Month: June 2010
Perfomance – Jun 2010
STI -2.14% : 2835.51 (Jun-10) vs 2897.62 (2009)
Rank – Capital Gains
|
REIT |
Jun-10 |
Dec-09 |
Gain |
|
Fortune Reit HK$ |
$3.550 |
$3.130 |
13.4% |
|
PLife REIT |
$1.360 |
$1.220 |
11.5% |
|
CLT |
$0.980 |
$0.880 |
11.4% |
|
Cambridge |
$0.495 |
$0.450 |
10.0% |
|
SaizenREIT |
$0.160 |
$0.150 |
6.7% |
|
MapletreeLog |
$0.835 |
$0.785 |
6.4% |
|
StarHill |
$0.555 |
$0.525 |
5.7% |
|
First REIT |
$0.855 |
$0.815 |
4.9% |
|
CapitaComm |
$1.220 |
$1.170 |
4.3% |
|
K-REIT |
$1.140 |
$1.100 |
3.6% |
|
AIMSAMPIReit |
$0.220 |
$0.215 |
2.3% |
|
CapitaMall |
$1.840 |
$1.800 |
2.2% |
|
FCOT |
$0.140 |
$0.140 |
0.0% |
|
CDL Htrust |
$1.750 |
$1.750 |
0.0% |
|
SuntecReit |
$1.320 |
$1.350 |
-2.2% |
|
CapitaRChina |
$1.240 |
$1.280 |
-3.1% |
|
AscottREIT |
$1.130 |
$1.200 |
-5.8% |
|
LippoMapleT |
$0.475 |
$0.505 |
-5.9% |
|
FrasersCT |
$1.300 |
$1.400 |
-7.1% |
|
Ascendasreit |
$1.820 |
$2.220 |
-18.0% |
NOTES :
- Not Adjusted for Rights or New Issues Which May Be at a Discount
- Jun-10 : End Jun-10 Mkt Price
- Dec-09 : End Dec-09 Mkt Price
- Gain : Capital Gains = (Jun-10 Mkt Price – Dec-09 Mkt Price) / (Dec-09 Mkt Price)
- CLT Uses IPO Price of $0.88 as Base
June 2010
REITs : Average Yield = 7.210% (Excl. Saizen)
|
REIT |
Period |
DPU cts |
Mkt |
Yield |
NAV |
Gearing |
Assets Type |
|
Cambridge |
Q1 – Mar10 |
1.274 |
$0.495 |
10.438% |
$0.59 |
42.60% |
Industrial |
|
LippoMapleT |
Q1 – Mar10 |
1.2 |
$0.475 |
10.105% |
$0.84 |
10.24% |
Malls (Indonesia) |
|
AIMSAMPIReit |
Q4 – Mar10 |
0.5376 |
$0.220 |
9.775% |
$0.31 |
28.90% |
Industrial |
|
First REIT |
Q1 – Mar10 |
1.9 |
$0.855 |
9.018% |
$0.98 |
15.70% |
Hospitals + Hotel (Indonesia) |
|
FraserComm |
1H – Mar10 |
0.5619 |
$0.140 |
8.071% |
$0.27 |
40.10% |
Malls + Office (S’pore and Aust) |
|
CACHE |
FY10 – IPO |
7.65 |
$0.980 |
7.806% |
$0.87 |
25.90% |
Industrial |
|
SuntecReit |
Q1 – Mar10 |
2.513 |
$1.320 |
7.721% |
$1.75 |
33.40% |
Malls + Office |
|
Fortune Reit HK$ |
Q1 – Mar10 |
6.38 |
$3.550 |
7.189% |
$5.19 |
23.70% |
Malls (HK) |
|
MapletreeLog |
Q1 – Mar10 |
1.5 |
$0.835 |
7.186% |
$0.85 |
38.60% |
Industrial |
|
CapitaRChina |
Q1 – Mar10 |
2.14 |
$1.240 |
7.000% |
$1.07 |
33.80% |
Malls (China) |
|
Starhill Gbl |
Q1 – Mar10 |
0.95 |
$0.555 |
6.937% |
$0.81 |
29.30% |
Malls + Office |
|
CapitaComm |
Q1 – Mar10 |
1.93 |
$1.220 |
6.418% |
$1.37 |
32.20% |
Office |
|
FrasersCT |
Q2 – Mar10 |
2.06 |
$1.300 |
6.338% |
$1.23 |
31.40% |
Malls |
|
PLife REIT |
Q1 – Mar10 |
2.07 |
$1.360 |
6.088% |
$1.37 |
28.20% |
Hospitals |
|
Ascendasreit |
Q4 – Mar10 |
2.73 |
$1.820 |
6.000% |
$1.55 |
31.60% |
Industrial |
|
AscottREIT |
Q1 – Mar10 |
1.66 |
$1.130 |
5.876% |
$1.32 |
42.10% |
Serviced Apts (Regional) |
|
CDL Htrust |
Q1 – Mar10 |
2.32 |
$1.750 |
5.377% |
$1.41 |
30.90% |
Hotels |
|
CapitaMall |
Q1 – Mar10 |
2.23 |
$1.840 |
4.913% |
$1.54 |
32.40% |
