November 2013

 

Results Announcement

  • 1 Nov 13 (AM) : Cambridge (Updated)
  • 4 Nov 13 : CitySpring (Updated)
  • 5 Nov 13 : PCRT (Updated)
  • 5 Nov 13 : OUE H-Trust (Updated)
  • 5 Nov 13 : IndiaBulls (Updated)
  • 6 Nov 13 : LMIR (Updated)
  • 7 Nov 13 (AM) : PLife (Updated)
  • 7 Nov 13 : Saizen (Updated)
  • 8 Nov 13 (AM) : FE-HTrust (Updated)
  • 11 Nov 13 : Fortune (Updated)
  • 12 Nov 13 (AM) : APTT (Updated)
  • 12 Nov 13 : A-HTrust (Updated)
  • 12 Nov 13 : Religare (Updated)
  • 13 Nov 13 : CRT (Updated)
  • 14 Nov 13 : FSL (Updated)

 

 

 

REITs : Average Yield = 6.689%

REIT

Period

DPU cts

Mkt

Yield

NAV

Gearing

Assets Type

Viva Ind Tr

FY13 – IPO

3.423

$0.780

8.706%

$0.740

40.90%

Biz Park (77.6%) + Hotel (18.6%) + Logistics (3.8%)

Sabana REIT

Q3 – Sep13

2.380

$1.090

8.661%

$1.060

37.50%

Industrial (22)

LippoMalls

Q3 – Sep13

0.870

$0.410

8.488%

$0.453

28.20%

Retail (Indonesia)

SoilbuildBizREIT

Q3 – Sep13

0.760

$0.760

7.934%

$0.800

29.40%

Business Park (2) + Industrial (5)

AscendasHT

Q2 – Sep13

1.410

$0.740

7.622%

$0.760

35.80%

Hotels : Australia (61%) + Singapore (16.5%) + Japan (13.6%) + China (8.9%)

AscottREIT

Q3 – Sep13

2.370

$1.190

7.511%

$1.380

41.10%

Serviced Apts : AsiaPacific (61.6%) + Europe (38.4%)

CACHE

Q3 – Sep13

2.126

$1.135

7.432%

$0.970

29.20%

Industrial : Singapore (12) + Shanghai (1)

MapletreeInd

Q2 – Sep13

2.470

$1.350

7.319%

$1.110

36.20%

Industrial (83)

AIMSAMPI Reit

Q2 – Sep13

2.750

$1.520

7.237%

$1.520

25.20%

Industrial (25)

OUE HT

FY13 – IPO

4.770

$0.885

7.154%

$0.903

33.20%

Hotel (69%) + Retail (31%)

Cambridge

Q3 – Sep13

1.251

$0.700

7.090%

$0.696

27.90%

Industrial (51)

MapletreeLog

Q2 – Sep13

1.820

$1.050

6.933%

$0.920

34.40%

Industrial (111)

Saizen REIT

2H – Jun13

3.150

$0.925

6.811%

$1.220

38.00%

Residential (Japan) – 139

First REIT

Q3 – Sep13

1.960

$1.095

6.776%

$0.906

33.40%

Hospitals (10) + Hotel (Indonesia – 1) + Nursing Home (Singapore – 3)

Kep REIT

Q3 – Sep13

1.970

$1.185

6.599%

$1.250

43.90%

Offices : Singapore (5) + Australia (4)

Frasers Comm

Q4 – Sep13

2.080

$1.255

6.574%

$1.570

37.70%

Office + Retail

Ascendasreit

Q2 – Sep13

3.600

$2.220

6.486%

$1.899

29.70%

Industrial (105)

Far East HTrust

Q3 – Sep13

1.410

$0.870

6.483%

$0.953

31.60%

Hotels (69.3%) + Serviced Apts (14.7%) + Commercial (16%) by Revenue

CDL Htrust

Q3 – Sep13

2.640

$1.625

6.443%

$1.580

28.10%

Hotels : Singapore (79.5%) + Australia (12.2%) + NZ (4.1%) + Maldives (4.2%)

CapitaRChina

Q3 – Sep13

2.260

$1.410

6.362%

$1.450

25.80%

Retail (China) – 9

MapletreeGCC

1H – Sep13

3.183

$0.885

6.316%

$0.976

40.10%

Retail + Office (China + HK)

FrasersCT

Q4 – Sep13

2.980

$1.770

6.175%

$1.770

27.60%

Retail (5) + 31.17% of Hektar (MREIT)

Starhill Gbl

Q3 – Sep13

1.210

$0.780

6.154%

$0.860

30.60%

Retail (87%) + Office (13%)

