July 2014

22 July 2014
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Results Announcement

  • 11 Jul 14 : SPHREIT – Updated
  • 15 Jul 14 : FirstREIT – Updated
  • 16 Jul 14 : Sabana – Updated
  • 18 Jul 14 (AM) : CCT – Updated
  • 21 Jul 14 : CLT – Updated
  • 21 Jul 14 : AscottREIT – Updated
  • 21 Jul 14 : FCOT – Updated
  • 21 Jul 14 : MLT – Updated
  • 21 Jul 14 : KeppelREIT – Updated
  • 21 Jul 14 : KIT – Updated
  • 22 Jul 14 : FCT – Updated
  • 22 Jul 14 : Suntec – Updated
  • 22 Jul 14 : MIT – Updated
  • 23 Jul 14 (AM) : CMT
  • 23 Jul 14 : A-REIT
  • 24 Jul 14 (AM) : Cambridge
  • 24 Jul 14 (AM) : CRCT
  • 24 Jul 14 : MCT
  • 24 Jul 14 : CDL H-Trust
  • 24 Jul 14 : a-iTrust
  • 25 Jul 14 : MGCT
  • 25 Jul 14 : HPH-Trust
  • 29 Jul 14 : SBREIT
  • 29 Jul 14 : Starhill
  • 30 Jul 14 (AM) : AIMSAMPReit
  • 30 Jul 14 : OUE C-Trust
  • 31 Jul 14 : OUE H-Trust
  • 4 Aug 14 (AM) : PLife
  • 5 Aug 14 (AM) : FE-HTrust
  • 5 Aug 14 : Forterra
  • 5 Aug 14 : PCRT
  • 12 Aug 14 (AM) : APTT
  • 13 Aug 14 : Cityspring

 

 

 

REITs : Average Yield = 6.375%

REIT

Period

DPU cts

Mkt

Yield

NAV

Gearing

Assets Type

Viva Ind Tr

Q1 – Mar14

1.722

$0.810

8.622%

$0.757

38.90%

Biz Park (77.6%) + Hotel (18.6%) + Logistics (3.8%)

OUE Htrust

Q1 – Mar14

1.680

$0.895

7.508%

$0.910

32.20%

Hotel (69%) + Retail (31%)

SoilbuildBizREIT

Q1 – Mar14

1.562

$0.805

7.488%

$0.810

29.10%

Business Park (2) + Industrial (5)

Ascendas-hTrust

2H – Mar14

2.813

$0.765

7.354%

$0.770

35.60%

Hotels : Australia (51%) + Singapore (24%) + Japan (16%) + China (9%)

Sabana REIT

Q2 – Jun14

1.860

$1.030

7.243%

$1.070

37.00%

Industrial (22)

Cache Log Trust

Q2 – Jun14

2.147

$1.225

7.030%

$0.970

28.90%

Industrial : Singapore (13) + Shanghai (1)

Mapletree GCC Tr

2H – Mar14

3.099

$0.900

6.887%

$1.058

38.00%

Retail + Office (China + HK)

OUE COMMERCIAL REIT

Q1 – Mar14

1.000

$0.800

7.129%

$1.060

40.80%

Retail + Office

Mapletree Ind Tr

Q1 – Jun14

2.510

$1.450

6.924%

$1.200

33.60%

Industrial (85)

AIMSAMP Cap Reit

Q4 – Mar14

2.510

$1.460

6.877%

$1.468

31.70%

Industrial (26)

FHT

FY14 – IPO

3.040

$0.895

6.775%

$0.830

41.70%

Hotel (60.7%) + Serviced Apt (39.3%)

Saizen REIT

1H – Dec13

3.250

$0.945

6.878%

$1.170

38.00%

Residential (Japan) – 139

First REIT

Q2 – Jun14

2.000

$1.215

6.626%

$0.970

32.90%

Hospitals (10) + Hotel (Indonesia – 1) + Nursing Home (Singapore – 3)

Lippo Malls Tr

Q1 – Mar14

0.680

$0.410

6.634%

$0.452

26.70%

Retail (Indonesia)

