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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