March 2011

 

REITs : Average Yield = 6.989%

REIT

Period

DPU cts

Mkt

Yield

NAV

Gearing

Assets Type

AIMSAMPIReit

Q3 – Dec10

0.51

$0.205

9.951%

$0.27

34.00%

Industrial

Cambridge

Q4 – Dec10

1.193

$0.490

9.659%

$0.61

34.70%

Industrial

Sabana REIT

FY11 – IPO

8.63

$0.930

9.280%

$0.99

26.50%

Industrial

First REIT

FY11 – Rights

6.4

$0.740

8.649%

$0.75

17.25%

Hospitals + Hotel (Indonesia)

LippoMapleT

Q4 – Dec10

1.11

$0.540

8.222%

$0.83

10.30%

Malls (Indonesia)

CACHE

Q4 – Dec10

1.938

$0.940

8.180%

$0.89

23.70%

Industrial

MapletreeInd

Q1 – Dec10

1.52

$1.050

7.442%

$0.87

38.50%

Industrial

SaizenREIT

1H – Dec10

0.52

$0.140

7.429%

$0.36

36.90%

Residential (Japan)

AscottREIT

Q4 – Dec10

2.16

$1.200

7.200%

$1.28

40.30%

Serviced Apts (Regional)

Frasers Comm

FY10 – Proforma

5.55

$0.795

6.981%

$1.38

39.80%

Malls + Office

MapletreeLog

Q4 – Dec10

1.55

$0.905

6.851%

$0.84

37.70%

Industrial

Starhill Gbl

Q4 – Dec10

1.04

$0.620

6.661%

$0.93

30.20%

Malls + Office

CapitaRChina

2H – Dec10

4.15

$1.250

6.640%

$1.13

31.10%

Malls (China)

Ascendasreit

Q3 – Dec10

3.29

$2.040

6.451%

$1.57

34.70%

Industrial

Fortune Reit HK$

2H – Dec10

12.08

$3.840

6.292%

$6.18

21.00%

Malls (HK)

SuntecReit

Q4 – Dec10

2.316

$1.540

6.016%

$1.78

38.40%

Malls + Office

CapitaComm

2H – Dec10

3.93

$1.390

5.655%

$1.47

28.60%

Office

PLife REIT

Q4 – Dec10

2.38

$1.710

5.567%

$1.39

34.60%

Hospitals

CDL Htrust

2H – Dec10

5.31

$2.010

5.284%

$1.52

20.40%

Hotels

K-REIT

2H – Dec10

3.38

$1.290

5.240%

$1.48

37.00%

Office

FrasersCT

Q1 – Dec10

1.95

$1.520

5.132%

$1.28

30.60%

Malls

CapitaMall

Q4 – Dec10

2.36

$1.880

4.979%

$1.53

35.90%

Malls + Office

NOTES :

  • Mkt Price is as on 31-Mar-11
  • Cambridge : Annualised DPU = 4.733ct <= 0.566ct (18 Nov 10 to 31 Dec 10) + 0.627ct (1 Oct 10 to 17 Novg 10) Paid on 6 Dec 10
  • FCOT : 5-to-1 Stocks Consolidation on 8-Feb-11 ; Circular (30-Dec-10) : Proforma FY10 (Sep) – DPU 5.55ct ; NAV $1.38 ; Issued Shares 620,857,225
  • FCOT : Annualised DPU = 0.99ct ; DPU Not Paid as Semi-Annual Payout Policy
  • StarHill Gbl : Annualised DPU = 4.13ct
  • MIT : For the Period 21-Oct-10 to 31-Dec-10
  • PLife : Annualised DPU = 9.52ct
  • FirstREIT : Actual Payout = 0.87ct Due to Enlarged Share Base from 5-for-4 Rights Issue ; Above Yield is Computed Using Figures from Rights Prospectus
  • Suntec : Actual Payout = 0.593ct for the Period 9-Dec-10 to 31-Dec-10
  • AscottREIT : Actual Payout = 2.27ct for the Period 22-Sep-10 to 31-Dec-10
  • KREIT : Q410 DPU = 1.71ct ; Annualised DPU = 6.78ct ; Above Yield Computation Uses 2H10 DPU
  • CMT : Annualised DPU = 9.36ct
  • CCT : Q410 DPU = 1.94ct ; Annualised DPU = 7.70ct ; Above Yield Computation Uses 2H10 DPU
  • 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
  • CLT : Annualised DPU = 7.7ct ; Actual Payout = 3.65ct & Annualised DPU = 7.75ct (12-Apr-10 to 30-Sep-10)
  • MIT (IPO) : IPO Forecast – 3.1ct (FY11 – Mar) ; 7.46ct (FY12 – Mar) ; Listing : 21-Oct-10 2pm ; IPO Prospectus
  • 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
  • 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$

Q4 – Dec10

0.809

$0.360

8.989%

$0.41

Shipping Trust

FSL Trust

Q4 – Dec10

0.95

$0.410

11.676%

$0.57

Shipping Trust

Rickmers

Q4 – Dec10

0.6

$0.395

7.654%

$0.83

Shipping Trust

NOTES :

  • All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.2598:US$1 fm Yahoo Finance)
  • Rickmers : 14% Payout
  • FSL : 43% Payout (FY10)
  • PST : 75% Payout

   
 

Other Trusts (non-REITs)

Trust

Period

DPU cts

Mkt

Yield

NAV

Assets Type

CitySpring

Q3 – Dec10

1.05

$0.545

7.706%

$0.38

Infrastructure – Water, Gas

K-Green

FY11 – IPO

7.82

$1.030

8.369%

$1.11

Energy (Incineration) + Water (NEWater)

AscendasIndT

Q3 – Dec10

1.72

$0.955

7.204%

$0.83

India – Industrial Park

Indiabulls

Q3 – Dec10

$0.240

$0.50

India – Office

HPH Trust US$

FY11 – IPO

5.9

$0.990

5.960%

Ports – HK, China

NOTES :

  • HPH Trust : IPO DPU Forecast – FY11 = US5.9ct (HK45.88ct) ; FY12 = US6.59ct (HK51.24ct)
  • K-Green : DPU = 4.31ct for the Period 29-Jun-10 to 31-Dec-10 ; The Table Above Continues to Use FY11 IPO Forecast DPU to Calculate Yield
  • CitySpring : The Group NAV per unit before hedging and translation reserves is S$0.45
  • 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
  • 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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