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)
Comments are Closed