January 2012

Results Announcement

  • 17 Jan 12 : A-REIT (Tables Updated)
  • 17 Jan 12 : KGT (Table Updated)
  • 17 Jan 12 : K-REIT (Tables Updated)
  • 18 Jan 12 (AM) : CMT (Tables Updated)
  • 18 Jan 12 : CLT (Tables Updated)
  • 18 Jan 12 : FCT (Tables Updated)
  • 19 Jan 12 : MLT (Tables Updated)
  • 19 Jan 12 : Suntec (Tables Updated)
  • 19 Jan 12 : ART (Tables Updated)
  • 19 Jan 12 : FSL (Table Updated)
  • 20 Jan 12 (AM) : CCT (Tables Updated)
  • 20 Jan 12 (AM) : AIMSAMPReit (Tables Updated)
  • 20 Jan 12 : Sabana (Tables Updated)
  • 26 Jan 12 : a-iTrust (Table Updated)
  • 26 Jan 12 : MIT (Tables Updated)
  • 26 Jan 12 : FirstREIT (Tables Updated)
  • 27 Jan 12 (AM) : CRCT (Tables Updated)
  • 27 Jan 12 : PLife (Tables Updated)
  • 27 Jan 12 : IndiaBulls (Table Updated)
  • 30 Jan 12 : StarHill Global (Tables Updated)
  • 30 Jan 12 : Fortune (Tables Updated)
  • 30 Jan 12 : CDL H-Trust (Tables Updated)
  • 31 Jan 12 : MCT (Tables Updated)
  • 31 Jan 12 : Cambridge (Tables Updated)
  • 1 Feb 12 : FCOT
  • 9 Feb 12 : CitySpring
  • 10 Feb 12 (AM) : Saizen
  • 17 Feb 12 (AM) : LMIR

 

 

REITs : Average Yield = 7.589%

REIT

Period

DPU cts

Mkt

Yield

NAV

Gearing

Assets Type

AIMSAMPI Reit

Q3 – Dec11

2.6

$1.015

10.246%

$1.367

30.70%

Industrial

Sabana REIT

Q4 – Dec11

2.17

$0.880

9.784%

$1.050

34.10%

Industrial

First REIT

Q4 – Dec11

1.93

$0.780

8.987%

$0.805

16.00%

Hospitals + Hotel (Indonesia)

SuntecReit

Q4 – Dec11

2.479

$1.125

8.814%

$1.968

37.30%

Retail + Office

Cambridge

Q4 – Dec11

1.118

$0.510

8.698%

$0.620

33.10%

Industrial

LippoMalls

1H11 – Rights

1.63

$0.380

8.579%

$0.575

10.10%

Retail (Indonesia)

CACHE

Q4 – Dec11

2.102

$0.985

8.466%

$0.910

29.60%

Industrial

AscottREIT

2H – Dec11

4.063

$0.990

8.208%

$1.360

40.80%

Serviced Apts (Regional)

MapletreeLog

Q4 – Dec11

1.7

$0.870

7.770%

$0.840

41.40%

Industrial

MapletreeInd

Q3 – Dec11

2.16

$1.120

7.714%

$0.960

39.10%

Industrial

K-REIT

Proforma – FY10

6.72

$0.880

7.636%

$1.260

41.60%

Office

Frasers Comm

2H – Sep11

2.893

$0.770

7.514%

$1.340

36.60%

Retail + Office

Ascendasreit

Q3 – Dec11

3.48

$1.865

7.464%

$1.748

34.30%

Industrial

CapitaRChina

2H – Dec11

4.42

$1.230

7.187%

$1.280

28.00%

Retail (China)

SaizenREIT

2H – Jun11

0.5

$0.141

7.092%

$0.350

24.00%

Residential (Japan)

CapitaComm

2H – Dec11

3.75

$1.075

6.977%

$1.570

30.20%

Office + Retail + Hotel

Fortune Reit HK$

2H – Dec11

13.5

$3.950

6.835%

$7.850

18.80%

Retail (HK)

