June 2011
REITs : Average Yield = 6.827%
|
REIT |
Period |
DPU cts |
Mkt |
Yield |
NAV |
Gearing |
Assets Type |
|
AIMSAMPIReit |
Q4 – Mar11 |
0.54 |
$0.220 |
9.818% |
$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 |
$0.495 |
9.226% |
$0.61 |
33.30% |
Industrial |
|
CACHE |
Q1 – Mar11 |
1.952 |
$0.970 |
8.161% |
$0.88 |
26.40% |
Industrial |
|
First REIT |
Q1 – Mar11 |
1.58 |
$0.790 |
8.114% |
$0.78 |
13.80% |
Hospitals + Hotel (Indonesia) |
|
LippoMapleT |
Q1 – Mar11 |
1.17 |
$0.605 |
7.736% |
$0.86 |
10.00% |
Retail (Indonesia) |
|
AscottREIT |
Q1 – Mar11 |
2.14 |
$1.180 |
7.254% |
$1.26 |
41.10% |
Serviced Apts (Regional) |
|
CapitaRChina |
Q1 – Mar11 |
2.15 |
$1.220 |
7.148% |
$1.10 |
32.60% |
Retail (China) |
|
Frasers Comm |
1H – Mar11 |
2.8639 |
$0.810 |
7.071% |
$1.34 |
37.80% |
Retail + Office |
|
Fortune Reit HK$ |
Q1 – Mar11 |
6.73 |
$3.820 |
7.047% |
$6.18 |
20.60% |
Retail (HK) |
|
MapletreeLog |
Q1 – Mar11 |
1.55 |
$0.920 |
6.739% |
$0.85 |
39.40% |
Industrial |
|
SaizenREIT |
1H – Dec10 |
0.52 |
$0.155 |
6.710% |
$0.34 |
36.90% |
Residential (Japan) |
|
Starhill Gbl |
Q1 – Mar11 |
1.07 |
$0.650 |
6.677% |
$0.93 |
30.20% |
Retail + Office |
|
MapletreeInd |
Q2 – Mar11 |
1.93 |
$1.170 |
6.598% |
$0.95 |
36.10% |
Industrial |
|
SuntecReit |
Q1 – Mar11 |
2.388 |
$1.500 |
6.457% |
$1.77 |
38.40% |
Retail + Office |
|
Ascendasreit |
Q4 – Mar11 |
3.27 |
$2.040 |
6.412% |
$1.72 |
35.20% |
Industrial |
|
MapletreeCom |
FY12 – IPO |
4.97 |
$0.865 |
5.746% |
$0.91 |
39.00% |
Retail + Office |
|
K-REIT |
Q1 – Mar11 |
1.79 |
$1.330 |
5.459% |
$1.47 |
37.40% |
Office |
|
FrasersCT |
Q2 – Mar11 |
2.07 |
$1.530 |
5.412% |
$1.28 |
31.20% |
Retail |
|
PLife REIT |
Q1 – Mar11 |
2.36 |
$1.840 |
5.130% |
$1.39 |
34.30% |
Hospitals |
|
CapitaComm |
Q1 – Mar11 |
1.84 |
$1.450 |
5.076% |
$1.47 |
27.80% |
Office |
|
CapitaMall |
Q1 – Mar11 |
2.29 |
$1.870 |
4.968% |
$1.53 |
39.90% |
Retail + Office |
|
CDL Htrust |
Q1 – Mar11 |
2.38 |
$2.060 |
4.684% |
$1.49 |
20.70% |
Hotels |
NOTES :
- Mkt Price is as on 30-Jun-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 |
$0.350 |
13.348% |
$0.57 |
Shipping Trust |
|
Rickmers |
Q1 – Mar11 |
0.6 |
$0.415 |
7.110% |
$0.86 |
Shipping Trust |
NOTES :
- All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.2294: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 |
$0.535 |
7.850% |
$0.354 |
Infrastructure – Water + Gas + Power |
|
K-Green |
FY11 – IPO |
7.82 |
$1.060 |
8.132% |
$1.11 |
Energy (Incineration) + Water (NEWater) |
|
AscendasIndT |
2H – Mar11 |
3.22 |
$0.950 |
6.779% |
$0.80 |
India – Industrial Park |
|
Indiabulls |
Q4 – Mar11 |
— |
$0.190 |
— |
$0.52 |
India – Office |
|
HPH Trust US$ |
FY11 – IPO |
5.9 |
$0.845 |
6.982% |
— |
Ports – HK + China |
|
TCT |
Q1 – Mar11 |
2.5 |
$1.980 |
5.051% |
$3.67 |
China – Retail + Office + Industrial |
|
PerennialCRT |
FY11 – IPO |
2.37 |
$0.615 |
6.033% |
$0.67 |
China Retail |
NOTES :
- PCRT : IPO DPU Forecast – FY11 = 2.37ct ; FY12 = 3.86ct ; Semi-Annual Dividend Payout with 1st Payout for Dec-11 ; Listing on 9-Jun-11 2pm
- 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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