September 2008

Average Yield = 10.751%

REIT

Period

DPU ct

Price

Yield

NAV

Assets Type

MI-REIT

Q1 : Jun-08

2.35

S$0.49

19.184%

S$1.30

Industrial

Cambridge

Q2 : Jun-08

1.561

S$0.435

14.432%

S$0.79

Industrial

CDL HTrust

1H : Jun-08

5.89

S$0.86

13.767%

S$1.61

Hotels

AllCo

1H : Jun-08

3.99

S$0.505

13.683%

S$1.39

Malls + Office (S’pore and Aust)

AscottREIT

1H : Jun-08

4.52

S$0.705

12.823%

S$1.57

Serviced Apts (Regional)

First REIT

Q2 : Jun-08

1.91

S$0.61

12.492%

S$0.923

Hospitals + Hotel (Indonesia)

Fortune

1H : Jun-08

18.51

HK$3.01

12.299%

HK$9.02

Malls (HK)

LMIR

Q2 : Jun-08

1.5

S$0.515

11.689%

S$0.972

Malls – Indonesia

Saizen

FY08 – IPO

5.30

S$0.47

11.277%

S$1.05

Residential (Japan)

Suntec

Q3: Jun-08

2.793

S$1.16

9.684%

S$2.24

Malls + Office

CapitaRChina

1H : Jun-08

2.72*

S$0.72

9.431%

S$1.07

Malls (China)

FrasersCT

Q3 : Jun-08

1.88

S$0.82

9.171%

S$1.17

Malls

MP REIT

Q2 : Jun-08

1.78

S$0.825

8.679%

S$1.60

Malls + Office

A-REIT

Q1 : Jun-08

3.89

S$1.87

8.321%

S$1.85

Industrial

K-REIT

1H : Jun-08

3.94

S$0.96

8.229%

S$2.22

Office

MapleTree

1H : Jun-08 (Rights – Proforma)

2.93

S$0.73

8.027%

S$0.83

Industrial

CCT

1H : Jun-08

5.19

S$1.31

7.969%

S$3.12

Office

PLife

Q2 : Jun-08

1.66

S$0.975

6.821%

S$1.34

Hospitals

CMT

Q2 : Jun-08

3.52

S$2.25

6.293%

S$2.39

Malls + Office

NOTES :

  • Mkt Price is as on 30-Sep-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 (Computed based on the amount available for distribution less the one-off gains on derivative financial instruments of S$3.9 million realised in 2Q2008 – Pg 1 Foot Note 5)
  • 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

US$0.34

12.824%

$0.44

Shipping Trust

FSL Trust

Q2 : Jun-08

2.80

S$0.845

18.894%

$0.88

Shipping Trust

Rickmers

Q2 : Jun-08

2.25

S$0.84

15.273%

$0.99

Shipping Trust

NOTES :

  • All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.4255: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

$0.74

9.459%

$0.82

Infrastructure – Water, Gas

AscendasIndT

Q1 : Jun-08

1.65

$0.525

12.571%

$1.01

India – Industrial Park

HWT

1H : Jun-08

2.17

$0.505

8.594%

$0.75

China – Water Plant

Indiabulls

FY09 – IPO

5.12

$0.49

10.449%

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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