MapletreeCom

Q2 – Sep13

1.801

$1.230

5.857%

$1.070

40.80%

Retail + Office

SuntecReit

Q3 – Sep13

2.289

$1.560

5.821%

$2.030

37.20%

Retail + Office

CapitaComm

Q3 – Sep13

2.040

$1.485

5.448%

$1.640

29.50%

Office (65%) + Retail (21%) + Hotel (14%)

CapitaMall

Q3 – Sep13

2.560

$1.945

5.224%

$1.680

34.80%

Retail (15) + Office

Fortune Reit HK$

Q3 – Sep13

8.280

$6.370

5.199%

$9.730

20.10%

Retail (HK)

SPHREIT

FY13 – IPO

2.510

$0.990

5.071%

$0.890

27.30%

Retail (2)

PLife REIT

Q3 – Sep13

2.660

$2.220

4.793%

$1.550

35.20%

Hospitals + Nursing Homes = 44

NOTES :

  • Mkt Price is as on 29-Nov-13
  • A-HTrust : DPU Payout 1.6692ct = 0.26ct (10-Jun-13 to 30-Jun-13) + 1.41ct (1-Jul-13 to 30-Sep-13)
  • Fortune : DPU Not Paid as Semi-Annual Policy
  • FE-HTrust : DPU = 0.94ct (1-Aug-13 to 31-Sep-13) + Advanced DPU 0.47ct (1-Jul-13 to 31-Jul-13)
  • Saizen : No DPU Paid as Semi-Annual Policy
  • PLife : Annualised DPU = 10.64ct
  • Saizen : 5-to-1 Unit Consolidation on 5-Nov-13 ; Above Table Uses DPU = 0.63ct x 5
  • OUE H-Trust : DPU = 1.24ct (25-Jul-13 to 30-Sep-13) Not Paid as 1st DPU Payout will be in Dec-13
  • Viva Industrial Trust : IPO Prospectus ; DPU : FY13 = 3.42ct (1-Jul-13 to 31-Dec-13) / 2.23ct if Exclude Income Support ; FY14 = 6.87ct (4.79ct if Exclude) ; FY15 = 7.03ct (5.19ct if Exclude) ; Gearing = 40.2% ; NAV = $0.74 ; Listing on 4-Nov-13 2pm
  • Cambridge : Annualised DPU = 4.963ct
  • SB REIT : Annualised DPU = 6.03ct (for the Period 16-Aug-13 to 30-Sep-13)
  • CDL H-Trust : Annualised DPU = 10.47ct
  • FirstREIT : Annualised DPU = 7.42ct
  • StarHill Global : Annualised DPU = 4.8ct
  • ART : DPU Not Paid as Semi-Annual Payout ; Computed Using 1H13 DPU = 4.7ct + 2H12 DPU = 4.238ct
  • Suntec : Annualised DPU = 9.081ct ; Includes Capital = 0.199ct
  • CMT : Annualised DPU = 10.16ct
  • FCOT : Annualised DPU = 8.25ct
  • CLT : Annualised DPU = 8.435ct
  • CRCT : Annualised DPU = 8.97ct ; Not Paid as Semi-Annual Payout
  • FCT : DPU includes Retained Cash of 0.35 cents per unit ; Above Yield is Computed using FY DPU = 10.93ct
  • CCT : Annualised DPU = 8.09ct
  • MLT : Includes 0.2ct Divestment Gain for 8 Qs from Q114 (Jun13)
  • Sabana : Annualised DPU = 9.44ct ; DPU = Advanced (xd on 19-Sep) 2.2ct (1-Jul-13 to 23-Sep-13) + 0.18ct (24-Sep-13 to 30-Sep-13)
  • KepREIT : Annualised DPU = 7.82ct
  • SoilBuild Business Space REIT : IPO Prospectus ; DPU : FY13 = 4.37ct (1-Apr-13 to 31-Dec-13) / FY14 = 5.97ct ; Yield : FY13 = 7.47% / FY14 = 7.654% ; Gearing = 29.9% ; NAV = $0.80 ; Listing on 16-Aug-13 2pm
  • MGCT : DPU Not Paid as Semi-Annual Policy ; Annualised DPU = 5.46ct (DPU from 7-Mar-13 to 30-Jun-13)
  • OUE H-Trust : IPO Prospectus ; DPU : FY13 = 4.77ct (1-Apr-13 to 31-Dec-13) / FY14 = 6.57ct ; Yield : FY13 = 7.194% / FY14 = 7.466% ; Gearing = 33.2% ; NAV = $0.903 ; Listing on 25-Jul-13 2pm
  • SPH REIT : IPO Prospectus ; DPU : FY13 (Aug) = 2.51ct (1-Mar-13 to 31-Aug-13) / FY14 (Aug) = 5.21ct ; Yield : FY13 = 5.578% / FY14 = 5.789% ; Gearing = 27.3% ; NAV = $0.88 ; Listing on 24-Jul-13 2pm
  • MGCT : IPO Prospectus ; DPU : FY14 (Mar) = 5.24ct / FY15 (Mar) = 5.69ct ; Yield : FY14 = 5.634% / FY15 = 6.118% ; Gearing = 43% ; NAV = $0.91 ; Listing on 7-Mar-13 2pm
  • 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
  • A-REIT : Private Placement (3 May 12) – 150Mil @ $1.99 ; Listing on 14 May 12 2pm
  • MCT : IPO Forecast DPU = 4.97ct (FY12) ; 5.42ct (FY13) ; Listing on 27-Apr-11 2pm

