September 2012

 

REITs : Average Yield = 6.257%

REIT

Period

DPU cts

Mkt

Yield

NAV

Gearing

Assets Type

Sabana REIT

Q2 – Jun12

2.270

$1.145

7.974%

$1.040

34.10%

Industrial

SaizenREIT

2H – Jun12

0.630

$0.164

7.683%

$0.300

31.40%

Residential (Japan)

AscendasHT

FY13 – IPO

4.610

$0.910

7.486%

$0.814

34.30%

Hotels (Australia, Japan, China)

Cambridge

Q2 – Jun12

1.180

$0.640

7.416%

$0.612

35.80%

Industrial

AscottREIT

1H – Jun12

4.517

$1.255

7.198%

$1.420

39.70%

Serviced Apts (Regional)

AIMSAMPI Reit

Q1 – Jun12

2.500

$1.410

7.092%

$1.400

29.70%

Industrial

LippoMalls

Q2 – Jun12

0.790

$0.455

6.945%

$0.560

9.30%

Retail (Indonesia)

First REIT

Q2 – Jun12

1.930

$1.050

6.733%

$0.795

15.90%

Hospitals + Hotel (Indonesia)

CapitaRChina

1H – Jun12

4.820

$1.465

6.614%

$1.330

28.10%

Retail (China)

K-REIT

1H – Jun12

3.840

$1.185

6.515%

$1.230

43.90%

Office

MapletreeInd

Q1 – Jun12

2.260

$1.410

6.411%

$1.020

37.70%

Industrial

SuntecReit

Q2 – Jun12

2.361

$1.485

6.395%

$1.955

37.50%

Retail + Office

CACHE

Q2 – Jun12

1.981

$1.250

6.374%

$0.900

27.50%

Industrial

MapletreeLog

Q1 – Jun12

1.700

$1.125

6.044%

$0.880

37.00%

Industrial

Frasers Comm

Q3 – Jun12

1.700

$1.175

5.821%

$1.300

39.50%

Office + Retail

Ascendasreit

Q1 – Jun12

3.530

$2.410

5.809%

$1.836

32.70%

Industrial

Starhill Gbl

Q2 – Jun12

1.080

$0.765

5.673%

$0.940

30.50%

Retail + Office

CDL Htrust

1H – Jun12

5.700

$2.030

5.645%

$1.600

25.20%

Hotels : Singapore (82.5%) + Australia (13%) + NZ (4.5%)

FrasersCT

Q3 – Jun12

2.600

$1.810

5.525%

$1.410

31.70%

Retail

Far East HTrust

FY12 – IPO

2.320

$1.035

5.383%

$0.930

30.50%

Hotels + Serviced Apts

Fortune Reit HK$

1H – Jun12

15.820

$5.910

5.354%

$8.340

24.50%

Retail (HK)

CapitaComm

1H – Jun12

3.960

$1.495

5.324%

$1.580

30.10%

Office (61%) + Retail (22%) + Hotel (17%)

MapletreeCom

Q1 – Jun12

1.537

$1.170

5.274%

$0.952

37.60%

Retail + Office

PLife REIT

Q2 – Jun12

2.480

$1.985

4.997%

$1.460

36.40%

Hospitals

CapitaMall

Q2 – Jun12

2.380

$2.020

4.738%

$1.620

37.50%

Retail + Office

NOTES :

