February 2012

Results Announcement

  • 1 Feb 12 : FCOT (Tables Updated)
  • 9 Feb 12 : CitySpring (Table Updated)
  • 9 Feb 12 : Saizen (Tables Updated)
  • 13 Feb 12 : Rickmers (Table Updated)
  • 16 Feb 12 : LMIR (Tables Updated)
  • 21 Feb 12 : HPH Trust (Table Updated)
  • 28 Feb 12 (AM) : TCT (Table Updated on NAV Only as DPU Not Yet Declared)
  • 29 Feb 12 (AM) : PCRT (Table Updated)

 

 

REITs : Average Yield = 7.368%

REIT

Period

DPU cts

Mkt

Yield

NAV

Gearing

Assets Type

AIMSAMPI Reit

Q3 – Dec11

2.6

$1.070

9.720%

$1.367

30.70%

Industrial

Sabana REIT

Q4 – Dec11

2.17

$0.925

9.308%

$1.050

34.10%

Industrial

First REIT

Q4 – Dec11

1.93

$0.810

8.654%

$0.805

16.00%

Hospitals + Hotel (Indonesia)

SaizenREIT

1H – Dec11

0.61

$0.142

8.592%

$0.350

32.66%

Residential (Japan)

Cambridge

Q4 – Dec11

1.118

$0.520

8.531%

$0.620

33.10%

Industrial

CACHE

Q4 – Dec11

2.102

$1.000

8.339%

$0.910

29.60%

Industrial

LippoMalls

1H11 – Rights

1.63

$0.395

8.253%

$0.598

8.70%

Retail (Indonesia)

SuntecReit

Q4 – Dec11

2.479

$1.230

8.062%

$1.968

37.30%

Retail + Office

AscottREIT

2H – Dec11

4.063

$1.065

7.630%

$1.360

40.80%

Serviced Apts (Regional)

MapletreeLog

Q4 – Dec11

1.7

$0.900

7.511%

$0.840

41.40%

Industrial

MapletreeInd

Q3 – Dec11

2.16

$1.180

7.322%

$0.960

39.10%

Industrial

K-REIT

Proforma – FY10

6.72

$0.925

7.265%

$1.260

41.60%

Office

Frasers Comm

Q1 – Dec11

1.51

$0.835

7.198%

$1.330

36.80%

Retail + Office

CapitaRChina

2H – Dec11

4.42

$1.255

7.044%

$1.280

28.00%

Retail (China)

Fortune Reit HK$

2H – Dec11

13.5

$3.940

6.853%

$7.850

18.80%

Retail (HK)

Ascendasreit

Q3 – Dec11

3.48

$2.060

6.757%

$1.748

34.30%

Industrial

CDL Htrust

2H – Dec11

5.71

$1.715

6.659%

$1.600

25.30%

Hotels

Starhill Gbl

Q4 – Dec11

1.01

$0.610

6.574%

$0.940

30.80%

Retail + Office

MapletreeCom

Q3 – Dec11

1.428

$0.870

6.529%

$0.951

37.70%

Retail + Office

CapitaComm

2H – Dec11

3.75

$1.185

6.329%

$1.570

30.20%

Office + Retail + Hotel

FrasersCT

Q1 – Dec11

2.2

$1.510

5.828%

$1.410

30.80%

Retail

PLife REIT

Q4 – Dec11

2.47

$1.790

5.520%

$1.460

34.80%

Hospitals

CapitaMall

Q4 – Dec11

2.3

$1.800

4.989%

$1.560

38.40%

Retail + Office

NOTES :

  • Mkt Price is as on 29-Feb-12
  • LMIR : Q411 DPU = 0.53ct ; Above Uses 1H11 (Rights) Proforma DPU as Acquisition of New Assets Completed Only on 6-Dec-11
  • FCOT : Annualised DPU = 6.01ct ; No DPU Payout as Semi-Annual Payout Policy
  • 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
  • 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

     

  
 

Shipping Trusts (non-REITs)

Trust

Period

DPU cts

Mkt

Yield

NAV

Assets Type

FSL Trust

Q4 – Dec11

0.1

$0.200

2.493%

$0.530

Shipping Trust

Rickmers

Q4 – Dec11

0.6

$0.300

9.971%

$0.910

Shipping Trust

NOTES :

  • All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.2464:US$1 fm Yahoo Finance)
  • PST : Last Day of Trading on 31-Jan-12
  • Rickmers : 9% 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

Q3 – Dec11

0.82

$0.365

8.986%

$0.279

Infrastructure – Water + Gas + Power

K-Green

FY11 – Dec11

7.82

$0.960

8.146%

$1.050

Energy (Incineration) + Water (NEWater)

AscendasIndT

Q3 – Dec11

1.5

$0.795

7.547%

$0.700

India – Industrial Park

Indiabulls

Q3 – Dec11

$0.140

$0.451

India – Office

HPH Trust US$

FY12 – IPO

6.59

$0.795

8.289%

HK$7.70

Ports – HK + China

TCT

1H – Jun11

5

$1.365

7.326%

$4.620

China – Retail + Office + Industrial

PerennialCRT

FY11

2.35

$0.525

7.067%

$0.710

China Retail

NOTES :

  • PCRT : DPU = 2.35ct (9-Jun-11 to 31-Dec-11) ; Includes $25Mil Additional Income (Drawn from Earn-Out Fund)
  • TCT : DPU Declaration Delayed for 2H11 ; Above Yield Figure Uses 1H11 DPU
  • HPH Trust : 2H11 DPU Payout = HK23.4ct ; Above Table Uses IPO Forecast to Compute Yield (Both DPU & Mkt Price in US$)
  • 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)
  • 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 = 2.35ct ; 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)
  • 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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