Malls + Office |
|
K-REIT |
Q1 – Mar10 |
1.33 |
$1.140 |
4.728% |
$1.47 |
25.20% |
Office |
|
SaizenREIT |
Q3 – Mar10 |
0 |
$0.160 |
0.000% |
$0.39 |
36.90% |
Residential (Japan) |
NOTES :
- Mkt Price is as on 30-Jun-10
- AIMSAMPIReit : Annualised = 2.1504ct
- PLife : Annualised DPU = 8.28ct
- Fortune : No Payout as Semi-Annual Payout Policy
- CDLHTrust : Annualised = 9.41ct ; No Payout as Semi-Annual Payout Policy
- AscottREIT : No Payout as Semi-Annual Payout Policy
- Suntec : Annualised DPU = 10.192ct
- StarHill Gbl : Annualised DPU = 3.85ct
- CRCT : Annualised DPU = 8.68ct ; No Payout as Semi-Annual Payout Policy
- FCT : Actual Payout 1.33ct (0.73ct was paid on 15-Mar-10 for the Period 1-Jan-10 to 3-Feb-10) ; $1.1M Retained for Future Distribution
- FirstREIT : Annualised DPU 7.71ct
- FrasersComm : Annualised DPU = 1.13ct
- Cambridge : Annualised DPU = 5.167ct
- CMT : Annualised DPU = 9.04ct ; Retained Income (for Future Distribution) = $9.5M
- KREIT : Annualised DPU = 5.39ct ; No Payout as Semi-Annual Payout Policy
- StarHill Gbl : Proposed Acquisitions (Cash RM300M + MTN RM330M + CPU RM405M) ; SGX Annc (16-Apr-10) ; Proforma (FY09) Impact – DPU 4.36ct (4.34ct if CPUs converted) / NAV $0.91 ($0.81 if CPUs converted) / Gearing 29%
- CCT : Annualised DPU = 7.83ct ; No Payout as Semi-Annual Payout Policy
- CLT (IPO) : IPO Forecast – 7.65ct (FY10) ; 7.78ct (FY11) ; IPO Close : 8-Apr-10 12pm ; Listing : 12-Apr-10 2pm ; IPO Prospectus
- CRCT : Q409 DPU 2.04ct (Annualised 8.09ct)
- FCT : Private Placement 137Mil New Units @ $1.33 ; SGX Annc (27-Jan-10) ; Listing on 4-Feb-10 2pm
- 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% @ $1 (Excl. Bonus Div) / 6.51% (Incl Bonus Div)
Shipping Trusts (non-REITs)
|
Trust |
Period |
DPU cts |
Mkt |
Yield |
NAV |
Assets Type |
|
PacShipTr US$ |
Q1 – Mar10 |
0.793 |
$0.280 |
11.329% |
$0.40 |
Shipping Trust |
|
FSL Trust |
Q1 – Mar10 |
1.5 |
$0.380 |
22.017% |
$0.62 |
Shipping Trust |
|
Rickmers |
Q1 – Mar10 |
0.57 |
$0.365 |
8.710% |
$0.94 |
Shipping Trust |
NOTES :
- All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.3944:US$1 fm Yahoo Finance)
- Rickmers : 13% Payout
- PST : 70% Payout
- FSL : 55% Payout ; Q210 DPU Guidance = US1.5ct
Other Trusts (non-REITs)
|
Trust |
Period |
DPU cts |
Mkt |
Yield |
NAV |
Assets Type |
|
CitySpring |
Q4 – Mar10 |
1.05 |
$0.590 |
7.119% |
$0.43 |
Infrastructure – Water, Gas |
|
HyfluxWaterT |
Q1 – Mar10 |
1.16 |
$0.660 |
7.030% |
$0.73 |
China – Water Plant |
|
K-Green |
FY11 |
7.82 |
$1.050 |
7.448% |
$1.12 |
Energy (Incineration) + Water (NEWater) |
|
AscendasIndT |
2H – Mar10 |
3.64 |
$0.940 |
7.745% |
$0.90 |
India – Industrial Park |
|
Indiabulls |
Q4 – Mar10 |
— |
$0.245 |
— |
$0.54 |
India – Office |
NOTES :
- K-Green : DPU – FY10 (6mths) = 3.91ct ; FY11 = 7.82ct ; Circular (31-May-10) ; Listing – 29-Jun-10 9am
