Author: kktan

 

Month End Prices – 2017

REIT

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

A-HTrust

S$0.705

S$0.735

S$0.755

S$0.780

S$0.780

S$0.780

S$0.825

S$0.840

S$0.835

S$0.855

S$0.875

S$0.830

S$0.860

A-REIT

S$2.270

S$2.460

S$2.500

S$2.520

S$2.560

S$2.620

S$2.610

S$2.700

S$2.660

S$2.700

S$2.740

S$2.640

S$2.720

AIMSAMPIReit

S$1.310

S$1.360

S$1.355

S$1.385

S$1.395

S$1.420

S$1.480

S$1.440

S$1.405

S$1.420

S$1.445

S$1.350

S$1.360

AscottREIT

S$1.130

S$1.135

S$1.165

S$1.085

S$1.095

S$1.125

S$1.155

S$1.190

S$1.175

S$1.195

S$1.195

S$1.190

S$1.220

BHG REIT

S$0.655

S$0.650

S$0.665

S$0.740

S$0.715

S$0.705

S$0.740

S$0.735

S$0.750

S$0.745

S$0.740

S$0.730

S$0.740

CapitaRChina

S$1.370

S$1.420

S$1.425

S$1.480

S$1.590

S$1.555

S$1.640

S$1.660

S$1.595

S$1.635

S$1.660

S$1.640

S$1.620

CCT

S$1.480

S$1.525

S$1.560

S$1.545

S$1.625

S$1.660

S$1.660

S$1.720

S$1.740

S$1.655

S$1.735

S$1.890

S$1.930

CDL HTrust

S$1.340

S$1.415

S$1.415

S$1.435

S$1.550

S$1.625

S$1.655

S$1.600

S$1.630

S$1.610

S$1.635

S$1.650

S$1.690

CLT

S$0.810

S$0.810

S$0.820

S$0.845

S$0.865

S$0.885

S$0.915

S$0.885

S$0.875

S$0.835

S$0.820

S$0.850

S$0.855

CMT

S$1.885

S$1.940

S$1.970

S$1.970

S$1.970

S$1.990

S$1.975

S$2.010

S$2.170

S$2.080

S$2.020

S$2.050

S$2.130

EC World

S$0.760

S$0.710

S$0.740

S$0.755

S$0.760

S$0.785

S$0.810

S$0.775

S$0.775

S$0.780

S$0.780

S$0.770

S$0.760

ESR-REIT

S$0.540

S$0.565

S$0.575

S$0.580

S$0.585

S$0.575

S$0.590

S$0.565

S$0.555

S$0.575

S$0.555

S$0.560

S$0.565

FE-HTrust

S$0.600

S$0.600

S$0.585

S$0.600

S$0.600

S$0.635

S$0.670

S$0.670

S$0.660

S$0.670

S$0.700

S$0.720

S$0.720

FHT

S$0.650

S$0.665

S$0.685

S$0.710

S$0.730

S$0.710

S$0.725

S$0.740

S$0.745

S$0.760

S$0.785

S$0.770

S$0.785

First REIT

S$1.265

S$1.270

S$1.285

S$1.310

S$1.350

S$1.320

S$1.340

S$1.350

S$1.330

S$1.335

S$1.385

S$1.380

S$1.390

FLT

S$0.925

S$0.940

S$0.975

S$0.985

S$1.010

S$1.005

S$1.080

S$1.095

S$1.075

S$1.090

S$1.115

S$1.080

S$1.160

Fortune

HK$8.610

HK$9.020

HK$8.610

HK$8.700

HK$9.060

HK$9.360

HK$9.480

HK$9.720

HK$9.240

HK$9.100

HK$9.420

HK$9.320

HK$9.610

FrasersComm

S$1.260

S$1.255

S$1.270

S$1.280

S$1.340

S$1.390

S$1.425

S$1.400

S$1.395

S$1.380

S$1.385

S$1.450

S$1.490

FrasersCT

S$1.900

S$2.000

S$2.000

S$2.110