CapitaR China Tr

Q1 – Mar14

2.400

$1.575

6.178%

$1.450

31.80%

Retail (China) – 10

Cambridge Ind Tr

Q1 – Mar14

1.251

$0.750

6.765%

$0.694

29.90%

Industrial (48)

Mapletree Log Tr

Q1 – Jun14

1.900

$1.165

6.524%

$0.970

33.40%

Industrial (112)

CDL Htrust

Q1 – Mar14

2.750

$1.795

6.212%

$1.617

29.90%

Hotels : Singapore (77.1%) + Australia (10.5%) + NZ (4.5%) + Maldives (7.9%)

Keppel Reit

Q2 – Jun14

1.900

$1.280

5.953%

$1.380

42.80%

Offices : Singapore (5) + Australia (5)

Ascendas Reit

Q4 – Mar14

3.550

$2.320

6.121%

$2.020

30.00%

Industrial : Singapore (105) + China (2)

Fortune Reit HKD

Q1 – Mar14

10.380

$7.220

5.751%

$10.240

32.90%

Retail (HK)

Frasers Com Tr

Q3 – Jun14

2.191

$1.435

6.118%

$1.560

37.70%

Office + Retail (5)

StarhillGbl Reit

Q1 – Mar14

1.240

$0.835

6.024%

$0.920

29.60%

Retail (86.8%) + Office (13.2%) by Revenue

Far East HTrust

Q1 – Mar14

1.300

$0.880

5.909%

$0.980

30.90%

Hotels (67.4%) + Serviced Apts (13.9%) + Commercial (18.7%) by Revenue

Frasers Cpt Tr

Q3 – Jun14

3.022

$1.965

5.792%

$1.780

30.20%

Retail (6) + 31.17% of Hektar (MREIT)

Ascott Reit

1H – Jun14

3.937

$1.280

6.152%

$1.380

36.40%

Serviced Apts (83) : AsiaPacific (64%) + Europe (36%)

Mapletree Com Tr

Q4 – Mar14

1.953

$1.380

5.661%

$1.160

38.70%

Retail + Office

SPHREIT

Q3 – May14

1.350

$1.050

5.143%

$0.900

26.90%

Retail (2)

CapitaMall Trust

Q1 – Mar14

2.570

$2.010

5.184%

$1.710

35.10%

Retail (16) + Office

Suntec Reit

Q2 – Jun14

2.266

$1.855

4.900%

$2.046

34.10%

Retail + Office

CapitaCom Trust

1H – Jun14

4.220

$1.695

4.979%

$1.670

28.80%

Office (66%) + Retail (20%) + Hotel (14%) by Gross Rental Income

ParkwayLife Reit

Q1 – Mar14

2.820

$2.420

4.661%

$1.600

35.00%

Hospitals + Nursing Homes = 47

NOTES :

