September 2009


NOTE : For Fortune, Proforma data (from Rights Issue) are used for Yield computation. Please refer to “NOTES” at the bottom of the table for more info.

REITs : Average Yield = 8.428% (Excl. Saizen)

REIT
Period
DPU ct
Price
Yield
NAV
Assets Type
MI-REIT
Q1 : Jun-09
1.51
S$0.38
15.895%
S$1.07
Industrial
Cambridge
Q2 : Jun-09
1.345
S$0.455
11.857%
S$0.62
Industrial
First REIT
Q2 : Jun-09
1.92
S$0.67
11.433%
S$0.9282
Hospitals + Hotel (Indonesia)
LMIR
Q2 : Jun-09
1.3
S$0.46
11.304%
S$0.7393
Malls – Indonesia
Suntec
Q2 : Jun-09
2.977
S$1.06
11.265%
S$1.956
Malls + Office
Fortune
1H09 (Proforma – Rights)
12.03
HK$2.58
9.326%
HK$4.98
Malls (HK)
K-REIT
1H : Jun-09
4.99
S$1.18
8.542%
S$2.17
Office
MapleTree
Q2 : Jun-09
1.48
S$0.77
7.688%
S$0.89
Industrial
A-REIT
Q1 : Jun-09
3.62
S$1.93
7.503%
S$1.58
Industrial
AscottREIT
1H : Jun-09
3.55
S$0.965
7.358%
S$1.36
Serviced Apts (Regional)
FrasersCT
Q3 : Jun-09
1.94
S$1.15
6.748%
S$1.23
Malls
CapitaRChina
1H : Jun-09
4.08
S$1.22
6.746%
S$1.12
Malls (China)
FrasersComm
Q1 : Mar09 (Proforma – Rights)
1.06
S$0.16
6.625%
S$0.26
Malls + Office (S’pore + Aust)
PLife
Q2 : Jun-09
1.89
S$1.16
6.509%
S$1.32
Hospitals
CCT
1H : Jun-09
3.33
S$1.04
6.462%
S$1.50
Office
Starhill Gbl
FY08 (Proforma – Rights)
3.85
S$0.60
6.417%
S$0.802
Malls + Office
CDL HTrust
1H : Jun-09
3.86
S$1.44
5.403%
S$1.42
Hotels
CMT
Q2 : Jun-09
2.13
S$1.85
4.616%
S$1.56
Malls + Office
Saizen
2H : Jun-09
S$0.145
S$0.40
Residential (Japan)

NOTES :

  • Mkt Price is as on 30-Sep-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 (29-May-09) : Mar09 (Proforma) – DPU 1.77ct (Yield 7.251% @ $0.825 theoretical ex-rights price) ; NAV $1.51 ; Gearing 30.7% 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) ;
  • 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$0.265
14.943%
$0.39
Shipping Trust
FSL Trust
Q3 : Sep-09 (Guidance)
1.50
S$0.605
13.962%
$0.71
Shipping Trust
Rickmers
Q2 : Jun-09
0.6
S$0.38
8.891%
$0.87
Shipping Trust

NOTES :

  • All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.4078: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 (Proforma – Rights)
1.0
$0.575
6.957%
$0.43*
Infrastructure – Water, Gas
AscendasIndT
Q1 : Jun-09
2.06
$0.87
9.471%
$0.86
India – Industrial Park
HWT
1H : Jun-09
2.56
$0.69
7.420%
$0.80
China – Water Plant
Indiabulls
Q1 : Jun-09
$0.37
$0.7461
India – Office

NOTES :

  • IndiaBulls : Proposed 53-for-100 Rights @ $0.16 (xr 2-Oct-09) ; Circular (10-Sep-09) ; TERP $0.258 (Mkt $0.31) ; NAV $0.54
  • CitySpring : Proposed 1-for-1 Rights @ $0.48 (xr 25-Aug-09) ; Circular (21-Aug-09) ; DPU = 1ct (Proforma Q109) ; Yield 6.349% ; TERP $0.63 (Mkt $0.78) ; NAV $0.28
  • 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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