December 2007

Average Yield = 5.651%

REIT

Period

DPU ct

Price

Yield

NAV

Assets Type

LMIR

FY08 – IPO

5.84

S$0.665

8.782%

S$0.91

Malls – Indonesia

First REIT

Q3 : Sep-07

1.72

S$0.77

8.701%

S$0.865

Hospitals + Hotel (Indonesia)

Cambridge

FY07 – Placement

5.357

S$0.71

7.545%

S$0.67

Industrial

AllCo

Q3 : Sep-07

1.59

S$0.895

7.028%

S$1.34

Malls + Office (S’pore and Aust)

MI-REIT

Q2 : Sep-07

1.86

S$1.10

6.709%

S$1.28

Industrial

MapleTree

Q3 : Sep-07

1.72

S$1.09

6.312%

S$0.84

Industrial

Fortune

Q3 : Sep-07

7.86

HK$5.21

6.035%

HK$8.41

Malls (HK)

Saizen

FY08 – IPO

5.30

S$0.89

5.955%

S$1.05

Residential (Japan)

A-REIT

Q2 : Sep-07

3.51

S$2.46

5.707%

S$1.45

Industrial

MMP

Q3 : Sep-07

1.54

S$1.10

5.555%

S$1.26

Malls + Office

AscottREIT

Q3 : Sep-07

1.99

S$1.45

5.490%

S$1.39

Serviced Apts (Regional)

PLife

2H07 : IPO

3.03

S$1.13

5.371%

S$1.25

Hospitals

Suntec

Q4: Sep-07

2.122

S$1.71

4.923%

S$2.18

Malls + Office

FrasersCT

Q4 : Sep-07

1.67

S$1.46

4.575%

S$1.16

Malls

K-REIT

Q3 : Sep-07

2.23

S$2.13

4.155%

S$2.56

Office

CDL HTrust

Q3 : Sep-07

2.36

S$2.35

3.983%

S$1.29

Hotels

CMT

Q3 : Sep-07

3.40

S$3.46

3.899%

S$2.08

Malls + Office

CCT

Q3 : Sep-07

2.14

S$2.44

3.480%

S$2.38

Office

CapitaRChina

Q3 : Sep-07

1.71

S$2.15

3.163%

S$1.02

Malls (China)

NOTES :

  • Mkt Price is as on 31-Dec-07
  • LMIR : IPO Forecast – FY07 (Dec07) : 2.74ct (Annualised for 1-Jul-07 to 31-Dec-07) ; FY08 : 5.84ct ; FY09 : 6.27ct
  • CMT : Annualised DPU = 13.49ct ; Actual Payout 4.88ct for the Period 1-Jul-07 to 6-Nov-07
  • Saizen : IPO Forecast – FY09 (Jun09) : 5.65ct ; FY08 (Jun08) : 4.67ct (Incl. Bonus Div) / Annualised Yield 5.3% @ $1 (Excl. Bonus Div) / 6.51% (Incl Bonus Div)
  • Fortune : No Div Payout (Semi-Annual Policy)
  • CDL HTrust : Annualised DPU = 9.36ct ; No Div Payout (Semi-Annual Policy)
  • MMP : Annualised DPU = 6.11ct
  • Cambridge : Q307 – DPU 1.7ct ; Annualised DPU = 6.745ct ; Actual DPU Payout 2.01ct (for the period 1-Jul-07 to 17-Oct-07)
  • Suntec : Annualised DPU = 8.419ct
  • AllCo : Annualised DPU = 6.29ct ; No Div Payout (Semi-Annual Policy)
  • MI-REIT : Annualised DPU = 7.38ct
  • AscottREIT : No Div Payout (Semi-Annual Policy)
  • CapitaRChina : Annualised DPU = 6.80ct
  • CCT : Annualised DPU = 8.49ct ; No Div Payout (Semi-Annual Policy)
  • First REIT : Annualised DPU = 6.70ct
  • Cambridge : Equity Fund Raising Circular – DPU : FY07 5.357ct (Annualised) ; FY08 5.542ct ; Private Placement 276,973,000 New Units @ $0.70
  • K-REIT : Annualised DPU = 8.85ct ; No Div Payout (Semi-Annual Policy)
  • PLife : IPO Forecast – 2H07 : 3.3ct ; FY08 : 6.25ct ; FY09 : 6.39ct

Shipping Trusts (non-REITs)

Trust

Period

DPU ct

Price

Yield

NAV

Assets Type

PacShipTr US$

Q3 : Sep-07

1.09

$0.42

10.381%

$0.44

Shipping Trust

FSL Trust

Q3 : Sep-07

2.23

S$1.19

10.775%

$0.94

Shipping Trust

Rickmers

Q3 : Sep-07

2.14

S$1.15

10.700%

$1.01

Shipping Trust

NOTES :

  • All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.4375:US$1 fm Yahoo Finance)
  • Rickmers : Annualised DPU 8.56ct
  • FSL : Annualised DPU 8.92ct
  • FSL : SGX Annc (9-Nov-07) Quarterly DPU Forecast (Pg 16) – 2.418ct (Q407) ; 2.608ct (FY08) ; 2.608ct (1H09)

Other Trusts (non-REITs)

Trust

Period

DPU ct

Price

Yield

NAV

Assets Type

CitySpring

Q2 : Sep-07

1.60

$0.93

6.882%

$0.80

Infrastructure – Water, Gas

AscendasIndT

1H : Sep-07

2.95

$1.28

4.609%

$1.16

India – Industrial Park

HWT

FY08 : IPO

4.46

$0.805

5.540%

$0.73

China – Water Plant

NOTES :

  • HWT : Listing on 3-Dec-07 2PM
  • HWT : IPO Forecast – 4.46ct (FY08) – Sponsor (25% s/h) undertaken to waive entitlement to distributions, else DPU 3.34ct (Yield 4.282% @ $0.78) ; 5.06ct (FY09) – Yield 6.744% @ $0.78

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