December 2010

REITs : Average Yield = 6.684%

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

First REIT

FY11 – Rights

6.4

$0.705

9.078%

$0.76

17.25%

Hospitals + Hotel (Indonesia)

Cambridge

Q3 – Sep10

1.187

$0.530

8.885%

$0.58

39.20%

Industrial

Sabana REIT

FY11 – IPO

8.63

$0.975

8.851%

$0.99

26.50%

Industrial

LippoMapleT

Q3 – Sep10

1.09

$0.530

8.226%

$0.79

10.80%

Malls (Indonesia)

CACHE

Q3 – Sep10

1.94

$0.965

7.979%

$0.88

23.40%

Industrial

FraserComm

2H – Sep10

0.5549

$0.165

6.726%

$0.26

39.60%

Malls + Office (S’pore and Aust)

CapitaRChina

Q3 – Sep10

2.08

$1.240

6.653%

$1.06

33.70%

Malls (China)

SuntecReit

Q3 – Sep10

2.502

$1.500

6.617%

$1.80

32.90%

Malls + Office

MapletreeInd

FY11 (Mar)

3.1

$1.090

6.448%

$0.86

38.50%

Industrial

MapletreeLog

Q3 – Sep10

1.54

$0.965

6.383%

$0.86

39.90%

Industrial

Ascendasreit

Q2 – Sep10

3.3

$2.070

6.377%

$1.57

34.30%

Industrial

Starhill Gbl

Q3 – Sep10

1

$0.625

6.352%

$0.89

31.00%

Malls + Office

SaizenREIT

Q4 – Jun10

0.26

$0.165

6.303%

$0.40

36.90%

Residential (Japan)

AscottREIT

Q3 – Sep10

1.85

$1.220

6.066%

$1.22

32.20%

Serviced Apts (Regional)

FrasersCT

Q4 – Sep10

2.16

$1.500

5.760%

$1.29

30.30%

Malls

Fortune Reit HK$

Q3 – Sep10

5.76

$4.000

5.760%

$5.67

0.00%

Malls (HK)

PLife REIT

Q3 – Sep10

2.25

$1.650

5.455%

$1.36

35.00%

Hospitals

CapitaComm

Q3 – Sep10

1.99

$1.500

5.267%

$1.40

31.50%

Office

CDL Htrust

Q3 – Sep10

2.54

$2.080

4.846%

$1.46

21.10%

Hotels

CapitaMall

Q3 – Sep10

2.36

$1.950

4.800%

$1.50

37.20%

Malls + Office

K-REIT

Q3 – Sep10

1.69

$1.410

4.752%

$1.45

15.10%

Office

NOTES :

  • Mkt Price is as on 31-Dec-10
  • FirstREIT : Proposed Rights 5-for-4 @ $0.50 ; SGX Annc (10-Nov-10) ; FY11 Forecast – DPU 6.4ct ; NAV $0.76 ; Gearing 17.25% ; TERP $0.70 (Mkt $0.95)
  • 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

$0.365

9.118%

$0.41

Shipping Trust

FSL Trust

Q3 – Sep10

0.95

$0.465

10.488%

$0.57

Shipping Trust

Rickmers

Q3 – Sep10

0.57

$0.395

7.408%

$0.76

Shipping Trust

NOTES :

  • All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.2834: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

$0.570

7.368%

$0.34

Infrastructure – Water, Gas

K-Green

FY11

7.82

$1.070

7.308%

$1.15

Energy (Incineration) + Water (NEWater)

AscendasIndT

1H – Sep10

3.36

$0.930

7.226%

$0.83

India – Industrial Park

Indiabulls

Q1 – Jun10

$0.270

$0.5262

India – Office

NOTES : HWT Removed Due to Delisting

  • 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)

 

 

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