January 2010

Results Announcement

  • 18 Jan 10 : A-REIT (Tables Updated)
  • 20 Jan 10 (AM) : CCT (Tables Updated)
  • 20 Jan 10 : K-REIT (Tables Updated)
  • 20 Jan 10 : PST (Table Updated)
  • 21 Jan 10 (AM) : ART (Tables Updated)
  • 21 Jan 10 : MapleTree (Tables Updated)
  • 22 Jan 10 (AM) : IndiaBulls (Table Updated)
  • 22 Jan 10 (AM) : FirstREIT (Tables Updated)
  • 22 Jan 10 (AM) : PLife (Tables Updated)
  • 22 Jan 10 (AM) : CMT (Tables Updated)
  • 22 Jan 10 : a-iTrust (Table Updated)
  • 25 Jan 10 (Noon) : FCT (Tables Updated)
  • 25 Jan 10 : Suntec (Tables Updated)
  • 25 Jan 10 : FSL (Table Updated)
  • 26 Jan 10 : Fortune (Tables Updated)
  • 26 Jan 10 : FCOT (Tables Updated)
  • 26 Jan 10 : CDL HTrust (Tables Updated)
  • 27 Jan 10 : Cambridge (Tables Updated)
  • 28 Jan 10 (AM) : StarHill Global (Tables Updated)
  • 29 Jan 10 (AM) : CRCT (Tables Updated)
  • 5 Feb 10 : AIMSAMPIReit
  • 11 Feb 10 (AM) : Saizen
  • 11 Feb 10 : CitySpring

 

REITs : Average Yield = 7.372% (Excl. Saizen)

REIT

Period

DPU ct

Price

Yield

NAV

Assets Type

Cambridge

Q4 : Dec-09

1.377

S$0.46

11.876%

S$0.60

Industrial

LMIR

Q3 : Sep-09

1.22

S$0.49

9.959%

S$0.7443

Malls – Indonesia

AIMSAMPIReit

1H10 (Proforma – Rights)

1.04

S$0.215

9.674%

S$0.31

Industrial

First REIT

Q4 : Dec-09

1.92

S$0.825

9.236%

S$0.9839

Hospitals + Hotel (Indonesia)

Suntec

Q4 : Dec-09

2.886

S$1.30

8.808%

S$1.754

Malls + Office

MapleTree

Q4 : Dec-09

1.59 *

S$0.78

7.590%

S$0.85

Industrial

Starhill Gbl

Q4 : Dec-09

0.97

S$0.535

7.196%

S$0.81

Malls + Office

CCT

2H : Dec-09

3.73

S$1.06

6.981%

S$1.37

Office

CapitaRChina

2H : Dec-09

4.06

S$1.20

6.767%

S$1.05

Malls (China)

A-REIT

Q3 : Dec-09

3.27

S$1.94

6.742%

S$1.58

Industrial

Fortune

2H : Dec-09

10.6

HK$3.15

6.730%

HK$5.33

Malls (HK)

AscottREIT

2H : Dec-09

3.77

S$1.16

6.500%

S$1.34

Serviced Apts (Regional)

FrasersComm

Q1 : Dec-09

0.24

S$0.15

6.333%

S$0.27

Malls + Office (S’pore + Aust)

PLife

Q4 : Dec-09

1.91

S$1.30

6.308%

S$1.37

Hospitals

FrasersCT

Q1 : Dec-09

1.91

S$1.34

5.701%

S$1.22

Malls

CMT

Q4 : Dec-09

2.40

S$1.69

5.633%

S$1.54

Malls + Office

K-REIT

Q4 : Dec-09

1.45

S$1.06

5.425%

S$1.20

Office

CDL HTrust

2H : Dec-09

4.71

S$1.80

5.233%

S$1.43

Hotels

Saizen

Q3 : Sep-09

S$0.155

S$0.41

Residential (Japan)

NOTES :

  • Mkt Price is as on 29-Jan-10
  • CRCT : Q409 DPU 2.04ct (Annualised 8.09ct)
  • StarHill Gbl : Annualised DPU = 3.85ct
  • Cambridge : Annualised DPU = 5.463ct
  • FCT : Private Placement 137Mil New Units @ $1.33 ; SGX Annc (27-Jan-10) ; Listing on 4-Feb-10 2pm
  • CDLHTrust : Q409 DPU = 2.67ct (Annualised = 10.59ct) ; Above Figures Uses Actual 2H09 DPU Payout to Compute Yield
  • FrasersComm : Annualised DPU = 0.95ct ; No Payout as Semi-Annual Payout Policy
  • Suntec : Annualised DPU = 11.45ct
  • CMT : Annualised DPU = 9.52ct
  • PLife : Annualised DPU = 8.2ct
  • FirstREIT : Annualised DPU 7.62ct
  • MapleTree : Actual Payout = 0.84ct (18-Nov-09 to 31-Dec-09) as 0.75ct Already Paid (1-Oct-09 to 17-Nov-09) ; DPU = 1.48ct is Used to Compute the Yield for Above Table as the Q4 DPU Includes a One-Off 0.11ct (See SGX Annc pg 2)
  • AscottREIT : DPU (Q409) = 1.87ct
  • KREIT : Annualised DPU = 5.75ct (Q409 DPU Used in Above Table as it Better Reflects the Impact of the Rights Issue) ; Actual DPU = 2.77ct (1-Jul-09 to 31-Dec-09)
  • CCT : Annualised DPU = 7.40ct
  • FCT : Proposed Acquisitions + New Shares Issue ; Circular (7-Jan-10)
  • Suntec : Private Placement 128.5Mil New Units @ $1.19 ; SGX Annc (11-Dec-09) ; Gearing 31.5% ; Aggregate Leverage 33.4%
  • 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% ; Listing on 28-Dec-09 9am
  • 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$

Q4 : Dec-09

0.827

US$0.265

12.483%

$0.40

Shipping Trust

FSL Trust

Q4 : Dec-09

1.50

S$0.585

14.404%

$0.64

Shipping Trust

Rickmers

Q3 : Sep-09

0.6

S$0.38

8.870%

$0.88

Shipping Trust

NOTES :

  • All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.4044:US$1 fm Yahoo Finance)
  • FSL : 56% Payout ; Q110 DPU Guidance = US1.5ct
  • PST : 70% Payout
  • Rickmers : 13% Payout

 
 

 
 

Other Trusts (non-REITs)

Trust

Period

DPU ct

Price

Yield

NAV

Assets Type

CitySpring

Q2 : Sep-09

1.05

$0.615

6.829%

$0.43*

Infrastructure – Water, Gas

AscendasIndT

Q3 : Dec-09

1.85

$0.975

7.590%

$0.85

India – Industrial Park

HWT

2H : Dec-09 (Forecast)

2.86

$0.685

8.350%

$0.76

China – Water Plant

Indiabulls

Q3 : Dec-09

$0.27

$0.5338

India – Office

NOTES :

  • a-iTrust : DPU Not Paid Out as Semi-Annual Payout Policy
  • 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 ; Excludes Sponsor Waiver) ; 2H09 DPU Forecast = 2.86ct (With Sponsor Waiver)
  • 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 : IPO Forecast – 5.12ct (FY09) 1,325.4Mil Units (2,371.7Mil Units Issued) Entitled to Div ; 9.82ct (FY10)

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