  
 

Shipping Trusts (non-REITs)

Trust

Period

DPU cts

Mkt

Yield

NAV

Assets Type

FSL Trust

Q3 – Sep13

0

$0.083

0.000%

$0.470

Shipping Trust

Rickmers

Q3 – Sep13

0.6

$0.280

10.765%

$0.630

Shipping Trust

NOTES :

  • All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.2559:US$1 fm Yahoo Finance)
  • Rickmers : 16% Payout (of Cash flow available for distribution before payment to debt capital providers)
  • FSL : 30-Jun-12 : Suspends Div Payout till 30-Jun-13 ; Restriction on DPU Payout Continues after 30-Jun-13

   
 

Other Trusts (non-REITs)

Trust

Period

DPU cts

Mkt

Yield

NAV

Assets Type

CitySpring

Q2 – Sep13

0.82

$0.470

6.979%

$0.248

Infrastructure – Water + Gas + Power

K-Green

1H – Jun13

7.82

$1.035

7.556%

$0.990

Energy (Incineration) + Water (NEWater)

AscendasIndT

1H – Sep13

2.24

$0.675

6.637%

$0.570

India – Industrial Park

Indiabulls

1H – Sep13

0.0154

$0.100

0.308%

$0.339

India – Office

HPH Trust US$

1H – Jun13

18.7

$0.680

7.094%

HK$7.41

Ports – HK + China

ForterraTr

1H – Jun13

$2.200

0.000%

$4.530

China – Retail + Office + Industrial

PerennialCRT

Q3 – Sep13

0.95

$0.535

7.047%

$0.730

China Retail

Religare

1H – Sep13

4.05

$0.795

10.189%

$0.795

India – Healthcare

Croesus RTr

FY14 – IPO

7.39

$0.880

8.398%

$0.906

Japan – Retail

Asian Pay TV Tr

FY13 – IPO

7.29

$0.780

10.577%

$0.934

Taiwan PayTV

NOTES :

  • CRT : DPU = 3.26ct (10-May-13 to 30-Sep-13) Not Paid as Semi-Annual Payout Policy
  • APTT : 1st DPU Payout for Dec. Above Yield uses FY14 (IPO Projection) DPU = 8.25ct ; DPU Payout = 4.8ct ; 2H DPU Payout = 4.13ct as per IPO Prospectus of $128.3Mil ie 8.93ct
  • Religare : DPU = 1.99ct (Q1) + 2.06ct (Q2) ; 1H DPU = 2.922ct if No Sponsor Waiver
  • PCRT : Annualised DPU = 3.77ct ; DPU Not Paid as Semi-Annual Policy ; Includes $10.9Mil from Earn-Out Deed
  • HPH Trust : DPU in HK$ ; Mkt Price in US$ ; Yield Computed Using Latest Exchange Rate HK$7.7528:US$1 fm Yahoo Finance)
  • a-iTrust : No DPU Payout as Semi-Annual Payout Policy ; Above DPU is based on 90% Payout
  • K-Green : 1H13 DPU Payout = 3.13ct ; 2H12 DPU Payout = 4.69ct ; Above Table Uses 2H12 + 1H13 DPU = 7.82ct to Calculate Yield
  • APTT : Prospectus ; IPO @ $0.97 ; FY13 DPU = 7.29ct Yield = 7.51% ; FY14 DPU = 8.25ct Yield = 8.51% ; List on 29-May-13 2pm
  • Religare : DPU = 3.55ct (19-Oct-13 to 31-Mar-13) or 2.554ct (if no Sponsor Waiver)
  • Croesus : Prospectus ; IPO @ $0.93 ; FY14 DPU = 7.39ct Yield = 7.946% ; FY15 DPU = 7.49ct Yield = 8.054% ; Gearing = 43.7% ; List on 10-May-13 2pm
  • CitySpring : Guidance for FY14 DPU = 3.28ct ie 0.82ct / Q
  • Forterra (TCT) : No DPU Declared since 2H11 ; Last DPU = 5ct on 1H11
  • 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%
  • Indiabulls : Maiden DPU on 1H (sep12) Declared since Listing on 11-Jun-08

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