September 2011

 

 

REITs : Average Yield = 7.583%

REIT

Period

DPU cts

Mkt

Yield

NAV

Gearing

Assets Type

AIMSAMPI Reit

Q1 – Jun11

2.65

$0.995

10.653%

$1.340

30.40%

Industrial

Sabana REIT

Q2 – Jun11

2.18

$0.860

10.163%

$0.980

25.10%

Industrial

Cambridge

Q2 – Jun11

1.036

$0.460

9.033%

$0.620

32.70%

Industrial

AscottREIT

1H – Jun11

4.466

$1.010

8.844%

$1.330

40.10%

Serviced Apts (Regional)

SuntecReit

Q2 – Jun11

2.532

$1.150

8.831%

$1.759

38.50%

Retail + Office

CACHE

Q2 – Jun11

2.086

$0.960

8.716%

$0.880

29.10%

Industrial

First REIT

Q2 – Jun11

1.58

$0.760

8.382%

$0.781

13.80%

Hospitals + Hotel (Indonesia)

LippoMalls

Q2 – Jun11

1.09

$0.540

8.074%

$0.846

10.20%

Retail (Indonesia)

Fortune Reit HK$

1H – Jun11

12.8

$3.390

7.552%

$7.520

18.10%

Retail (HK)

MapletreeLog

Q2 – Jun11

1.6

$0.850

7.529%

$0.830

39.40%

Industrial

CapitaComm

1H – Jun11

3.77

$1.010

7.465%

$1.520

26.90%

Office

K-REIT

1H – Jun11

3.72

$1.005

7.463%

$1.470

39.20%

Office

CapitaRChina

1H – Jun11

4.3

$1.165

7.442%

$1.140

29.70%

Retail (China)

MapletreeInd

Q1 – Jun11

1.98

$1.085

7.300%

$0.950

36.00%

Industrial

Starhill Gbl

Q2 – Jun11

1.04

$0.580

7.190%

$0.930

30.20%

Retail + Office

CDL Htrust

1H – Jun11

5.34

$1.510

7.132%

$1.530

26.30%

Hotels

Frasers Comm

Q3 – Jun11

1.38

$0.800

6.925%

$1.330

37.10%

Retail + Office

SaizenREIT

2H – Jun11

0.5

$0.149

6.711%

$0.320

24.00%

Residential (Japan)

MapletreeCom

Q1 – Jun11

0.9564

$0.815

6.589%

$0.915

38.60%

Retail + Office

Ascendasreit

Q1 – Jun11

3.2

$2.030

6.305%

$1.738

28.70%

Industrial

FrasersCT

Q3 – Jun11

1.95

$1.440

5.750%

$1.280

31.70%

Retail

PLife REIT

Q2 – Jun11

2.37

$1.830

5.180%

$1.390

34.30%

Hospitals

CapitaMall

Q2 – Jun11

2.36

$1.830

5.175%

$1.550

38.20%

Retail + Office

NOTES :

  • Mkt Price is as on 30-Sep-11
  • AIMSAMPI Reit : 5-to-1 Stocks Consolidation on 29-Sep-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

$0.375

8.629%

$0.42

Shipping Trust

FSL Trust

Q2 – Jun11

0.95

$0.280

17.621%

$0.53

Shipping Trust

Rickmers

Q2 – Jun11

0.6

$0.315

9.893%

$0.87

Shipping Trust

NOTES :

  • All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.2984: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

$0.390

8.410%

$0.328

Infrastructure – Water + Gas + Power

K-Green

FY11 – IPO

7.82

$0.895

8.737%

$1.09

Energy (Incineration) + Water (NEWater)

AscendasIndT

Q1 – Jun11

1.5

$0.770

7.792%

$0.76

India – Industrial Park

Indiabulls

Q4 – Mar11

$0.120

$0.52

India – Office

HPH Trust US$

FY11 – IPO

5.9

$0.675

8.741%

HK$7.80

Ports – HK + China

TCT

1H – Jun11

5

$1.650

6.061%

$4.17

China – Retail + Office + Industrial

PerennialCRT

FY11 – IPO

2.37

$0.455

8.154%

$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)

 

 

 

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