August 2009

NOTE : For CitySpring, StarHill Global and FCOT, please refer to “NOTES” at the bottom of their tables on the impact to DPU and Yield due to their rights issues.

 

Results Announcement

  • 3 Aug 09 : LMIR (Tables Updated)
  • 6 Aug 09 : PLife (Tables Updated)
  • 7 Aug 09 : MI-REIT (Tables Updated)
  • 11 Aug 09 : CitySpring (Table Updated)
  • 12 Aug 09 (noon) : HWT (Table Updated)
  • 14 Aug 09 : Rickmers (Table Updated)
  • 14 Aug 09 : IndiaBulls (Table Updated)
  • 27 Aug 09 (AM) : Saizen (Tables Updated)
  • 27 Aug 09 : A-REIT – Advance DPU 1.94ct (1-Jul-09 to 19-Aug-09)

 

REITs : Average Yield = 10.018% (Excl. Saizen)

REIT

Period

DPU ct

Price

Yield

NAV

Assets Type

FrasersComm

1H : Jun-09

1.44

S$0.16

18.125%

S$0.82

Malls + Office (S’pore + Aust)

MI-REIT

Q1 : Jun-09

1.51

S$0.37

16.324%

S$1.07

Industrial

Starhill Gbl

Q2 : Jun-09

1.90

S$0.545

13.982%

S$1.28

Malls + Office

Cambridge

Q2 : Jun-09

1.345

S$0.43

12.547%

S$0.62

Industrial

Suntec

Q2 : Jun-09

2.977

S$1.00

11.941%

S$1.956

Malls + Office

First REIT

Q2 : Jun-09

1.92

S$0.69

11.101%

S$0.9282

Hospitals + Hotel (Indonesia)

LMIR

Q2 : Jun-09

1.3

S$0.48

10.833%

S$0.7393

Malls – Indonesia

Fortune

1H : Jun-09

19.60

HK$3.72

10.538%

HK$7.89

Malls (HK)

K-REIT

1H : Jun-09

4.99

S$1.08

9.333%

S$2.17

Office

MapleTree

Q2 : Jun-09

1.48

S$0.66

8.970%

S$0.89

Industrial

A-REIT

Q1 : Jun-09

3.62

S$1.65

8.776%

S$1.58

Industrial

AscottREIT

1H : Jun-09

3.55

S$0.87

8.161%

S$1.36

Serviced Apts (Regional)

FrasersCT

Q3 : Jun-09

1.94

S$1.01

7.683%

S$1.23

Malls

CCT

1H : Jun-09

3.33

S$0.89

7.551%

S$1.50

Office

PLife

Q2 : Jun-09

1.89

S$1.06

7.123%

S$1.32

Hospitals

CapitaRChina

1H : Jun-09

4.08

S$1.25

6.584%

S$1.12

Malls (China)

CDL HTrust

1H : Jun-09

3.86

S$1.41

5.518%

S$1.42

Hotels

CMT

Q2 : Jun-09

2.13

S$1.63

5.239%

S$1.56

Malls + Office

Saizen

2H : Jun-09

S$0.155

S$0.40

Residential (Japan)

NOTES :

