February 2014

 

Results Announcement

  • 6 Feb 14 : A-HTrust (Updated)
  • 7 Feb 14 : PCRT (Updated)
  • 10 Feb 14 : CitySpring (Updated)
  • 11 Feb 14 : HPH Trust (Updated)
  • 11 Feb 14 : Saizen (Updated)
  • 12 Feb 14 (AM) : FE H-Trust (Updated)
  • 12 Feb 14 : Religare (Updated)
  • 13 Feb 14 : LMIR (Updated)
  • 14 Feb 14 (AM) : IndiaBulls (Updated)
  • 14 Feb 14 (AM) : CRT (Updated)
  • 24 Feb 14 : Rickmers (Updated)
  • 24 Feb 14 : APTT (Updated)
  • 25 Feb 14 (AM) : VIT (Updated)
  • 25 Feb 14 : OUE H-Trust (Updated)
  • 28 Feb 14 : Forterra (Updated)
  • 28 Feb 14 : FSL (Updated)

 

 

REITs : Average Yield = 6.943%

REIT

Period

DPU cts

Mkt

Yield

NAV

Gearing

Assets Type

AscendasHT

Q3 – Dec13

1.610

$0.735

8.762%

$0.730

35.80%

Hotels : Australia (53%) + Singapore (23%) + Japan (16%) + China (8%)

Viva Ind Tr

Q4 – Dec13

1.080

$0.785

8.659%

$0.750

38.80%

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

Sabana REIT

Q4 – Dec13

2.190

$1.025

8.478%

$1.070

36.90%

Industrial (22)

AIMSAMPI Reit

Q3 – Dec13

2.770

$1.335

8.300%

$1.518

26.50%

Industrial (25)

LippoMalls

Q4 – Dec13

0.560

$0.395

8.228%

$0.412

34.30%

Retail (Indonesia)

SoilbuildBizREIT

Q4 – Dec13

1.510

$0.760

7.882%

$0.800

29.30%

Business Park (2) + Industrial (5)

OUE HT

Q4 – Dec13

1.670

$0.885

7.548%

$0.920

32.00%

Hotel (69%) + Retail (31%)

CACHE

Q4 – Dec13

2.137

$1.130

7.503%

$0.980

29.10%

Industrial : Singapore (12) + Shanghai (1)

MapletreeInd

Q3 – Dec13

2.510

$1.350

7.437%

$1.110

36.30%

Industrial (83)

Saizen REIT

1H – Dec13

3.250

$0.880

7.386%

$1.170

38.00%

Residential (Japan) – 139

Far East HTrust

Q4 – Dec13

1.420

$0.775

7.329%

$0.983

30.90%

Hotels (67.1%) + Serviced Apts (14.8%) + Commercial (18.1%) by Revenue

AscottREIT

2H – Dec13

3.698

$1.155

7.271%

$1.350

34.00%

Serviced Apts : AsiaPacific (61.5%) + Europe (38.5%)

First REIT

Q4 – Dec13

1.970

$1.045

7.196%

$0.966

32.30%

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

MapletreeGCC

Q3 – Dec13

1.518

$0.840

7.167%

$0.943

40.50%

Retail + Office (China + HK)

MapletreeLog

Q3 – Dec13

1.840

$1.035

7.111%

$0.910

33.90%

Industrial (111)

Cambridge

Q4 – Dec13

1.251

$0.715

6.941%

$0.695

28.70%

Industrial (47)

OUE COMMERCIAL REIT

FY14 – IPO

5.440

$0.795

6.843%

$1.043

42.30%

Retail + Office

CDL Htrust

2H – Dec13

5.560

$1.630

6.822%

$1.630

29.70%

Hotels : Singapore (77.1%) + Australia (10.5%) + NZ (4.5%) + Maldives (7.9%)

Kep REIT

Q4 – Dec13

1.970

$1.175

6.655%

$1.380

42.10%

Offices : Singapore (5) + Australia (4)

Ascendasreit

Q3 – Dec13

3.540

$2.160

6.556%

$1.945

30.10%

Industrial (105)

Frasers Comm

Q1 – Dec13

2.050

$1.265

6.427%

$1.540

37.90%

Office + Retail (5)

FrasersCT

Q1 – Dec13

2.500

$1.750

6.303%

$1.770

29.70%

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

CapitaRChina

2H – Dec13

4.330

$1.380

6.275%

$1.430

32.60%

Retail (China) – 10

Starhill Gbl

Q4 – Dec13

1.230

$0.780

6.256%

$0.920

29.00%

Retail (87.2%) + Office (12.8%)

MapletreeCom

Q3 – Dec13

1.865

$1.210

6.165%

$1.070

40.80%

Retail + Office

SuntecReit

Q4 – Dec13

2.562

$1.665

6.155%

$2.108

38.00%

Retail + Office

Fortune Reit HK$

2H – Dec13

18.000

$6.020

5.980%

$10.260

32.70%

Retail (HK)

