May 2011

Results Announcement

  • 3 May 11 (AM) : TCT (Table Updated)
  • 3 May 11 : Fortune (Tables Updated)
  • 5 May 11 (AM) : PLife (Tables Updated)
  • 6 May 11 : IndiaBulls (Table Updated)
  • 11 May 11 : Saizen (Tables Updated)
  • 25 May 11 : CitySpring (Table Updated)

 

 

REITs : Average Yield = 6.872%

REIT

Period

DPU cts

Mkt

Yield

NAV

Gearing

Assets Type

AIMSAMPIReit

Q4 – Mar11

0.54

$0.215

10.047%

$0.27

32.00%

Industrial

Sabana REIT

Q1 – Mar11

3.04

$0.940

9.372%

$0.98

24.90%

Industrial

Cambridge

Q1 – Mar11

1.126

$0.500

9.134%

$0.61

33.30%

Industrial

CACHE

Q1 – Mar11

1.952

$0.930

8.512%

$0.88

26.40%

Industrial

LippoMapleT

Q1 – Mar11

1.17

$0.565

8.283%

$0.86

10.00%

Retail (Indonesia)

First REIT

Q1 – Mar11

1.58

$0.790

8.114%

$0.78

13.80%

Hospitals + Hotel (Indonesia)

AscottREIT

Q1 – Mar11

2.14

$1.170

7.316%

$1.26

41.10%

Serviced Apts (Regional)

Fortune Reit HK$

Q1 – Mar11

6.73

$3.750

7.179%

$6.18

20.60%

Retail (HK)

Frasers Comm

1H – Mar11

2.8639

$0.820

6.985%

$1.34

37.80%

Retail + Office

SaizenREIT

1H – Dec10

0.52

$0.150

6.933%

$0.34

36.90%

Residential (Japan)

CapitaRChina

Q1 – Mar11

2.15

$1.260

6.921%

$1.10

32.60%

Retail (China)

Starhill Gbl

Q1 – Mar11

1.07

$0.635

6.835%

$0.93

30.20%

Retail + Office

MapletreeLog

Q1 – Mar11

1.55

$0.915

6.776%

$0.85

39.40%

Industrial

MapletreeInd

Q2 – Mar11

1.93

$1.170

6.598%

$0.95

36.10%

Industrial

SuntecReit

Q1 – Mar11

2.388

$1.510

6.414%

$1.77

38.40%

Retail + Office

Ascendasreit

Q4 – Mar11

3.27

$2.060

6.350%

$1.72

35.20%

Industrial

MapletreeCom

FY12 – IPO

4.97

$0.880

5.648%

$0.91

39.00%

Retail + Office

K-REIT

Q1 – Mar11

1.79

$1.290

5.628%

$1.47

37.40%

Office

FrasersCT

Q2 – Mar11

2.07

$1.490

5.557%

$1.28

31.20%

Retail

PLife REIT

Q1 – Mar11

2.36

$1.830

5.158%

$1.39

34.30%

Hospitals

CapitaComm

Q1 – Mar11

1.84

$1.470

5.007%

$1.47

27.80%

Office

CapitaMall

Q1 – Mar11

2.29

$2.000

4.645%

$1.53

39.90%

Retail + Office

CDL Htrust

Q1 – Mar11

2.38

$2.080

4.639%

$1.49

20.70%

Hotels

NOTES :

  • Mkt Price is as on 31-May-11
  • Saizen : DPU Not Declared as Semi-Annual Payout Policy
  • PLife : Annualised DPU = 9.44ct
  • Fortune : DPU Not Paid as Semi-Annual Payout Policy
  • Cambridge : Annualised DPU = 4.567ct ; Actual Payout = 1.001ct (Annualized = 4.06ct) as recent 1-for-8 Rights Shares are Entitled to DPU
  • Sabana : Annualised DPU = 8.81ct ; Above DPU Payout is for the Period 26-Nov-10 to 31-Dec-10
  • MCT : IPO Forecast DPU = 4.97ct (FY12) ; 5.42ct (FY13) ; Listing on 27-Apr-11 2pm
  • StarHill Gbl : Annualised DPU = 4.34ct
  • CLT : Annualised DPU = 7.916ct
  • CDL H-Trust : Annualised DPU = 9.65ct ; DPU Not Paid as Semi-Annual Payout Policy
  • Suntec : Annualised DPU = 9.685ct
  • FCOT : Q211 (Mar) DPU = 1.61ct
  • FCT : Retained $318k Distributable Income for Q211 (Mar)
  • AscottREIT : DPU Not Paid as Semi-Annual Payout Policy
  • CMT : Annualised DPU = 9.29ct
  • FirstREIT : Annualised DPU = 6.41ct
  • AIMSAMPReit : Actual DPU Payout = 0.255ct (for the Period 23-Feb-11 to 31-Mar-11) ; DPU = 0.285ct (for the Period 1-Han-11 to 22-Feb-11) Already Paid Out
  • CCT : DPU Not Paid as Semi-Annual Payout Policy
  • K-REIT : DPU Not Paid as Semi-Annual Payout Policy
  • 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
  • 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
  • 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)

 
 

 
 

Shipping Trusts (non-REITs)

Trust

Period

DPU cts

Mkt

Yield

NAV

Assets Type

PacShipTr US$

Q1 – Mar11

0.809

$0.355

9.115%

$0.42

Shipping Trust

FSL Trust

Q1 – Mar11

0.95

$0.385

12.138%

$0.57

Shipping Trust

Rickmers

Q1 – Mar11

0.6

$0.410

7.199%

$0.86

Shipping Trust

NOTES :

  • All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.2298:US$1 fm Yahoo Finance)
  • FSL : 49% Payout
  • PST : 70% Payout
  • Rickmers : 10% Payout (of Cash flow available for distribution before payment to debt capital providers)

   
 

Other Trusts (non-REITs)

Trust

Period

DPU cts

Mkt

Yield

NAV

Assets Type

CitySpring

Q4 – Mar11

1.05

$0.550

7.636%

$0.354

Infrastructure – Water + Gas + Power

K-Green

FY11 – IPO

7.82

$1.080

7.981%

$1.11

Energy (Incineration) + Water (NEWater)

AscendasIndT

2H – Mar11

3.22

$0.980

6.571%

$0.80

India – Industrial Park

Indiabulls

Q4 – Mar11

$0.190

$0.52

India – Office

HPH Trust US$

FY11 – IPO

5.9

$0.940

6.277%

Ports – HK + China

TCT

Q1 – Mar11

2.5

$2.050

4.878%

$3.67

China – Retail + Office + Industrial

NOTES :

  • CitySpring : Guidance for FY12 DPU = 4.2ct
  • CitySpring : The Group NAV per unit before hedging and translation reserves is S$0.429
  • Indiabulls : No DPU Declared
  • TCT : No DPU Payout as Semi-Annual Dividend Payout Policy
  • 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
  • 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
  • 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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