November 2010
Results Announcement
- 3 Nov 10 : LMIR (Tables Updated)
- 8 Nov 10 (AM) : PLife (Tables Updated)
- 10 Nov 10 (AM) : Saizen (Tables Updated)
- 11 Nov 10 : CitySpring (Tables Updated)
- 12 Nov 10 : Rickmers (Table Updated)
REITs : Average Yield = 6.723%
REIT |
Period |
DPU cts |
Mkt |
Yield |
NAV |
Gearing |
Assets Type |
AIMSAMPIReit |
Q1 – Proforma Rights |
0.52 |
$0.220 |
9.455% |
$0.26 |
34.80% |
Industrial |
Sabana REIT |
FY11 – IPO |
8.63 |
$0.975 |
8.851% |
$0.99 |
26.50% |
Industrial |
Cambridge |
Q3 – Sep10 |
1.187 |
$0.535 |
8.802% |
$0.58 |
39.20% |
Industrial |
LippoMapleT |
Q3 – Sep10 |
1.09 |
$0.515 |
8.466% |
$0.79 |
10.80% |
Malls (Indonesia) |
CACHE |
Q3 – Sep10 |
1.94 |
$0.965 |
7.979% |
$0.88 |
23.40% |
Industrial |
First REIT |
Q3 – Sep10 |
1.94 |
$0.985 |
7.817% |
$0.98 |
16.50% |
Hospitals + Hotel (Indonesia) |
SuntecReit |
Q3 – Sep10 |
2.502 |
$1.420 |
6.990% |
$1.80 |
32.90% |
Malls + Office |
FraserComm |
2H – Sep10 |
0.5549 |
$0.165 |
6.726% |
$0.26 |
39.60% |
Malls + Office (S’pore and Aust) |
CapitaRChina |
Q3 – Sep10 |
2.08 |
$1.230 |
6.707% |
$1.06 |
33.70% |
Malls (China) |
MapletreeInd |
FY11 (Mar) |
3.1 |
$1.060 |
6.630% |
$0.86 |
38.50% |
Industrial |
MapletreeLog |
Q3 – Sep10 |
1.54 |
$0.940 |
6.553% |
$0.86 |
39.90% |
Industrial |
Starhill Gbl |
Q3 – Sep10 |
1 |
$0.610 |
6.508% |
$0.89 |
31.00% |
Malls + Office |
Ascendasreit |
Q2 – Sep10 |
3.3 |
$2.080 |
6.346% |
$1.57 |
34.30% |
Industrial |
SaizenREIT |
Q4 – Jun10 |
0.26 |
$0.165 |
6.303% |
$0.40 |
36.90% |
Residential (Japan) |
AscottREIT |
Q3 – Sep10 |
1.85 |
$1.200 |
6.167% |
$1.22 |
32.20% |
Serviced Apts (Regional) |
FrasersCT |
Q4 – Sep10 |
2.16 |
$1.410 |
6.128% |
$1.29 |
30.30% |
Malls |
Fortune Reit HK$ |
Q3 – Sep10 |
5.76 |
$3.930 |
5.863% |
$5.67 |
0.00% |
Malls (HK) |
PLife REIT |
Q3 – Sep10 |
2.25 |
$1.620 |
5.556% |
$1.36 |
35.00% |
Hospitals |
CapitaComm |
Q3 – Sep10 |
1.99 |
$1.490 |
5.302% |
$1.40 |
31.50% |
Office |
CapitaMall |
Q3 – Sep10 |
2.36 |
$1.840 |
5.087% |
$1.50 |
37.20% |
Malls + Office |
K-REIT |
Q3 – Sep10 |
1.69 |
$1.400 |
4.786% |
$1.45 |
15.10% |
Office |
CDL Htrust |
Q3 – Sep10 |
2.54 |
$2.060 |
4.893% |
$1.46 |
21.10% |
Hotels |
NOTES :
- Mkt Price is as on 30-Nov-10
- Sabana : Forecast DPU FY11 = 8.63ct ; FY12 = 8.67ct ; Listed on 26 Nov 10 2pm @ $1.05
- Saizen : DPU Not Paid as Semi-Annual Payout Policy
- PLife : Annualised DPU = 9.00ct
- AIMSAMPIReit : Actual DPU Payout = 0.3968ct Includes Payout to Rights Units Issued in Oct-10
- CDLHTrust : Annualised = 10.08ct ; DPU Not Paid as Semi-Annual Payout Policy
- CLT : Annualised DPU = 7.7ct ; Actual Payout = 3.65ct & Annualised DPU = 7.75ct (12-Apr-10 to 30-Sep-10)
- Suntec : Annualised DPU = 9.926ct
- StarHill Gbl : Annualised DPU = 3.97ct
- FCT : DPU Includes 0.21ct Retained from other Quarters