  • Mkt Price is as on 31-Aug-09
  • Saizen : No Payout since 1H09 (Dec-08) ; SGX Annc Pg21 : The Board expects Saizen REIT will start accumulating cash for distribution from the last quarter of FY2010 or first quarter of FY2011
  • Fortune : Proposed 1-for-1 Rights @ HK$2.29 ; 1H09 (Proforma) – DPU HK12.03ct (Yield 7.52% @ TERP HK$3.20) ; NAV HK$4.98
  • Cambridge : Private Placement – 71.14Mil Shares @ $0.392 ; Listing on 13-Aug-09 9am
  • AREIT : Private Placement – 185Mil Shares @ $1.63 ; Listing on 20-Aug-09 2pm ; Gearing 29.3%
  • PLife : Annualised DPU = 7.55ct
  • CDLHTrust : Annualised DPU = 7.78ct
  • Suntec : Annualised DPU = 11.941ct
  • StarHill Gbl : Annualised DPU = 7.62ct
  • FrasersComm : Annualised DPU = 2.9ct
  • CMT : Annualised DPU = 8.54ct
  • Cambridge : Annualised DPU = 5.395ct
  • CRCT : Annualised DPU = 8.23ct
  • FirstREIT : Annualised DPU 7.66ct
  • CCT : Annualised DPU = 6.72ct ; Q209 DPU 1.71ct (Annualised 6.86ct)
  • KREIT : Annualised DPU = 10.08ct
  • FCOT : 3-for-1 Rights @ $0.095 (xr 27-Jul-09) ; Circular (30-Jun-09) ; Mar09 (Proforma) – DPU 1.06ct Annualised (Yield 8% @ $0.131 theoretical ex-rights price) ; NAV $0.26 ; Gearing 38.5% ; New Shares Listing – 27 Aug 09
  • StarHill Gbl : 1-for-1 Rights @ $0.35 (xr 17-Jul-09) ; Circular (22-Jun-09) : FY08 (Proforma) – DPU 3.85ct (Yield 7.8% @ $0.495 theoretical ex-rights price) ; NAV $0.802; Gearing 20.7% ; New Shares Listing – 19 Aug 09
  • CCT : 1-for-1 Rights @ $0.59 (xr 3-Jun-09) ; Circular (29-May-09) : Mar09 (Proforma) – DPU 1.77ct (Yield 7.251% @ $0.825 theoretical ex-rights price) ; NAV $1.51 ; Gearing 30.7%
  • Saizen : 11-for-10 Rights @ $0.09 with Attached Warrants (xr 4-May-09)
  • CMT : 9-for-10 Rights @ $0.82 (xr 4-Mar-09)
  • CCT : FY09 DPU (Projected) = 12.34ct – SGX Annc 9-Jun-08 (Pg 23)
  • 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-09

0.99

US$0.255

15.529%

$0.39

Shipping Trust

FSL Trust

Q3 : Sep-09 (Guidance)

1.50

S$0.61

14.190%

$0.71

Shipping Trust

Rickmers

Q2 : Jun-09

0.6

S$0.415

8.343%

$0.87

Shipping Trust

NOTES :

  • All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.4427:US$1 fm Yahoo Finance)
  • Rickmers : 13% Payout
  • FSL : SGX Annc (21-Jul-09) Quarterly DPU Forecast – Q309 US1.5ct (50% Payout)
  • FSL : Q209 DPU = US2.45ct ; Annualised DPU 9.8ct (73% Payout)
  • PST : 90% Payout

 

 

Other Trusts (non-REITs)

Trust

Period

DPU ct

Price

Yield

NAV

Assets Type

CitySpring

Q1 : Jun-09

1.75

$0.61

11.475%

$0.43*

Infrastructure – Water, Gas

AscendasIndT

Q1 : Jun-09

2.06

$0.835

9.868%

$0.86

India – Industrial Park

HWT

1H : Jun-09

2.56

$0.695

7.367%

$0.80

China – Water Plant

Indiabulls

Q1 : Jun-09

$0.305

$0.7461

India – Office

NOTES :

  • CitySpring : Proposed 1-for-1 Rights @ $0.48 (xr 25-Aug-09) ; DPU = 1ct (Proforma Q109) ; Yield 6.349% % TERP $0.63 (Mkt $0.78)
  • HWT : DPU = 2.56ct (With Sponsor Waiver) ; Sponsor DPU = 1.77ct
  • CitySpring : The Group NAV per unit before hedging and translation reserves is S$0.61
  • a-iTrust : DPU Not Paid Out as Semi-Annual Div Payout Policy
  • Indiabulls : No DPU Declared
  • CitySpring : DPU Forecast – FY10 (Mar) = 7ct
  • HWT : DPU Forecast – 1H09 = 2.56ct ; 2H09 = 2.86ct
  • 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)

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