March 2010
REITs : Average Yield = 7.091% (Excl. Saizen)
|
REIT |
Period |
DPU cts |
Mkt |
Yield |
NAV |
Gearing |
Assets Type |
|
Cambridge |
Q4 – Dec09 |
1.377 |
$0.465 |
11.748% |
$0.60 |
42.60% |
Industrial |
|
LippoMapleT |
Q4 – Dec09 |
1.16 |
$0.480 |
9.667% |
$0.83 |
10.50% |
Malls (Indonesia) |
|
First REIT |
Q4 – Dec09 |
1.92 |
$0.840 |
9.071% |
$0.98 |
15.50% |
Hospitals + Hotel (Indonesia) |
|
AIMSAMPIReit |
Q3 – Dec09 |
0.359 |
$0.215 |
8.571% |
$0.31 |
28.90% |
Industrial |
|
SuntecReit |
Q4 – Dec09 |
2.886 |
$1.340 |
8.545% |
$1.75 |
34.50% |
Malls + Office |
|
MapletreeLog |
Q4 – Dec09 |
1.59 |
$0.850 |
6.965% |
$0.85 |
38.10% |
Industrial |
|
Starhill Gbl |
Q4 – Dec09 |
0.97 |
$0.560 |
6.875% |
$0.81 |
26.90% |
Malls + Office |
|
CapitaComm |
2H – Dec09 |
3.73 |
$1.080 |
6.852% |
$1.37 |
33.20% |
Office |
|
Ascendasreit |
Q3 – Dec09 |
3.27 |
$1.920 |
6.813% |
$1.58 |
31.20% |
Industrial |
|
CapitaRChina |
2H – Dec09 |
4.06 |
$1.230 |
6.602% |
$1.05 |
33.60% |
Malls (China) |
|
FraserComm |
Q1 – Dec09 |
0.24 |
$0.150 |
6.333% |
$0.27 |
40.40% |
Malls + Office (S’pore and Aust) |
|
AscottREIT |
2H – Dec09 |
3.77 |
$1.240 |
6.081% |
$1.34 |
41.20% |
Serviced Apts (Regional) |
|
PLife REIT |
Q4 – Dec09 |
2.05 |
$1.360 |
6.029% |
$1.37 |
27.40% |
Hospitals |
|
Fortune Reit HK$ |
2H – Dec09 |
10.60 |
$3.570 |
5.938% |
$5.33 |
23.70% |
Malls (HK) |
|
FrasersCT |
Q1 – Dec09 |
1.91 |
$1.340 |
5.701% |
$1.22 |
29.70% |
Malls |
|
CapitaMall |
Q4 – Dec09 |
2.40 |
$1.770 |
5.379% |
$1.54 |
30.50% |
Malls + Office |
|
CDL Htrust |
2H – Dec09 |
4.71 |
$1.800 |
5.233% |
$1.43 |
19.10% |
Hotels |
|
K-REIT |
Q4 – Dec09 |
1.45 |
$1.100 |
5.227% |
$1.47 |
27.70% |
Office |
|
SaizenREIT |
Q2 – Dec09 |
0 |
$0.165 |
0.000% |
$0.40 |
43.50% |
Residential (Japan) |
NOTES :
- Mkt Price is as on 31-Mar-10
- AIMSAMPIReit : Actual DPU Payout = 0.1868ct (24-Nov-09 to 31-Dec-10) ; Above Yield is Computed Using this DPU
- 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%
- AIMSAMPIReit : 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)
- Saizen : IPO Forecast – FY09 (Jun09) : 5.65ct ; FY08 (Jun08) : 4.67ct (Incl. Bonus Div) / Annualised Yield 5.3% @ $1 (Excl. Bonus Div) / 6.51% (Incl Bonus Div)
Shipping Trusts (non-REITs)
|
Trust |
Period |
DPU cts |
Mkt |
Yield |
NAV |
Assets Type |
|
PacShipTr US$ |
Q4 – Dec09 |
0.827 |
$0.280 |
11.814% |
$0.40 |
Shipping Trust |
|
FSL Trust |
Q4 – Dec09 |
1.5 |
$0.615 |
13.656% |
$0.64 |
Shipping Trust |
|
Rickmers |
Q4 – Dec09 |
0.57 |
$0.270 |
11.820% |
$0.93 |
Shipping Trust |
NOTES :
- All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.3997:US$1 fm Yahoo Finance)
- Rickmers : 14% Payout
- FSL : 56% Payout ; Q110 DPU Guidance = US1.5ct
- PST : 70% Payout
Other Trusts (non-REITs)
|
Trust |
Period |
DPU cts |
Mkt |
Yield |
NAV |
Assets Type |
|
CitySpring |
Q3 – Dec09 |
1.05 |
$0.605 |
6.942% |
$0.44 |
Infrastructure – Water, Gas |
|
HyfluxWaterT |
2H – Dec09 |
2.86 |
$0.690 |
8.290% |
$0.75 |
China – Water Plant |
|
AscendasIndT |
Q3 – Dec09 |
1.85 |
$0.970 |
7.629% |
$0.85 |
India – Industrial Park |
|
Indiabulls |
Q3 – Dec09 |
— |
$0.275 |
— |
$0.53 |
India – Office |
NOTES :
- HWT : 2H09 DPU = 2.86ct (With Sponsor Waiver) ; Sponsor DPU = 2.03ct
- CitySpring : The Group NAV per unit before hedging and translation reserves is S$0.50
- a-iTrust : DPU Not Paid Out as Semi-Annual Payout Policy
- Indiabulls : No DPU Declared
- 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
- Indiabulls : IPO Forecast – 5.12ct (FY09) 1,325.4Mil Units (2,371.7Mil Units Issued) Entitled to Div ; 9.82ct (FY10)
Comments are Closed