.2400 $0.3000 $0.3600 67
Multiples
P/S Multiple $0.4000 $0.5400 $0.6700 58
P/B Multiple $0.4800 $0.6400 $0.8000 55
EV/EBIT $0.5500 $0.8600 $1.17 65
EV/EBITDA $0.3500 $0.5900 $0.8300 65
EV/Revenue $0.0300 $0.2000 $0.3800 47
Asset-Based
NCAV (Graham) $0.3800 $0.5000 $0.7500 54
Growth DCF
Growth DCF $0.0500 $0.1600 $0.3400 71
Rev-Margin DCF $0.0200 $0.1700 $0.3700 65
Economic Profit
Residual Income $0.5500 $0.5500 $0.5000 76

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Quality Score breakdown

Overall quality 64/100

Of which business quality 62 · Market factors (momentum, volatility) 60

Profitability 34
Margins and returns on capital today
Quality Growth 47
Are margins and returns improving?
Cashflow 89
Earnings quality: real cash, not paper profit
Fin. Strength 49
Balance sheet, leverage, solvency risk
Investment 94
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 58
Price trend over the last 3–12 months (market factor)
52W Momentum 77
Distance to the 52-week high (market factor)
Net Issuance 73
Share count: buybacks or dilution?

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Revenue & earnings trend

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
Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Revenue growth 1 year
+1.2%
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.
+1.4%
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.
+1.1%
Revenue growth 18 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.
+4.3%
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. Basis: EBIT basis.
≈ +9.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+1.0%
Dividend (yield on the price)8.8%
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.7% vs −3%, picking up
Profit margin 2020 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.57% → 68%
⚠ Rate on operating basis: 2025 sits 72% above its own trend.

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).
+6.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.

SGLMF screens 75% overvalued. Compare with Simon Property Group →

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Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

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CapitaLand Integrated Commercial Trust (CICT or the Trust) C38U 2.28 SGD 1.31 SGD −43%
Scentre Group SCG A$3.46 A$2.37 −32%
Regency Centers Corporation REG $74.62 $20.56 −72%
Link Real Estate Investment Trust (Link REIT) 0823 HK$37.84 HK$28.78 −24%
Federal Realty Investment Trust FRT $114.36 $41.47 −64%
Brixmor Property Group BRX $28.73 $12.34 −57%

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Cite: Fair Value Calculator (2026). "Starhill Global Real Estate Investment Trust Fair Value". https://www.fairvalue-calculator.com/stock/SGLMF