Starhill Gbl

Q4 – Dec11

1.01

$0.605

6.628%

$0.940

30.80%

Retail + Office

MapletreeCom

Q3 – Dec11

1.428

$0.865

6.566%

$0.951

37.70%

Retail + Office

CDL Htrust

2H – Dec11

5.71

$1.775

6.434%

$1.600

25.30%

Hotels

FrasersCT

Q1 – Dec11

2.2

$1.435

6.132%

$1.410

30.80%

Retail

PLife REIT

Q4 – Dec11

2.47

$1.775

5.566%

$1.460

34.80%

Hospitals

CapitaMall

Q4 – Dec11

2.3

$1.710

5.251%

$1.560

38.40%

Retail + Office

NOTES :

  • Mkt Price is as on 31-Jan-12
  • Cambridge : Annualised DPU = 4.436ct
  • MCT : Annualised DPU = 5.68ct
  • StarHill Global : Annualised DPU = 4.01ct
  • PLife : Annualised DPU = 9.88ct
  • FirstREIT : Annualised DPU = 7.01ct ; DPU Includes 0.34ct on Gain from Divestment of Asset
  • Sabana : Annualised DPU = 8.61ct
  • FCT : Actual DPU Payout = 2.20ct (1-Oct-11 to 31-Dec-11) + 0.28ct (23-Sep-11 to 30-Sep-11)
  • CLT : Annualised DPU = 8.339ct
  • CMT : Q4 DPU = 1.28ct (10 Nov 11 to 31 Dec 11) + Advance Distribution ; Above Yield Figures Based on 1.28ct (Annualised @ 8.98ct)
  • K-REIT : Actual DPU Payout = 2.45ct (Q411 DPU = 1.4ct) ; Above Table Uses Rights Proforma Figures as New Assets Acquisition Only Completed on 14-Dec-11
  • Saizen : No DPU Payout as Semi-Annual Payout Policy
  • LMIR : Q311 DPU = 1.06ct
  • FCOT : Q411 DPU = 1.52ct ; Annualised = 6.03ct ; Above Uses 2H11 DPU
  • K-REIT : Proposed 17-for-20 Rights Issue @ $0.85 (17-Oct-11)
  • 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

     

  
 

Shipping Trusts (non-REITs)

Trust

Period

DPU cts

Mkt

Yield

NAV

Assets Type

PacShipTr US$

Q3 – Sep11

0.73

$0.420

7.452%

$0.430

Shipping Trust

FSL Trust

Q4 – Dec11

0.1

$0.205

2.440%

$0.530

Shipping Trust

Rickmers

Q3 – Sep11

0.6

$0.300

10.006%

$0.880

Shipping Trust

NOTES :

  • All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.2507:US$1 fm Yahoo Finance)
  • PST : Last Day of Trading on 31-Jan-12
  • PST : No Distribution for Q411 (19-Jan-12)
  • PST : Annualised DPU = US3.13ct
  • PST : Proposed Delisting (4-Oct-11) @ US$0.435
  • 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

$0.370

8.865%

$0.288

Infrastructure – Water + Gas + Power

K-Green

FY11 – Dec11

7.82

$1.010

7.743%

$1.050

Energy (Incineration) + Water (NEWater)

AscendasIndT

Q3 – Dec11

1.5

$0.765

7.843%

$0.700

India – Industrial Park

Indiabulls

Q3 – Dec11

$0.146

$0.451

India – Office

HPH Trust US$

FY11 – IPO

5.9

$0.750

7.867%

HK$7.80

Ports – HK + China

TCT

1H – Jun11

5

$1.400

7.143%

$4.410

China – Retail + Office + Industrial

PerennialCRT

FY11 – IPO

2.37

$0.510

7.275%

$0.670

China Retail

NOTES :

  • Indiabulls : No DPU Declared
  • a-iTrust : No DPU Payout as Semi-Annual Payout Policy
  • K-Green : 2H DPU Payout = 4.69ct ; 1H DPU Payout = 3.13ct ; Above Table Uses FY11 DPU = 7.82ct to Calculate Yield
  • CitySpring : Guidance for FY12 DPU = 0.82ct / Quarter (Post 11-for-20 Rights Issue)
  • TCT : No DPU Payout as Semi-Annual Payout Policy
  • HPH Trust : DPU Payout = HK14.3ct (16-Mar-11 to 30-Jun-11) ; Above Table Uses IPO Forecast to Compute 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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