August 2011
Results Announcement
- 1 Aug 11 : CitySpring (Table Updated)
- 3 Aug 11 : HPH Trust (Table Updated)
- 4 Aug 11 (AM) : PLife (Tables Updated)
- 4 Aug 11 : LMIR (Tables Updated)
- 23 Aug 11 : Saizen (Tables Updated)
REITs : Average Yield = 7.100%
|
REIT |
Period |
DPU cts |
Mkt |
Yield |
NAV |
Gearing |
Assets Type |
|
AIMSAMPIReit |
Q1 – Jun11 |
0.53 |
$0.205 |
10.341% |
$0.268 |
30.40% |
Industrial |
|
Sabana REIT |
Q2 – Jun11 |
2.18 |
$0.900 |
9.711% |
$0.980 |
25.10% |
Industrial |
|
CACHE |
Q2 – Jun11 |
2.086 |
$0.965 |
8.670% |
$0.880 |
29.10% |
Industrial |
|
Cambridge |
Q2 – Jun11 |
1.036 |
$0.480 |
8.656% |
$0.620 |
32.70% |
Industrial |
|
First REIT |
Q2 – Jun11 |
1.58 |
$0.785 |
8.115% |
$0.781 |
13.80% |
Hospitals + Hotel (Indonesia) |
|
AscottREIT |
1H – Jun11 |
4.466 |
$1.115 |
8.011% |
$1.330 |
40.10% |
Serviced Apts (Regional) |
|
SuntecReit |
Q2 – Jun11 |
2.532 |
$1.350 |
7.523% |
$1.759 |
38.50% |
Retail + Office |
|
LippoMapleT |
Q2 – Jun11 |
1.09 |
$0.585 |
7.453% |
$0.846 |
10.20% |
Retail (Indonesia) |
|
MapletreeLog |
Q2 – Jun11 |
1.6 |
$0.890 |
7.191% |
$0.830 |
39.40% |
Industrial |
|
CapitaRChina |
1H – Jun11 |
4.3 |
$1.220 |
7.107% |
$1.140 |
29.70% |
Retail (China) |
|
Fortune Reit HK$ |
1H – Jun11 |
12.8 |
$3.780 |
6.772% |
$7.520 |
18.10% |
Retail (HK) |
|
Starhill Gbl |
Q2 – Jun11 |
1.04 |
$0.620 |
6.726% |
$0.930 |
30.20% |
Retail + Office |
|
MapletreeInd |
Q1 – Jun11 |
1.98 |
$1.180 |
6.712% |
$0.950 |
36.00% |
Industrial |
|
SaizenREIT |
2H – Jun11 |
0.5 |
$0.150 |
6.667% |
$0.320 |
24.00% |
Residential (Japan) |
|
Frasers Comm |
Q3 – Jun11 |
1.38 |
$0.840 |
6.595% |
$1.330 |
37.10% |
Retail + Office |
|
K-REIT |
1H – Jun11 |
3.72 |
$1.155 |
6.494% |
$1.470 |
39.20% |
Office |
|
MapletreeCom |
Q1 – Jun11 |
0.9564 |
$0.840 |
6.393% |
$0.915 |
38.60% |
Retail + Office |
|
CapitaComm |
1H – Jun11 |
3.77 |
$1.195 |
6.310% |
$1.520 |
26.90% |
Office |
|
Ascendasreit |
Q1 – Jun11 |
3.2 |
$2.120 |
6.038% |
$1.738 |
28.70% |
Industrial |
|
CDL Htrust |
1H – Jun11 |
5.34 |
$1.815 |
5.934% |
$1.530 |
26.30% |
Hotels |
|
FrasersCT |
Q3 – Jun11 |
1.95 |
$1.430 |
5.790% |
$1.280 |
31.70% |
Retail |
|
CapitaMall |
Q2 – Jun11 |
2.36 |
$1.870 |
5.064% |
$1.550 |
38.20% |
Retail + Office |
|
PLife REIT |
Q2 – Jun11 |
2.37 |
$1.885 |
5.029% |
$1.390 |
34.30% |
Hospitals |
NOTES :
- Mkt Price is as on 31-Aug-11
- PLife : Annualised DPU = 9.48ct
- FCOT : Annualised DPU = 5.54ct ; No DPU Payout as Semi-Annual Payout Policy
- Sabana : Annualised DPU = 8.74ct
- CLT : Annualised DPU = 8.367ct
- MCT : Annualised DPU = 5.37ct ; Actual DPU for the Period 27-Apr-11 to 30-Jun-11