Frequently asked questions

Is Starhill Global Real Estate Investment Trust (SGLMF) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of $0.2400 versus a price of $0.4200, about −43% upside (overvalued).
What is the fair value of SGLMF?
Our model-based fair value for Starhill Global Real Estate Investment Trust is $0.2400 (as of Sep 13, 2026), built from audited fundamentals. The current price: $0.4200.
What is the quality score of SGLMF?
Starhill Global Real Estate Investment Trust has a Quality Score of 64/100. 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 Investment Trust (SGLMF)?
Our model-based price target is the fair value of $0.2400 (as of Sep 13, 2026) from 16 valuation models. Cautious scenario $0.2000, optimistic scenario $0.4000. It is a calculation from audited fundamentals, not an analyst target.
What is the Starhill Global Real Estate Investment Trust stock forecast for 2026?
Our models put fair value at $0.2400, about −43% upside versus a price of $0.4200 (overvalued). Cautious scenario $0.2000, optimistic scenario $0.4000. The calculation is refreshed regularly with new filings.
What is the revenue of Starhill Global Real Estate Investment Trust (SGLMF)?
Starhill Global Real Estate Investment Trust reported trailing-twelve-month revenue of about $192M (latest available figure, as of Sep 13, 2026).
Does Starhill Global Real Estate Investment Trust pay a dividend?
Starhill Global Real Estate Investment Trust currently shows a dividend yield of about 8.81% relative to its recent price (as of Sep 13, 2026).
What growth is priced into Starhill Global Real Estate Investment Trust (SGLMF)?
For today's price to be fair in a discounted-cash-flow model, Starhill Global Real Estate Investment Trust would have to grow free cash flow by +6.2 % per year for five years (discount rate 9.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +1.1 % per year. As of Sep 13, 2026.
What discount rate (WACC) does the fair value of SGLMF use?
Our models discount Starhill Global Real Estate Investment Trust at 9.8 %: a base by market capitalisation (small), damped by beta 0.45, country premium for USA. 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 Investment Trust that is +6.2 % per year a year over ten years, using the same discount rate (9.8 %) and the same formula as our fair value.
How much growth has Starhill Global Real Estate Investment Trust (SGLMF) delivered so far?
Over the past 5 years revenue at Starhill Global Real Estate Investment Trust grew +1.1 % a year. The price currently implies +6.2 % 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 Investment Trust (SGLMF) growing?
The median revenue growth in the sector is +1.6 % a year. That is the yardstick for the growth priced into Starhill Global Real Estate Investment Trust (+6.2 % 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 Investment Trust (SGLMF)?
The free-cash-flow yield on the price is 12.02 %: that much free cash flow Starhill Global Real Estate Investment Trust produces per unit of market value. When it exceeds the discount rate of our models (9.8 %), 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 Investment Trust (SGLMF)?
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 Investment Trust it is $0.2400 per share (as of Sep 13, 2026), against a price of $0.4200. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Starhill Global Real Estate Investment Trust stock overvalued or undervalued in 2026?
As of Sep 13, 2026, SGLMF trades above its calculated fair value: price $0.4200, fair value $0.2400, a gap of about −43% (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 SGLMF?
No. The price is what the market pays today ($0.4200); the fair value is what the company's own numbers justify ($0.2400). For Starhill Global Real Estate Investment Trust the two are $0.1800 per share apart. That gap is exactly why we show both numbers side by side.
How much is Starhill Global Real Estate Investment Trust worth?
The market values Starhill Global Real Estate Investment Trust at about $958M (market capitalisation, as of Sep 13, 2026). Per share that is $0.4200; our models calculate a fair value of $0.2400 per share.
What do the bullish and bearish scenarios say about SGLMF?
Our models span a range for Starhill Global Real Estate Investment Trust: cautious scenario $0.2000, base $0.2400, optimistic $0.4000 per share (as of Sep 13, 2026, price $0.4200). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is SGLMF from its 52-week high?
Starhill Global Real Estate Investment Trust trades at $0.4200, about 10% below its 52-week high of $0.4671 and 26% above the low of $0.3332 (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of $0.2400 is for.
Which stocks are comparable to Starhill Global Real Estate Investment Trust?
From the same area (Real Estate) we also value Simon Property Group, Realty Income Corporation, Unibail-Rodamco-Westfield SE, Kimco Realty Corporation, 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 Investment Trust stock attractive at the current price?
The data as of Sep 13, 2026: price $0.4200, calculated fair value $0.2400 (−43%), Quality Score 64/100, 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 SGLMF calculated?
We run Starhill Global Real Estate Investment Trust 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 $0.2400, 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 15.8 % above its aggregate fair value. Starhill Global Real Estate Investment Trust 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 should I pay attention to with Starhill Global Real Estate Investment Trust right now?
The price sits above even our optimistic bull case ($0.4000). The favourable scenario is already priced in. Solid but not exceptional quality (64/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range ($0.2000 to $0.4000) leaves room in how you read the outcome. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Where does the earnings growth of Starhill Global Real Estate Investment Trust (SGLMF) come from?
Earnings per share at Starhill Global Real Estate Investment Trust grew −6.8 % a year from 2014 to 2025. Broken into its drivers: revenue per share −1.3 %, EBIT margin −3.6 %, tax rate +2.9 %, residual (interest, one-offs) −4.8 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Starhill Global Real Estate Investment Trust

How large is the market capitalisation of Starhill Global Real Estate Investment Trust (SGLMF)?
The market capitalisation of Starhill Global Real Estate Investment Trust is $958M. 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/E ratio of Starhill Global Real Estate Investment Trust (SGLMF)?
The price-to-earnings ratio of Starhill Global Real Estate Investment Trust is 8.4. Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of Starhill Global Real Estate Investment Trust (SGLMF)?
The price-to-sales ratio of Starhill Global Real Estate Investment Trust is 3.84 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Starhill Global Real Estate Investment Trust (SGLMF)?
Earnings per share at Starhill Global Real Estate Investment Trust are $0.0500 (price ÷ EPS = P/E 8.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Starhill Global Real Estate Investment Trust (SGLMF)?
The dividend yield of Starhill Global Real Estate Investment Trust is 8.8% (payout 74.0%). 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 Investment Trust (SGLMF)?
The net margin of Starhill Global Real Estate Investment Trust is 45.7% (fiscal year 2025). 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 Investment Trust (SGLMF)?
The return on equity (ROE) of Starhill Global Real Estate Investment Trust is 6.2% (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 Investment Trust (SGLMF)?
On an EBIT basis the return on assets of Starhill Global Real Estate Investment Trust 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 Investment Trust (SGLMF)?
The operating margin of Starhill Global Real Estate Investment Trust is 66.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast are earnings growing at Starhill Global Real Estate Investment Trust (SGLMF)?
Earnings per share at Starhill Global Real Estate Investment Trust are growing −0.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Starhill Global Real Estate Investment Trust (SGLMF) carry?
The net debt of Starhill Global Real Estate Investment Trust is $936M (fiscal year 2025, ≈ 8.1 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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