  • Mkt Price is as on 22-Jul-14
  • Suntec : Annualised DPU = 9.089ct ; Includes Capital = 0.2ct
  • FCT : Above Yield is Computed using last 4Qs DPU = 11.382ct ie 2.5ct (Dec13) + 2.98ct (Sep13) + 3.022ct (Jun14) + 2.88ct (Mar14) ; Q3 (Jun-14) DPU = 0.626ct (10-Jun-14 to 30-Jun-14) + 2.396ct (1-Apr-14 to 9-Jun-14) Advanced DPU
  • Keppel REIT : Annualised DPU = 7.62ct
  • FCOT : Annualised DPU = 8.78ct
  • CLT : Annualised DPU = 8.612ct
  • Sabana : Annualised DPU = 7.46ct
  • FirstREIT : Annualised DPU = 8.05ct
  • FHT : IPO Prospectus ; DPU : FY14 (1-Apr-14 to 30-Sep-14) = 3.04ct / 2.86ct if Exclude Top Up ; FY15 = 6.16ct (5.72ct if Exclude) ; Gearing = 41.7% ; NAV = $0.83 ; Listing on 14-Jul-14 2pm
  • A-HTrust : DPU Payout = 2.8813ct = 2.8129ct (1-Oct-13 to 31-Mar-14) + 0.0684ct (1-Apr-14 to 8-Apr-14) Already xd on 4-Apr-14
  • VIT : Annualised DPU = 6.984ct
  • OUE C-Trust : For the Period 27-Jan-14 to 31-Mar-14
  • CRCT : DPU Not Paid as Semi-Annual Payout Policy
  • PLife : Annualised DPU = 11.28ct
  • SB REIT : Annualised DPU = 6.028ct (Excludes One-Off Income of $400k)
  • StarHill Global : Annualised DPU = 5.03ct
  • CDL H-Trust : DPU Not Paid as Semi-Annual Payout Policy ; Annualised DPU = 11.15ct
  • CRCT : DPU Not Paid as Semi-Annual Payout Policy ; Annualised DPU = 9.73ct
  • CMT : Annualised DPU = 10.42ct
  • Cambridge : Annualised DPU = 5.074ct
  • OUE C-REIT : IPO Prospectus ; DPU : FY14 = 5.44ct / 4.45ct if Exclude Income Support ; FY15 = 5.51ct (4.6ct if Exclude) ; Gearing = 42.3% ; NAV = $1.043 ; Listing on 27-Jan-14 2pm
  • Saizen : 5-to-1 Unit Consolidation on 5-Nov-13
  • Viva Industrial Trust : IPO Prospectus ; DPU : FY13 = 3.42ct (1-Jul-13 to 31-Dec-13) / 2.23ct if Exclude Income Support ; FY14 = 6.87ct (4.79ct if Exclude) ; FY15 = 7.03ct (5.19ct if Exclude) ; Gearing = 40.2% ; NAV = $0.74 ; Listing on 4-Nov-13 2pm
  • MLT : Includes 0.2ct Divestment Gain for 8 Qs from Q114 (Jun13)
  • SoilBuild Business Space REIT : IPO Prospectus ; DPU : FY13 = 4.37ct (1-Apr-13 to 31-Dec-13) / FY14 = 5.97ct ; Yield : FY13 = 7.47% / FY14 = 7.654% ; Gearing = 29.9% ; NAV = $0.80 ; Listing on 16-Aug-13 2pm
  • OUE H-Trust : IPO Prospectus ; DPU : FY13 = 4.77ct (1-Apr-13 to 31-Dec-13) / FY14 = 6.57ct ; Yield : FY13 = 7.194% / FY14 = 7.466% ; Gearing = 33.2% ; NAV = $0.903 ; Listing on 25-Jul-13 2pm
  • SPH REIT : IPO Prospectus ; DPU : FY13 (Aug) = 2.51ct (1-Mar-13 to 31-Aug-13) / FY14 (Aug) = 5.21ct ; Yield : FY13 = 5.578% / FY14 = 5.789% ; Gearing = 27.3% ; NAV = $0.88 ; Listing on 24-Jul-13 2pm
  • MGCT : IPO Prospectus ; DPU : FY14 (Mar) = 5.24ct / FY15 (Mar) = 5.69ct ; Yield : FY14 = 5.634% / FY15 = 6.118% ; Gearing = 43% ; NAV = $0.91 ; Listing on 7-Mar-13 2pm
  • A-HTrust : Listing on 27-Jul-12 2pm ; FY13 DPU = 4.61ct (27 Jul 12 to 31 Mar 13) incl. Waiver of 0.61ct from Sponsor entitlement ; FY14 DPU = 7.07ct ; Gearing = 37.6% Post-IPO Acquisition of Ibis Beijing SanYuan; IPO Prospectus

  
 

Shipping Trusts (non-REITs)

Trust

Period

DPU cts

Mkt

Yield

NAV

Assets Type

FSL Trust

Q1 – Mar14

0

$0.096

0.000%

$0.400

Shipping Trust

RickmersMaritime

Q1 – Mar14

0.6

$0.295

10.091%

$0.630

Shipping Trust

NOTES :

  • All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.2403:US$1 fm Yahoo Finance)
  • Rickmers : 24% Payout
  • FSL : 30-Jun-12 : Suspends Div Payout till 30-Jun-13 ; Restriction on DPU Payout Continues after 30-Jun-13