- ART : Actual Payout = 1.74ct (1 Jul 10 to 21 Sep 10) ; Next DPU Payout will be for 22-Sep-10 to 31-Dec-10 (Subsequent Payout on Semi-Annual Basis)
- FirstREIT : Annualised DPU 7.70ct
- CMT : Annualised DPU = 9.36ct
- CCT : Annualised DPU = 7.90ct ; DPU Not Paid as Semi-Annual Payout Policy
- MIT (IPO) : IPO Forecast – 3.1ct (FY11 – Mar) ; 7.46ct (FY12 – Mar) ; Listing : 21-Oct-10 2pm ; IPO Prospectus
- Cambridge : Annualised DPU = 4.709ct <= 0.507ct (23 Aug 10 to 30 Sep 10) + 0.68ct (1 Apr 10 to 22 Aug 10) Paid on 16 Sep 10
- CRCT : Annualised DPU = 8.25ct ; DPU Not Paid as Semi-Annual Payout Policy
- KREIT : Annualised DPU = 6.7ct ; DPU Not Paid as Semi-Annual Payout Policy
- AIMSAMPReit : Proposed Rights 7-for-20 @ $0.155 ; SGX Annc (24-Aug-10) ; Proforma Q111 (Mar-10) Impact – DPU 0.52ct ; NAV $0.26 ; Gearing 34.8% ; TERP $0.211
- Saizen : This distribution relates to distributable cash accumulated over two months in May 2010 and June 2010 ; First Payout since 1H09 (Dec-08)
- 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%
- CLT (IPO) : IPO Forecast – 7.65ct (FY10) ; 7.78ct (FY11) ; IPO Close : 8-Apr-10 12pm ; Listing : 12-Apr-10 2pm ; IPO Prospectus
- 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%
- 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% @ $1 (Excl. Bonus Div) / 6.51% (Incl Bonus Div)
Shipping Trusts (non-REITs)
Trust |
Period |
DPU cts |
Mkt |
Yield |
NAV |
Assets Type |
PacShipTr US$ |
Q3 – Sep10 |
0.832 |
$0.360 |
8.811% |
$0.41 |
Shipping Trust |
FSL Trust |
Q3 – Sep10 |
0.95 |
$0.435 |
11.557% |
$0.57 |
Shipping Trust |
Rickmers |
Q3 – Sep10 |
0.57 |
$0.380 |
7.938% |
$0.76 |
Shipping Trust |
NOTES :
- All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.3230:US$1 fm Yahoo Finance)
- Rickmers : 13% Payout
- FSL : 40% Payout
- PST : 70% Payout
Other Trusts (non-REITs)
Trust |
Period |
DPU cts |
Mkt |
Yield |
NAV |
Assets Type |
CitySpring |
Q2 – Sep10 |
1.05 |
$0.585 |
7.179% |
$0.34 |
Infrastructure – Water, Gas |
HyfluxWaterT |
Q1 – Mar10 |
1.16 |
$0.785 |
5.911% |
$0.73 |
China – Water Plant |
K-Green |
FY11 |
7.82 |
$1.050 |
7.448% |
$1.15 |
Energy (Incineration) + Water (NEWater) |
AscendasIndT |
1H – Sep10 |
3.36 |
$0.965 |
6.964% |
$0.83 |
India – Industrial Park |
Indiabulls |
Q1 – Jun10 |
— |
$0.285 |
— |
$0.5262 |
India – Office |
NOTES :
- CitySpring : The Group NAV per unit before hedging and translation reserves is S$0.45
- K-Green : No DPU Payout as Semi-Annual Payout Policy
- Indiabulls : No DPU Declared
- a-iTrust : No DPU Payout as Semi-Annual Payout Policy
- K-Green : DPU – FY10 (6mths) = 3.91ct ; FY11 = 7.82ct ; Circular (31-May-10) ; Listing – 29-Jun-10 9am
- CitySpring : Guidance for FY11 DPU = 4.2ct
- HWT : No Payout as Semi-Annual Payout Policy
- 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