December 2012

 

REITs : Average Yield = 6.027%

REIT

Period

DPU cts

Mkt

Yield

NAV

Gearing

Assets Type

Sabana REIT

Q3 – Sep12

2.340

$1.140

8.167%

$1.030

38.30%

Industrial

AscendasHT

Q2 – Sep12

1.260

$0.940

7.527%

$0.800

31.70%

Hotels : Australia (71%) + Japan (25%) + China (4%)

Cambridge

Q3 – Sep12

1.204

$0.675

7.096%

$0.612

36.60%

Industrial

SaizenREIT

2H – Jun12

0.630

$0.181

6.961%

$0.300

31.40%

Residential (Japan)

CACHE

Q3 – Sep12

2.144

$1.240

6.878%

$0.900

32.60%

Industrial

First REIT

Q3 – Sep12

1.680

$1.060

6.764%

$0.791

15.90%

Hospitals + Hotel (Indonesia)

MapletreeInd

Q2 – Sep12

2.290

$1.360

6.735%

$1.020

37.20%

Industrial

AIMSAMPI Reit

Q2 – Sep12

2.500

$1.495

6.689%

$1.443

31.50%

Industrial

AscottREIT

Q3 – Sep12

2.240

$1.360

6.588%

$1.370

40.60%

Serviced Apts (Regional)

Kep REIT

Q3 – Sep12

1.960

$1.295

6.023%

$1.230

44.10%

Office

MapletreeLog

Q2 – Sep12

1.710

$1.145

5.974%

$0.880

37.00%

Industrial

LippoMalls

Q3 – Sep12

0.730

$0.490

5.959%

$0.528

22.70%

Retail (Indonesia)

Ascendasreit

Q2 – Sep12

3.530

$2.370

5.958%

$1.845

32.50%

Industrial

CapitaRChina

Q3 – Sep12

2.420

$1.645

5.854%

$1.250

30.40%

Retail (China)

CDL Htrust

Q3 – Sep12

2.720

$1.880

5.755%

$1.570

25.50%

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

Starhill Gbl

Q3 – Sep12

1.110

$0.785

5.631%

$0.940

31.20%

Retail + Office

SuntecReit

Q3 – Sep12

2.350

$1.675

5.581%

$1.946

37.80%

Retail + Office

Far East HTrust

FY12 – IPO

2.320

$1.005

5.543%

$0.930

30.50%

Hotels + Serviced Apts

FrasersCT

Q4 – Sep12

2.710

$2.000

5.420%

$1.530

30.10%

Retail

Frasers Comm

2H – Sep12

3.448

$1.320

5.224%

$1.500

36.80%

Office + Retail

Fortune Reit HK$

Q3 – Sep12

8.160

$6.370

5.124%

$8.320

24.60%

Retail (HK)

MapletreeCom

Q2 – Sep12

1.546

$1.215

5.090%

$0.952

37.70%

Retail + Office

CapitaComm

Q3 – Sep12

2.040

$1.685

4.819%

$1.580

30.90%

Office (63%) + Retail (22%) + Hotel (15%)

PLife REIT

Q3 – Sep12

2.580

$2.150

4.800%

$1.460

36.40%

Hospitals

CapitaMall

Q3 – Sep12

2.420

$2.130

4.521%

$1.620

37.60%

Retail + Office

NOTES :

  • Mkt Price is as on 31-Dec-12
  • Saizen : No DPU Payout as Semi-Annual Payout Policy
  • PLife : Annualised DPU = 10.32ct
  • A-HTrust : DPU = 1.09ct (if no sponsor waiver)
  • Cambridge : Annualised DPU = 4.790ct
  • Fortune :No DPU Payout as Semi-Annual DPU Payout Policy
  • CDL H-Trust : Annualised DPU = 10.82ct ; No DPU Payout as Semi-Annual DPU Payout Policy
  • StarHill Global : Annualised DPU = 4.42ct
  • CCT : Annualised DPU = 8.12ct
  • FCOT : Quarterly DPU Payout from Dec Quarter
  • Suntec : Annualised DPU = 9.349ct
  • FirstREIT : Annualised DPU = 7.17ct
  • CLT : Annualised DPU = 8.529ct
  • ART : DPU Not Paid as Semi-Annual Payout Policy
  • CRCT : Annualised DPU Payout = 9.63ct ; DPU Not Paid as Semi-Annual Payout Policy
  • CMT : Annualised DPU Payout = 9.63ct
  • Sabana : Annualised DPU = 9.31ct
  • K-REIT : Annualised DPU Payout = 7.80ct ; Quarterly DPU Payout Policy from Q312
  • 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
  • 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
  • FCT : A total of $2.3 million has been retained in 1H12 (1Q12: $1.6 million + 2Q12: $0.7 million) + 3Q12 : $1.172 million
  • 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

  
 

Shipping Trusts (non-REITs)

Trust

Period

DPU cts

Mkt

Yield

NAV

Assets Type

FSL Trust

Q3 – Sep12

0

$0.127

0.000%

$0.490

Shipping Trust

Rickmers

Q3 – Sep12

0.6

$0.350

8.376%

$0.990

Shipping Trust

NOTES :

  • All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.2215: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

Q2 – Sep12

0.82

$0.440

7.455%

$0.210

Infrastructure – Water + Gas + Power

K-Green

1H12 – Jun

7.82

$1.030

7.592%

$1.050

Energy (Incineration) + Water (NEWater)

AscendasIndT

1H – Sep12

2.5

$0.750

6.404%

$0.640

India – Industrial Park

Indiabulls

1H – Sep12

0.0184

$0.109

0.338%

$0.426

India – Office

HPH Trust US$

FY12 – IPO

6.59

$0.790

8.342%

HK$7.58

Ports – HK + China

TCT

Q3 – Sep12

$1.470

0.000%

$4.090

China – Retail + Office + Industrial

PerennialCRT

Q3 – Sep12

0.97

$0.565

6.832%

$0.650

China Retail

Religare

FY13 – IPO

4

$0.885

9.040%

$0.870

India – Healthcare

NOTES :

  • Religare : Prospectus ; IPO @ $0.90 ; FY13 DPU = 4ct (1-Oct-12 to 31-Mar-13) Yield = 8.9% (Sponsor Waiver to DPU) / 6.42% (if no waiver) ; FY14 DPU = 8.17ct Yield = 9.1% (waiver) / 6.54% (no waiver) ; Gearing = 6.7%
  • PCRT : Annualised DPU = 3.86ct ; DPU Includes $21.217Mil Additional Income (To Be Drawn from Earn-Out Fund) ; No DPU Payout as Semi-Annual Payout Policy
  • a-iTrust : 1-Apr-12 to 8-Oct-12 ; 1H DPU = 2.4ct (90% Payout)
  • HPH-Trust : No DPU Payout as Semi-Annual Payout Policy
  • Indiabulls : Maiden DPU Declared since Listing on 11-Jun-08
  • TCT : No DPU Declared since 2H11 ; Last DPU = 5ct on 1H11
  • HPH Trust : 1H12 DPU Payout = HK24.05ct ; Above Table Uses IPO Forecast to Compute Yield (Both DPU & Mkt Price in US$)
  • 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
  • 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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