CapitaMall

Q4 – Dec13

2.720

$1.900

5.679%

$1.710

35.30%

Retail (16) + Office

CapitaComm

2H – Dec13

4.130

$1.465

5.638%

$1.670

29.30%

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

SPHREIT

Q1 – Nov13

1.860

$0.975

5.356%

$0.900

26.70%

Retail (2)

PLife REIT

Q4 – Dec13

2.820

$2.290

4.926%

$1.600

33.00%

Hospitals + Nursing Homes = 44

NOTES :

  • Mkt Price is as on 28-Feb-14
  • VIT : Annualised DPU = 6.707ct for the Period 4-Nov-13 to 31-Dec-13
  • LMIR : Yield Computed using FY13 DPU = 3.25ct ; Q4 DPU = 0.56ct => Yield = 5.53% @ $0.405
  • A-HTrust : No DPU Payout as Semi-Annual Policy
  • OUE C-REIT : IPO Prospectus ; DPU : FY14 = 5.44ct / 4.45ct if Exclude Income Support ; FY15 = 5.51ct (4.6ct if Exclude) ; Gearing = 42.3% ; NAV = $1.043 ; Listing on 27-Jan-14 2pm
  • PLife : Annualised DPU = 11.28ct
  • StarHill Global : Annualised DPU = 4.88ct
  • MGCCT : Annualised DPU = 6.02ct
  • Suntec : Includes Capital = 0.175ct
  • SB REIT : Annualised DPU = 5.99ct
  • FCOT : Annualised DPU = 8.13ct
  • Sabana : Annualised DPU = 8.69ct
  • CMT : Annualised DPU = 10.79ct
  • CLT : Annualised DPU = 8.478ct
  • FCT : DPU excludes Retained Cash of 0.25 cents per unit ; Above Yield is Computed using last 4Qs DPU = 11.03ct ie 2.5ct (Dec13) + 2.98ct (Sep13) + 2.85ct (Jun13) + 2.7ct (Mar13)
  • FirstREIT : Annualised DPU = 7.52ct
  • Cambridge : Annualised DPU = 4.963ct
  • SPH REIT : 0.56ct (24-Jul to 31-Aug) + 1.3ct (1-Sep to 30-Nov)
  • Saizen : 5-to-1 Unit Consolidation on 5-Nov-13
  • 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
  • MLT : Includes 0.2ct Divestment Gain for 8 Qs from Q114 (Jun13)
  • 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
  • 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

 

  
 

Shipping Trusts (non-REITs)

Trust

Period

DPU cts

Mkt

Yield

NAV

Assets Type

FSL Trust

Q4 – Dec13

0

$0.083

0.000%

$0.410

Shipping Trust

Rickmers

Q4 – Dec13

0.6

$0.290

10.490%

$0.620

Shipping Trust

NOTES :

  • All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.2676: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

Q3 – Dec13

0.82

$0.460

7.130%

$0.249

Infrastructure – Water + Gas + Power

K-Green

2H – Dec13

7.82

$1.005

7.781%

$0.950

Energy (Incineration) + Water (NEWater)

AscendasIndT

Q3 – Dec13

1.1

$0.715

6.154%

$0.580

India – Industrial Park

Indiabulls

1H – Sep13

0.0154

$0.115

0.268%

$0.347

India – Office

HPH Trust US$

2H – Dec13

22.3

$0.625

8.453%

HK$7.26

Ports – HK + China

ForterraTr

2H – Dec13

$1.820

0.000%

$4.680

China – Retail + Office + Industrial

PerennialCRT

2H – Dec13

1.9

$0.515

7.379%

$0.770

China Retail

Religare

Q3 – Dec13

2.14

$0.805

10.634%

$0.804

India – Healthcare

Croesus RTr

1H – Dec13

5.24

$0.890

9.112%

Y74.09

Japan – Retail

Asian Pay TV Tr

2H – Dec13

4.13

$0.805

10.261%

$0.920

Taiwan PayTV

NOTES :

  • CroesusRT : Annualised DPU = 8.11ct ; Above DPU is for the Period 10-May-13 to 31-Dec-13 ; Exchange Rate Y100 = S$1.2453
  • Indiabulls : No DPU Payout as Semi-Annual Policy
  • Religare : No DPU Payout as Semi-Annual Policy
  • HPH Trust : DPU in HK$ ; Mkt Price in US$ ; Yield Computed Using Latest Exchange Rate HK$7.7605:US$1 fm Yahoo Finance) ; Yield Computed Using 1H (Jun13) = HK18.7ct + 2H (Dec13) = HK22.3ct
  • a-iTrust : No DPU Payout as Semi-Annual Payout Policy ; Above DPU is based on 90% Payout
  • 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
  • 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
  • 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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