- CDL H-Trust : Annualised DPU = 10.77ct
- AIMSAMPReit : 96.8% Payout
- StarHill Global : Annualised DPU = 4.17ct
- FirstREIT : Annualised DPU = 6.37ct
- Suntec : Annualised DPU = 10.156ct
- Cambridge : Annualised DPU = 4.155ct
- CMT : Annualised DPU = 9.47ct
- A-REIT : Actual DPU Payout = 2.81ct (11-Apr-11 to 30-Jun-11) ; DPU = 0.39ct (1-Apr-11 to 10-Apr-11) Paid on 9-May-11
- K-REIT : Annualised DPU = 7.5ct
- CRCT : Actual DPU Payout = 4.28ct (1-Jan-11 to 29-Jun-11)
- MCT : IPO Forecast DPU = 4.97ct (FY12) ; 5.42ct (FY13) ; Listing on 27-Apr-11 2pm
- FCT : Retained $318k Distributable Income for Q211 (Mar)
- 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 @ $1.33 ; SGX Annc (27-Jan-10) ; Listing on 4-Feb-10 2pm
- FCT : Proposed Acquisitions + New Shares Issue ; Circular (7-Jan-10)
Shipping Trusts (non-REITs)
|
Trust |
Period |
DPU cts |
Mkt |
Yield |
NAV |
Assets Type |
|
PacShipTr US$ |
Q2 – Jun11 |
0.809 |
$0.345 |
9.380% |
$0.42 |
Shipping Trust |
|
FSL Trust |
Q2 – Jun11 |
0.95 |
$0.285 |
16.033% |
$0.53 |
Shipping Trust |
|
Rickmers |
Q2 – Jun11 |
0.6 |
$0.350 |
8.246% |
$0.87 |
Shipping Trust |
NOTES :
- All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.2025:US$1 fm Yahoo Finance)
- FSL : 43% 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 |
FY11 – Rights (Proforma) |
3.28 |
$0.395 |
8.304% |
$0.328 |
Infrastructure – Water + Gas + Power |
|
K-Green |
FY11 – IPO |
7.82 |
$0.950 |
8.232% |
$1.09 |
Energy (Incineration) + Water (NEWater) |
|
AscendasIndT |
Q1 – Jun11 |
1.5 |
$0.900 |
6.667% |
$0.76 |
India – Industrial Park |
|
Indiabulls |
Q4 – Mar11 |
— |
$0.175 |
— |
$0.52 |
India – Office |
|
HPH Trust US$ |
FY11 – IPO |
5.9 |
$0.690 |
8.551% |
HK$7.80 |
Ports – HK + China |
|
TCT |
1H – Jun11 |
5 |
$1.840 |
5.435% |
$4.17 |
China – Retail + Office + Industrial |
|
PerennialCRT |
FY11 – IPO |
2.37 |
$0.515 |
7.204% |
$0.67 |
China Retail |
NOTES :
- HPH Trust : DPU Payout = HK14.3ct (16-Mar-11 to 30-Jun-11) ; Above Table Uses IPO Forecast to Compute Yield
- a-iTrust : No DPU Payout as Semi-Annual Payout Policy
- K-Green : Actual DPU Payout = 3.13ct ; Above Table Uses FY11 IPO Forecast DPU to Calculate Yield
- CitySpring : Proposed 11-for-20 Rights Issue @ $0.39. TERP = $0.4835 @ $0.535 (Mkt Price) ; Annualised Yield (Profroma 2FY11) = 6.8% @ TERP (Before Rights = 8.4% @ $0.535)
- 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
- Indiabulls : No DPU Declared
- HPH Trust : IPO DPU Forecast – FY11 = US5.9ct (HK45.88ct) ; FY12 = US6.59ct (HK51.24ct)
- 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)
Comments are Closed