November 2011

Results Announcement

  • 3 Nov 11 (AM) : PLife (Tables Updated)
  • 3 Nov 11 : LMIR (Table Uses Rights 1H11 Proforma Data)
  • 3 Nov 11 : CitySpring (Table Updated)
  • 9 Nov 11 : Saizen (Tables Updated)
  • 11 Nov 11 : PCRT (Not Updated)
  • 14 Nov 11 : Rickmers (Table Updated)

 

 

REITs : Average Yield = 7.753%

REIT

Period

DPU cts

Mkt

Yield

NAV

Gearing

Assets Type

AIMSAMPI Reit

Q2 – Sep11

2.5

$0.965

10.363%

$1.365

30.00%

Industrial

Sabana REIT

Q3 – Sep11

2.14

$0.875

9.703%

$1.050

23.80%

Industrial

AscottREIT

Q3 – Sep11

2.23

$0.955

9.340%

$1.280

41.10%

Serviced Apts (Regional)

Cambridge

Q3 – Sep11

1.082

$0.470

9.134%

$0.617

33.10%

Industrial

SuntecReit

Q3 – Sep11

2.533

$1.130

8.893%

$1.761

39.86%

Retail + Office

CACHE

Q3 – Sep11

2.095

$0.945

8.796%

$0.870

30.40%

Industrial

First REIT

Q3 – Sep11

1.92

$0.780

8.705%

$0.779

16.40%

Hospitals + Hotel (Indonesia)

LippoMalls

1H11 – Rights

1.63

$0.375

8.693%

$0.575

10.10%

Retail (Indonesia)

MapletreeLog

Q3 – Sep11

1.69

$0.830

8.145%

$0.850

41.30%

Industrial

Fortune Reit HK$

1H – Jun11

12.8

$3.190

8.025%

$7.520

18.10%

Retail (HK)

K-REIT

Proforma – FY10

6.72

$0.865

7.769%

$1.190

41.60%

Office

MapletreeInd

Q2 – Sep11

2.05

$1.065

7.700%

$0.950

39.20%

Industrial

Frasers Comm

2H – Sep11

2.893

$0.770

7.514%

$1.340

36.60%

Retail + Office

CDL Htrust

Q3 – Sep11

2.77

$1.480

7.426%

$1.500

26.50%

Hotels

CapitaRChina

Q3 – Sep11

2.12

$1.170

7.188%

$1.110

31.40%

Retail (China)

SaizenREIT

2H – Jun11

0.5

$0.140

7.143%

$0.350

24.00%

Residential (Japan)

Starhill Gbl

Q3 – Sep11

1

$0.575

6.904%

$0.920

30.10%

Retail + Office

CapitaComm

Q3 – Sep11

1.83

$1.065

6.873%

$1.520

27.40%

Office + Retail + Hotel

Ascendasreit

Q2 – Sep11

3.38

$2.040

6.627%

$1.738

31.50%

Industrial

FrasersCT

Q4 – Sep11

2.35

$1.440

6.528%

$1.400

31.30%

Retail

MapletreeCom

Q2 – Sep11

1.333

$0.875

6.057%

$0.915

38.50%

Retail + Office

CapitaMall

Q3 – Sep11

2.42

$1.745

5.501%

$1.550

38.40%

Retail + Office

PLife REIT

Q3 – Sep11

2.4

$1.815

5.289%

$1.380

36.60%

Hospitals

NOTES :

  • Mkt Price is as on 30-Nov-11
  • Saizen : No DPU Payout as Semi-Annual Payout Policy
  • LMIR : Q311 DPU = 1.06ct
  • PLife : Annualised DPU = 9.60ct
  • StarHill Global : Annualised DPU = 3.97ct
  • MCT : Annualised DPU = 5.3ct
  • CLT : Annualised DPU = 8.312ct
  • Suntec : Annualised DPU = 10.049ct
  • CDL H-Trust : Annualised DPU = 10.99ct ; No DPU Payout as Semi-Annual Payout Policy
  • FCOT : Q411 DPU = 1.52ct ; Annualised = 6.03ct ; Above Uses 2H11 DPU
  • FirstREIT : Annualised DPU = 6.79ct ; DPU Includes 0.34ct on Gain from Divestment of Asset
  • FCT : DPU = 2.07ct (1-Jul-11 to 22-Sep-11) Already Paid + 0.28ct (23-Sep-11 to 30-Sep-11)
  • MLT : DPU Includes 0.03ct on Gain from Divestment of Assets
  • ART : No DPU Payout as Semi-Annual Payout Policy
  • Sabana : Annualised DPU = 8.49ct
  • CMT : Annualised DPU = 9.60ct
  • K-REIT : Proposed 17-for-20 Rights Issue @ $0.85 (17-Oct-11)
  • K-REIT : Annualised DPU = 7.78ct ; No DPU Payout as Semi-Annual Payout Policy
  • CRCT : Annualised DPU = 8.41ct ; No DPU Payout as Semi-Annual Payout Policy
  • CCT : No DPU Payout as Semi-Annual Payout Policy
  • Cambridge : Annualised DPU = 4.293ct
  • AIMSAMPReit : 92.6% Payout
  • LMIR : Proposed Rights 1-for-1 @ $0.31 ; SGX Annc (3-Oct-11) ; 1H11 Proforma – DPU 1.63ct ; NAV $0.5753 ; TERP $0.458 (Mkt $0.605)
  • AIMSAMPI Reit : 5-to-1 Stocks Consolidation on 29-Sep-11
  • MCT : IPO Forecast DPU = 4.97ct (FY12) ; 5.42ct (FY13) ; Listing on 27-Apr-11 2pm
  • 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$

Q3 – Sep11

0.73

$0.420

7.452%

$0.43

Shipping Trust

FSL Trust

Q3 – Sep 11

0.95

$0.290

16.994%

$0.52

Shipping Trust

Rickmers

Q3 – Sep11

0.6

$0.310

10.041%

$0.880

Shipping Trust

NOTES :

  • All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.2969:US$1 fm Yahoo Finance)
  • PST : Annualised DPU = US3.13ct
  • PST : Proposed Delisting (4-Oct-11) @ US$0.435
  • 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

Q2 – Sep11

0.82

$0.335

9.791%

$0.288

Infrastructure – Water + Gas + Power

K-Green

FY11 – IPO

7.82

$0.890

8.787%

$1.10

Energy (Incineration) + Water (NEWater)

AscendasIndT

1H – Sep11

3.04

$0.675

9.007%

$0.74

India – Industrial Park

Indiabulls

Q2 – Sep11

$0.160

$0.488

India – Office

HPH Trust US$

FY11 – IPO

5.9

$0.590

10.000%

HK$7.80

Ports – HK + China

TCT

1H – Jun11

5

$1.600

6.250%

$4.41

China – Retail + Office + Industrial

PerennialCRT

FY11 – IPO

2.37

$0.510

7.275%

$0.67

China Retail

NOTES :

  • CitySpring : Guidance for FY12 DPU = 0.82ct / Quarter (Post 11-for-20 Rights Issue)
  • TCT : No DPU Payout as Semi-Annual Payout Policy
  • Indiabulls : No DPU Declared
  • HPH Trust : DPU Payout = HK14.3ct (16-Mar-11 to 30-Jun-11) ; Above Table Uses IPO Forecast to Compute Yield
  • 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
  • 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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