November 2009


NOTE : MI-REIT Yield is Based on 1H10 Proforma Rights Figures

Results Announcement

  • 4 Nov 09 – Fortune (No Change : 1H09 Proforma – Rights Figures Used)
  • 4 Nov 09 – LMIR (Tables Updated)
  • 5 Nov 09 – PLife (Tables Updated)
  • 5 Nov 09 – MI-REIT (Tables Updated)
  • 9 Nov 09 – Rickmers (Table Updated)
  • 11 Nov 09 (AM) – Saizen (Tables Updated)
  • 11 Nov 09 (Noon) – HWT (Table Updated)
  • 12 Nov 09 – CitySpring (Table Updated)
  • 14 Nov 09 – IndiaBulls (Table Updated)

REITs : Average Yield = 7.779% (Excl. Saizen)

REIT
Period
DPU ct
Price
Yield
NAV
Assets Type
Cambridge
Q3 : Sep-09
1.344
S$0.415
12.848%
S$0.60
Industrial
LMIR
Q3 : Sep-09
1.22
S$0.47
10.383%
S$0.7443
Malls – Indonesia
MI-REIT
1H10 (Proforma – Rights)
1.04
S$0.205
10.146%
S$0.31
Industrial
First REIT
Q3 : Sep-09
1.90
S$0.765
9.961%
S$0.9267
Hospitals + Hotel (Indonesia)
Suntec
Q3 : Sep-09
2.921
S$1.29
8.984%
S$1.946
Malls + Office
Fortune
1H09 (Proforma – Rights)
12.03
HK$2.73
8.813%
HK$4.98
Malls (HK)
MapleTree
Q3 : Sep-09
1.48
S$0.73
8.110%
S$0.86
Industrial
Starhill Gbl
Q3 : Sep-09
0.95
S$0.51
7.392%
S$0.80
Malls + Office
AscottREIT
Q3 : Sep-09
1.92
S$1.06
7.245%
S$1.32
Serviced Apts (Regional)
A-REIT
Q2 : Sep-09
3.48*
S$1.94
7.067%
S$1.58
Industrial
CapitaRChina
Q3 : Sep-09
2.02
S$1.17
6.846%
S$1.10
Malls (China)
FrasersCT
Q4 : Sep-09
2.04
S$1.24
6.581%
S$1.22
Malls
CCT
Q3 : Sep-09
1.85
S$1.15
6.383%
S$1.49
Office
PLife
Q3 : Sep-09
1.91
S$1.21
6.322%
S$1.32
Hospitals
K-REIT
FY08 (Proforma – Rights)
6.08
S$0.985
6.173%
S$1.49
Office
FrasersComm
Q3 : Sep-09
0.2
S$0.135
5.926%
S$0.27
Malls + Office (S’pore + Aust)
CDL HTrust
Q3 : Sep-09
2.04
S$1.49
5.430%
S$1.41
Hotels
CMT
Q3 : Sep-09
2.35
S$1.72
5.419%
S$1.54
Malls + Office
Saizen
Q3 : Sep-09
S$0.145
S$0.41
Residential (Japan)

NOTES :

  • Mkt Price is as on 30-Nov-09
  • MapleTree : Private Placement 115Mil New Units @ $0.69 ; SGX Annc (9-Nov-09) ; Proforma (3Q09) – Yield Accretive +1.5% ; DPU 0.74-0.76ct (Advanced Distribution for the Period 1-Oct-09 to 17-Nov-09) for Existing Shareholders ; Gearing ~38.5%
  • MI-REIT : 2-for1 Rights @ $0.159 (xri 25-Nov-09) ; Circular (6-Nov-09) ; 1H10 (Proforma) – DPU 1.04ct (Yield 9.3% @ TERP $0.223 – Mkt $0.41) ; NAV $0.31 ; Gearing 29%
  • PLife : Annualised DPU = 7.65ct
  • Fortune : Q309 DPU = HK9.75ct ; DPU Not Paid as Semi-Annual Payout Policy
  • CDLHTrust : Annualised DPU = 8.09ct ; DPU Not Paid as Semi-Annual Payout Policy
  • StarHill Gbl : Annualised DPU = 3.77ct
  • AscottREIT : DPU Not Paid as Semi-Annual Payout Policy
  • Cambridge : Annualised DPU = 5.332ct ; Cambridge A DPU = 0.708ct (12-Aug-09 to 30-Sep-09)
  • Suntec : Annualised DPU = 11.589ct
  • FrasersComm : Annualised DPU = 0.8ct
  • CRCT : Annualised DPU = 8.01ct ; DPU Not Paid as Semi-Annual Payout Policy
  • FCT : DPU = 1.95ct if exclude Retained Income from Previous Quarters
  • CMT : Annualised DPU = 9.32ct
  • FirstREIT : Annualised DPU 7.62ct
  • CCT : Annualised DPU = 7.34ct ; DPU Not Paid as Semi-Annual Payout Policy
  • A-REIT : DPU = 1.94ct (1-Jul to 19-Aug ; Paid on 23-Sep) + 1.54ct (20-Aug to 30-Sep) ; * Above Yield is Calculated Using DPU = 1.54ct for the Period 20-Aug to 30-Sep.
  • KREIT : Annualised DPU = 10.67ct ; DPU Not Paid as Semi-Annual Payout Policy
  • KREIT : 1-for1 Rights @ $0.93 (xri 23-Oct-09) ; Circular (3-Oct-09) ; FY08 (Proforma) – DPU 6.08ct (Yield 5.8% @ TERP $1.06 – Mkt $1.18) ; NAV $1.49 ; Gearing 9.1%
  • 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 (xri 15-Sep-09) ; Circular (24-Aug-09) ; 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%
  • 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)
  • 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$
Q3 : Sep-09
0.818
US$0.27
12.119%
$0.40
Shipping Trust
FSL Trust
Q3 : Sep-09
1.50
S$0.59
14.066%
$0.63
Shipping Trust
Rickmers
Q3 : Sep-09
0.6
S$0.355
9.351%
$0.88
Shipping Trust

NOTES :

  • All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.3832:US$1 fm Yahoo Finance)
  • Rickmers : 13% Payout
  • FSL : Q309 DPU = US1.5ct (50% Payout) ; US1.27ct (Stub Distribution) Already Paid Out ; Balance US0.23ct
  • PST : 70% Payout

Other Trusts (non-REITs)

Trust
Period
DPU ct
Price
Yield
NAV
Assets Type
CitySpring
Q2 : Sep-09
1.05
$0.57
7.368%
$0.43*
Infrastructure – Water, Gas
AscendasIndT
1H : Sep-09
3.91
$0.895
8.737%
$0.84
India – Industrial Park
HWT
2H : Dec-09 (Forecast)
2.86
$0.67
8.537%
$0.76
China – Water Plant
Indiabulls
Q2 : Sep-09
$0.23
$0.7242
India – Office

NOTES :

  • Indiabulls : No DPU Declared
  • CitySpring : The Group NAV per unit before hedging and translation reserves is S$0.52
  • HWT : Q309 DPU = 1.16ct (Not Paid Out as Semi-Annual Payout Policy) ; 2H09 DPU Forecast = 2.86ct
  • a-iTrust : DPU = 1.85ct (Sep) + 2.06ct (Jun)
  • 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
  • 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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