S$2.110

S$2.120

S$2.140

S$2.100

S$2.110

S$2.130

S$2.170

S$2.220

S$2.240

IREIT Global

S$0.715

S$0.735

S$0.755

S$0.725

S$0.745

S$0.750

S$0.760

S$0.790

S$0.765

S$0.755

S$0.765

S$0.750

S$0.775

Keppel DC REIT

S$1.020

S$1.010

S$1.035

S$1.050

S$1.060

S$1.105

S$1.145

S$1.160

S$1.160

S$1.170

S$1.175

S$1.260

S$1.260

Keppel REIT

S$1.185

S$1.195

S$1.180

S$1.200

S$1.240

S$1.295

S$1.290

S$1.280

S$1.285

S$1.345

S$1.375

S$1.420

S$1.430

LMIR

S$0.370

S$0.390

S$0.390

S$0.395

S$0.425

S$0.415

S$0.445

S$0.460

S$0.435

S$0.430

S$0.435

S$0.410

S$0.400

Manulife

S$0.825

S$0.855

S$0.840

S$0.840

S$0.840

S$0.875

S$0.900

S$0.920

S$0.965

S$0.935

S$0.905

S$0.900

S$0.905

MCT

S$1.395

S$1.530

S$1.500

S$1.530

S$1.595

S$1.545

S$1.595

S$1.605

S$1.535

S$1.550

S$1.555

S$1.600

S$1.620

MGCT

S$0.950

S$0.955

S$0.985

S$1.020

S$1.070

S$1.065

S$1.080

S$1.110

S$1.125

S$1.155

S$1.175

S$1.180

S$1.230

MIT

S$1.645

S$1.645

S$1.665

S$1.780

S$1.790

S$1.825

S$1.860

S$1.855

S$1.855

S$1.885

S$1.940

S$1.970

S$2.030

MLT

S$1.020

S$1.050

S$1.075

S$1.095

S$1.130

S$1.170

S$1.195

S$1.200

S$1.230

S$1.220

S$1.270

S$1.270

S$1.320

OUE C-REIT

S$0.695

S$0.700

S$0.700

S$0.705

S$0.700

S$0.700

S$0.715

S$0.730

S$0.715

S$0.720

S$0.720

S$0.700

S$0.720

OUE H-Trust

S$0.660

S$0.695

S$0.695

S$0.690

S$0.720

S$0.710

S$0.745

S$0.755

S$0.760

S$0.780

S$0.805

S$0.810

S$0.850

PLife

S$2.360

S$2.430

S$2.430

S$2.520

S$2.560

S$2.620

S$2.680

S$2.710

S$2.690

S$2.740

S$2.850

S$2.900

S$2.990

Sabana

S$0.380

S$0.385

S$0.435

S$0.505

S$0.455

S$0.420

S$0.465

S$0.450

S$0.480

S$0.465

S$0.460

S$0.410

S$0.395

SB REIT

S$0.640

S$0.635

S$0.645

S$0.675

S$0.665

S$0.685

S$0.720

S$0.710

S$0.730

S$0.700

S$0.660

S$0.660

S$0.670

SPH REIT

S$0.950

S$0.970

S$0.970

S$0.980

S$0.985

S$1.000

S$1.000

S$1.000

S$1.000

S$1.000

S$1.000

S$1.050

S$1.050

StarHill Gbl

S$0.740

S$0.765

S$0.740

S$0.755

S$0.770

S$0.775

S$0.780

S$0.780

S$0.745

S$0.770

S$0.770

S$0.760

S$0.775

Suntec

S$1.650

S$1.730

S$1.730

S$1.790

S$1.770

S$1.835

S$1.870

S$1.900

S$1.895

S$1.875

S$1.950

S$2.040

S$2.150

VIT

S$0.755

S$0.765

S$0.765

S$0.795

S$0.815

S$0.840

S$0.885

S$0.925

S$0.945

S$0.935

S$0.980

S$0.940

S$0.935

Performance – December 2017

STI +19.19% : 3433.54 (Dec-17) vs 2880.76 (Dec-16)