- CitySpring : The Group NAV per unit before hedging and translation reserves is S$0.49 ; Guidance for FY11 DPU = 4.2ct
- HWT : No Payout as Semi-Annual Payout Policy
- Indiabulls : No DPU Declared
- HWT : 2H09 DPU = 2.86ct (With Sponsor Waiver) ; Sponsor DPU = 2.03ct
- 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)
Gearing – Jun 2010
New Data (Major Shareholders) for the Month
- 7 Jun 10 : CLT – JPM From 11.10 % To 10.98 % (2-Jun-10)
- 7 Jun 10 : AIMSAMPReit – APG From 8.935 % To 9.307 % (3-Jun-10)
- 3 Jun 10 : AIMSAMPIReit – APG From 7.862 % To 8.021 % (25-May-10)
|
REIT |
Assets |
Debts |
Gearing |
Shares |
Major Shareholders |
|
A-REIT |
S$4854M |
S$1522M |
31.6% |
1,871,153,701 |
Ascendas 20.66% ; Capital Grp 5.82% ; ING 7.045% |
|
AIMSAMPIReit |
S$658M |
S$190M |
28.9% |
1,466,599,000 |
AMP 16.07% ; APG 9.307% ; George Wang 7.65% ; Stitching 7.31% ; UBS 5.76% ; Lion 6.98% ; USS 8.24% |
|
AscottREIT |
S$1654M |
S$655M |
42.1% |
618,015,000 |
Temasek 48.0% |
|
Cambridge |
S$915M |
S$377M |
42.6% |
870,131,173 |
MacKenzie 6.34% ; Capital Grp 5.9153% |
|
CapitaRChina |
S$1216M |
S$416M |
33.8% |
624,128,034 |
Capitaland 40.04% (CMT 20%) ; Capital Grp 7.9454% ; PGGM 7.64% |
|
CCT |
S$5998M |
S$1931M |
32.2% |
2,816,403,677 |
Temasek 31.97% ; Cohen 5.036% |
|
CDL HTrust |
S$1769M |
S$546M |
30.9% |
838,726,008 |
Hong Leong 40.06% ; CS 5.9075% ; BOA 5.05% |
|
CLT |
S$738M |
S$191M |
25.9% |
632,200,000 |
C&P 14.1% ; JPM 10.98% ; MS 7.186% ; Capital Grp 6.0609% ; JF Asset Mgmt 6.5% |
|
CMT |
S$7608M |
S$2415M |
32.4% |
3,180,895,775 |
Temasek 29.65% ; NTUC 5.98% ; Capital Grp 9.0075% |
|
First REIT |
S$356M |
S$53.8M |
15.7% |
275,972,030 |
Lippo 20.3% ; RZB 9.2% ; CIM 5.9% |
|
Fortune |
HK$11961M |
HK$2756M |
25.7% |
1,663,952,367 |
Cheung Kong 32.35% ; Temasek 6.02% ; Schroder 10.955% |
|
FrasersCT |
S$1464M |
S$460M |
31.4% |
766,943,680 |
F&N 51% ; AIA 6.0126% ; Capital Group 7.4585% |
|
FrasersComm |
S$2070M |
S$830M |
40.1% |
3,067,792,467 |
F&N 23% ; Farallon 6.95% |
|
K-REIT |
S$2620M |
S$582M |
25.2% |
1,339,132,297 |
Temasek 75.16% |
|
LMIR |
S$1221M |
S$125M |
10.24% |
1,078,079,926 |
Lippo 18.39% ; MapleTree 13.18% ; Stitching 9.95% ; CPI-Capital 8.5% ; ABN AMRO 6.51% ; Sumitomo 5.03% |
|
MapleTree |
S$3132M |
S$1199M |
38.6% |
2,054,315,301 |
Temasek 44.41% ; Capital Grp 7.14% ; BOA 6.84% ; Alliance Global Prop 5.74% |
|
PLife |
S$1193M |
S$336M |
28.2% |
604,245,000 |
Newbridge 44.9% (Parkway + TPG Capital) ; Sunil 6.03% |
|
Saizen |
JPY46,451M |
JPY17,131M |
36.9% |
952,932,055 |
V-Nee Yeh (ASM, HCL) 20.201% ; CS 5.2112% |
|
Starhill Gbl |
S$2397M |
S$702M |
29.3% |
1,935,113,424 |
YTL 28.90% ; AIA 11.11% |
|
Suntec |
S$5161M |
S$1726M |
33.4% |
1,874,247,048 |
Asean Inv 5.4439% ; Shaw 5.81% ; Cheng YT 5.81% |
Notes :
- This table will be updated only as and when new data are available
- The Major Shareholders data may not be up-to-date. Pls chk SGX Annc to verify