   
 

Other Trusts (non-REITs)

Trust

Period

DPU cts

Mkt

Yield

NAV

Assets Type

CitySpring Trust

Q4 – Mar14

0.82

$0.495

6.626%

$0.234

Infrastructure – Water + Gas + Power

Keppel Infra Tr

1H – Jun14

7.82

$1.060

7.377%

$0.930

Energy (Incineration) + Water (NEWater)

Ascendas-iTrust

2H – Mar14

2.32

$0.850

5.459%

$0.620

India – Industrial Park

Indiabulls Trust

2H – Mar14

0.0162

$0.144

0.219%

$0.341

India – Office

HPH Trust USD

2H – Dec13

22.3

$0.740

7.148%

HK$7.32

Ports – HK + China

Forterra Trust

2H – Dec13

$1.715

0.000%

$4.440

China – Retail + Office + Industrial

Perennial CRT

Q1 – Mar14

0.95

$0.540

7.130%

$0.730

China Retail

Religare Htrust

Q3 – Dec13

2.14

$0.920

9.304%

$0.804

India – Healthcare

Croesus Rtrust

Q3 – Mar14

1.76

$0.980

7.184%

Y70.95

Japan – Retail

Asian Pay TV Tr

2H – Dec13

4.13

$0.820

10.061%

$0.870

Taiwan PayTV

NOTES :

  • KIT : 1H14 DPU Payout = 3.13ct ; 2H13 DPU Payout = 4.69ct ; Above Table Uses 2H13 + 1H14 DPU = 7.82ct to Calculate Yield
  • CRT : DPU Not Paid as Semi-Annual Payout Policy
  • APTT : DPU Not Paid as Semi-Annual Payout ; Above Yield uses FY14 (IPO Projection) DPU = 8.25ct ; ie 1H = 4.12ct + 2H = 4.13ct
  • PCRT : DPU Not Paid as Semi-Annual Payout ; Annualised Yield = 3.85ct
  • CitySpring : Guidance for FY15 DPU = 3.28ct ie 0.82ct / Q
  • CroesusRT : Annualised DPU = 8.11ct ; Above DPU is for the Period 10-May-13 to 31-Dec-13 ; Exchange Rate Y100 = S$1.2220
  • Indiabulls : No DPU Payout as Semi-Annual Policy
  • Religare : No DPU Payout as Semi-Annual Policy
  • HPH Trust : DPU in HK$ ; Mkt Price in US$ ; Yield Computed Using Latest Exchange Rate HK$7.7517:US$1 fm Yahoo Finance) ; Yield Computed Using 1H (Jun13) = HK18.7ct + 2H (Dec13) = HK22.3ct
  • a-iTrust : No DPU Payout as Semi-Annual Payout Policy ; Above DPU is based on 90% Payout
  • Religare : DPU = 1.99ct (Q1) + 2.06ct (Q2) ; 1H DPU = 2.922ct if No Sponsor Waiver
  • APTT : Prospectus ; IPO @ $0.97 ; FY13 DPU = 7.29ct Yield = 7.51% ; FY14 DPU = 8.25ct Yield = 8.51% ; List on 29-May-13 2pm
  • Croesus : Prospectus ; IPO @ $0.93 ; FY14 DPU = 7.39ct Yield = 7.946% ; FY15 DPU = 7.49ct Yield = 8.054% ; Gearing = 43.7% ; List on 10-May-13 2pm
  • Forterra (TCT) : No DPU Declared since 2H11 ; Last DPU = 5ct on 1H11
  • Religare : Prospectus ; IPO @ $0.90 ; FY13 DPU = 4ct (1-Oct-12 to 31-Mar-13) Yield = 8.9% (Sponsor Waiver to DPU) / 6.42% (if no waiver) ; FY14 DPU = 8.17ct Yield = 9.1% (waiver) / 6.54% (no waiver) ; Gearing = 6.7%
  • Indiabulls : Maiden DPU on 1H (sep12) Declared since Listing on 11-Jun-08

 

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