  • Mkt Price is as on 28-Sep-12
  • FE-HTrust : IPO Prospectus ; DPU : FY12 = 2.32ct (Forecast Period 1-Aug-12 to 31-Dec-12 ; Entitlement only from Listing Date) / FY13 = 5.83ct ; Yield : FY12 = 5.99% / FY13 = 6.27% ; Gearing = 30.5% ; NAV = $0.93 ; Listing on 27-Aug-12 2pm
  • PLife : Annualised DPU = 9.92ct
  • Cambridge : Annualised DPU = 4.746ct
  • A-HTrust : Listing on 27-Jul-12 2pm ; FY13 DPU = 4.61ct (27 Jul 12 to 31 Mar 13) incl. Waiver of 0.61ct from Sponsor entitlement ; FY14 DPU = 7.07ct ; Gearing = 37.6% Post-IPO Acquisition of Ibis Beijing SanYuan; IPO Prospectus
  • CDL H-Trust : Annualised DPU = 11.46ct
  • MCT : Annualised DPU = 6.17ct
  • FCOT : Annualised DPU = 6.84ct ; No DPU Payout as Semi-Annual Payout Policy
  • CLT : Annualised DPU = 7.968ct
  • CRCT : Annualised DPU Payout = 9.69ct
  • StarHill Global : Annualised DPU = 4.34ct
  • FirstREIT : Annualised DPU = 7.07ct ; DPU Includes 0.34ct on Gain from Divestment of Asset ; Last Q to Include Other Gains for DPU (Annualised DPU = 6.39ct if Exclude Other Gains)
  • CCT : Annualised DPU = 7.96ct
  • FCT : A total of $2.3 million has been retained in 1H12 (1Q12: $1.6 million + 2Q12: $0.7 million) + 3Q12 : $1.172 million
  • Sabana : Annualised DPU = 9.13ct
  • Suntec : Annualised DPU = 9.496ct
  • CMT : Annualised DPU Payout = 9.57ct
  • K-REIT : Annualised DPU Payout = 7.72ct ; Will Change to Quarterly DPU Payout Policy from Q312
  • A-REIT : Private Placement (3 May 12) – 150Mil @ $1.99 ; Listing on 14 May 12 2pm
  • 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

Q2 – Jun12

0

$0.121

0.000%

$0.490

Shipping Trust

Rickmers

Q2 – Jun12

0.6

$0.330

8.900%

$0.960

Shipping Trust

NOTES :

  • All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.2237:US$1 fm Yahoo Finance)
  • Rickmers : 10% Payout (of Cash flow available for distribution before payment to debt capital providers)
  • FSL : 30-Jun-12 : Suspends Div Payout till 30-Jun-13

   
 

Other Trusts (non-REITs)

Trust

Period

DPU cts

Mkt

Yield

NAV

Assets Type

CitySpring

Q1 – Jun12

0.82

$0.435

7.540%

$0.225

Infrastructure – Water + Gas + Power

K-Green

1H12 – Jun

7.82

$1.025

7.629%

$1.040

Energy (Incineration) + Water (NEWater)

AscendasIndT

Q1 – Jun12

1.2

$0.765

6.275%

$0.590

India – Industrial Park

Indiabulls

Q4 – Mar12

$0.113

$0.453

India – Office

HPH Trust US$

FY12 – IPO

6.59

$0.725

9.090%

HK$7.58

Ports – HK + China

TCT

1H – Jun12

0.00

$1.040

0.000%

$4.490

China – Retail + Office + Industrial

PerennialCRT

1H – Jun12

1.9

$0.495

7.717%

$0.680

China Retail

NOTES :

  • PCRT : Annualised DPU = 3.82ct ; DPU Includes $21.217Mil Additional Income (To Be Drawn from Earn-Out Fund)
  • TCT : No DPU Declared since 2H11 ; Last DPU = 5ct on 1H11
  • HPH Trust : 1H12 DPU Payout = HK24.05ct ; Above Table Uses IPO Forecast to Compute Yield (Both DPU & Mkt Price in US$)
  • a-iTrust : No DPU Payout as Semi-Annual Payout Policy ; DPU based on 90% Payout
  • K-Green : 1H12 DPU Payout = 3.13ct ; 2H11 DPU Payout = 4.69ct ; Above Table Uses 2H11 + 1H12 DPU = 7.82ct to Calculate Yield
  • CitySpring : Guidance for FY13 DPU = 3.28ct ie 0.82ct / Q
  • Indiabulls : No DPU Declared
  • 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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