Ada Lim of OCBC Investment Research has trimmed her fair value for Starhill Global REIT from 50 cents to 46 cents, along with a "hold" call.
In her April 10 note, Lim points out that the REIT has locked in master and anchor leases, which can provide income visibility and downside protection.
S-REITs as a sector are perceived to be more defensive given their locked-in leases. Starhill Global REIT, for one, has a relatively long weighted average lease expiry of 7.8 years by gross rent.