August 2008

Results Announcement

  • 5 Aug 08 – HWT (Table Updated)
  • 5 Aug 08 – Rickmers (Table Updated)
  • 12 Aug 08 – MI-REIT (Tables Updated)
  • 13 Aug 08 – CitySpring (Table Updated)
  • 27 Aug 08 – Saizen (Tables Updated)

Average Yield = 8.513%

REIT

Period

DPU ct

Price

Yield

NAV

Assets Type

MI-REIT

Q1 : Jun-08

2.35

S$0.755

12.450%

S$1.30

Industrial

First REIT

Q2 : Jun-08

1.91

S$0.70

10.886%

S$0.923

Hospitals + Hotel (Indonesia)

LMIR

Q2 : Jun-08

1.5

S$0.58

10.379%

S$0.972

Malls – Indonesia

Cambridge

Q2 : Jun-08

1.561

S$0.605

10.377%

S$0.79

Industrial

AscottREIT

1H : Jun-08

4.52

S$0.875

10.331%

S$1.57

Serviced Apts (Regional)

CDL HTrust

1H : Jun-08

5.89

S$1.15

10.296%

S$1.61

Hotels

Saizen

FY08 – IPO

5.30

S$0.52

10.192%

S$1.05

Residential (Japan)

Fortune

1H : Jun-08

18.51

HK$3.65

10.142%

HK$9.02

Malls (HK)

AllCo

1H : Jun-08

3.99

S$0.70

9.871%

S$1.39

Malls + Office (S’pore and Aust)

MapleTree

1H : Jun-08 (Rights – Proforma)

2.93

S$0.67

8.746%

S$0.83

Industrial

Suntec

Q3: Jun-08

2.793

S$1.46

7.694%

S$2.24

Malls + Office

CapitaRChina

1H : Jun-08

2.72*

S$0.99

6.859%

S$1.07

Malls (China)

MP REIT

Q2 : Jun-08

1.78

S$1.05

6.819%

S$1.60

Malls + Office

A-REIT

Q1 : Jun-08

3.89

S$2.30

6.765%

S$1.85

Industrial

FrasersCT

Q3 : Jun-08

1.88

S$1.20

6.267%

S$1.17

Malls

K-REIT

1H : Jun-08

3.94

S$1.27

6.220%

S$2.22

Office

PLife

Q2 : Jun-08

1.66

S$1.08

6.157%

S$1.34

Hospitals

CCT

1H : Jun-08

5.19

S$1.70

6.141%

S$3.12

Office

CMT

Q2 : Jun-08

3.52

S$2.75

5.149%

S$2.39

Malls + Office

NOTES :

  • Mkt Price is as on 29-Aug-08
  • Saizen : Actual Payout 4.67ct as per IPO Forecast ; Yield is Computed Using IPO Prospectus Figures of 5.3% @ $1 Which Excludes Bonus Div
  • MapleTree : Adjusted for 3-for-4 Rights @ $0.73 xri 23-Jul-08 Using 2H08 Proforma Figures ; Annualised DPU 5.86ct ; Rights Circular (28-Jul-08) – Refer to Pg A7-2 ; Expected Date of New Shares Issue is 22-Aug-08 & Trading Starts 25-Aug-08
  • Suntec : Annualised DPU = 11.233ct
  • MP REIT : Annualised DPU = 7.16ct
  • CDL HTrust : Annualised DPU = 11.84ct
  • CRCT : * For the Period 5-Feb-08 to 30-Jun-08 ; Annualised DPU 6.79ct ; Actual DPU for 1H08 = 3.25ct (Annualised 6.54ct)
  • AllCo : Annualised DPU = 6.91ct
  • Cambridge : Annualised DPU = 6.278ct
  • LMIR : Annualised DPU = 6.02ct
  • KREIT : Annualised DPU = 7.9ct ; Actual Payout = 1.39ct (8-May-08 to 30-Jun-08)
  • PLife : Annualised DPU = 6.65ct
  • CCT : Annualised DPU = 10.44ct
  • First REIT : Annualised DPU = 7.62ct
  • A-REIT : Annualised DPU = 15.56ct
  • CMT : Annualised DPU = 14.16ct
  • KREIT : FY08 DPU Forecast 7.53ct (8-for-5 Rights @ $1.39)
  • LMIR : IPO Forecast – FY07 (Dec07) : 2.74ct (Annualised for 1-Jul-07 to 31-Dec-07) ; FY08 : 5.84ct ; FY09 : 6.27ct
  • 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)
  • 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$

Q2 : Jun-08

1.09

$0.37

11.784%

$0.44

Shipping Trust

FSL Trust

Q2 : Jun-08

2.80

S$1.13

14.014%

$0.88

Shipping Trust

Rickmers

Q2 : Jun-08

2.25

S$1.05

12.119%

$0.99

Shipping Trust

NOTES :

  • All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.4139:US$1 fm Yahoo Finance)
  • FSL : Annualised DPU 11.2ct
  • FSL : SGX Annc (12-May-08) Quarterly DPU Forecast – Q208 US2.77ct ; Q308 US3.05ct
  • Rickmers : SGX Annc (5-May-08) Quarterly DPU Forecast (Pg 7) – US 2.25ct (Q308)

Other Trusts (non-REITs)

Trust

Period

DPU ct

Price

Yield

NAV

Assets Type

CitySpring

Q1 : Jun-08

1.75

$0.775

9.032%

$0.82

Infrastructure – Water, Gas

AscendasIndT

Q1 : Jun-08

1.65

$0.715

9.231%

$1.01

India – Industrial Park

HWT

1H : Jun-08

2.17

$0.63

6.889%

$0.75

China – Water Plant

Indiabulls

FY09 – IPO

5.12

$0.58

8.828%

India – Office

NOTES :

  • HWT : DPU = 1.49ct if No Sponsor waiver
  • ai-Trust : Div Not Paid Out as Semi-Annual Policy
  • Indiabulls : Listing on 11-Jun-08 2PM
  • Indiabulls : IPO Forecast – 5.12ct (FY09) 1,325.4Mil Units (2,371.7Mil Units Issued) Entitled to Div ; 9.82ct (FY10)
  • HWT : IPO Forecast – 2.09ct (1H08) ; 4.88ct (FY08) / SGX Annc – Pg 12 (Distribution Statement)
  • 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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