Rank – Capital Gains

REIT

Dec-17

Dec-16

Gain

CapitaComm

$ 1.930

$ 1.480

30.4%

SuntecReit

$ 2.150

$ 1.650

30.3%

Mapletree GCC Tr

$ 1.230

$ 0.950

29.5%

MapletreeLog

$ 1.320

$ 1.020

29.4%

OUE H-Trust

$ 0.850

$ 0.660

28.8%

ParkwayLife Reit

$ 2.990

$ 2.360

26.7%

CDL Htrust

$ 1.690

$ 1.340

26.1%

Fraser LT

$ 1.160

$ 0.925

25.4%

VIT

$ 0.935

$ 0.755

23.8%

KeppelREIT

$ 1.260

$ 1.020

23.5%

MIT

$ 2.030

$ 1.645

23.4%

A-HTrust

$ 0.860

$ 0.705

22.0%

Frasers Htrust

$ 0.785

$ 0.650

20.8%

Keppel DC REIT

$ 1.430

$ 1.185

20.7%

FE-HTrust

$ 0.720

$ 0.600

20.0%

Ascendasreit

$ 2.720

$ 2.270

19.8%

FrasersComm

$ 1.490

$ 1.260

18.3%

CapitaRChina

$ 1.620

$ 1.370

18.2%

FrasersCT

$ 2.240

$ 1.900

17.9%

MCT

$ 1.620

$ 1.395

16.1%

CapitaMall

$ 2.130

$ 1.885

13.0%

BHG REIT

$ 0.740

$ 0.655

13.0%

Fortune Reit HK$

$ 9.610

$ 8.610

11.6%

SPHREIT

$ 1.050

$ 0.950

10.5%

First REIT

$ 1.390

$ 1.265

9.9%

Manulife

$ 0.905

$ 0.825

9.7%

IREIT Global

$ 0.775

$ 0.715

8.4%

Lippo Malls Tr

$ 0.400

$ 0.370

8.1%

AscottREIT

$ 1.220

$ 1.130

8.0%

CLT

$ 0.855

$ 0.810

5.6%

StarhillGbl Reit

$ 0.775

$ 0.740

4.7%

SB REIT

$ 0.670

$ 0.640

4.7%

ESR-REIT

$ 0.565

$ 0.540

4.6%

Sabana

$ 0.395

$ 0.380

3.9%

AIMSAMP Cap Reit

$ 1.360

$ 1.310

3.8%

OUE C-REIT

$ 0.720

$ 0.695

3.6%

EC World

$ 0.760

$ 0.760

0.0%

NOTES :

  • Not Adjusted for Rights or New Issues Which May Be at a Discount
  • Dec-17 : End Dec-17 Mkt Price
  • Dec-16 : End Dec-16 Mkt Price
  • Gain : Capital Gains = (Dec-17 Mkt Price – Dec-16 Mkt Price) / (Dec-16 Mkt Price)

December 2017

REITs : Average Yield = 6.234% (Excludes Saizen)

REIT

Period

Mkt

DPU cts

Yield

NAV

Gearing

Assets Type

Lippo Malls Tr

Q3 – Sep17

$0.400

0.8600

8.600%

$0.354

28.70%

Retail (Indonesia) – 21
SoilbuildBizREIT

Q3 – Sep17

$0.670

1.3740

8.203%

$0.710

37.90%

Industrial (12) : Business Park 34% + Industrial 66% by NPI
Viva Ind Tr

Q3 – Sep17

$0.935

1.9000

8.062%

$0.788

39.60%

Industrial (9) : Biz Park (51.8%) + Light Industrial (21.1%) + Logistics (16.6%) + Hotel (10.5%) by NPI
Sabana REIT

Q3 – Sep17

$0.395

0.7900

7.924%

$0.560

36.00%

Industrial (20)
AIMSAMP Cap Reit

Q2 – Sep17

$1.360

2.5500

7.794%

$1.364

37.30%

Industrial (27) : Singapore + Australia
BHG Retail Reit

Q3 – Sep17

$0.740

1.4100

7.622%

$0.830

32.50%

Retail (China) – 5
EC World Reit

Q3 – Sep17

$0.760

1.4400

7.579%

$0.890

29.20%

Port, Warehouse & e-Commerce Infrastructure in China
IREIT Global

Q3 – Sep17

$0.775

1.4200

7.329%

$0.666

41.70%

Offices : Germany (5)
Cache Log Trust

Q3 – Sep17

$0.855

1.5410

7.151%

$0.769

43.60%

Industrial (19) : Singapore (82%) + Australia (17%) + China (1%) by Gross Revenue
ManulifeREIT USD

Q3 – Sep17

$0.905

1.6000

7.072%

$0.840

33.10%

Offices : USA (4)
ESR-REIT

Q3 – Sep17

$0.565

0.9640

6.825%

$0.632

36.70%

Industrial (48)
Ascendas-hTrust

1H – Sep17

$0.860

2.7300

6.674%

$0.890

32.60%

Hotels (11) : Australia (52%) + Japan (26%) + Singapore (13%) + China (10%) by NPI
OUE Com Reit

Q3 – Sep17

$0.720

1.1500

6.542%

$0.850

36.90%

Office (86%) + Retail (14%) by NPI ; Singapore (79%) + China (21%) by Revenue
Frasers Com Tr

Q4 – Sep17

$1.490

2.4070

6.462%

$1.580

34.70%

Singapore (54.4%) + Australia (45.6%) by NPI
FHT

2H – Sep17

$0.785

2.5137

6.404%

$0.816

32.10%

Hotel (9) + Serviced Apt (6) : Australia (38%) + Singapore (22%) + UK (18%) + Japan (9%) + Malaysia (7%) + Germany (6%) by NPI
CapitaR China Tr

Q3 – Sep17

$1.620

2.3700

6.235%

$1.610

35.40%

Retail (China) – 10
First REIT

Q3 – Sep17

$1.390

2.1400

6.173%

$1.006

32.60%

Hospitals (14 – 1 in S Korea) + Hotel (Indonesia – 2) + Nursing Home (Singapore – 3)
OUE Htrust

Q3 – Sep17

$0.850

1.3600

6.153%

$0.760

38.10%

Hotel (78%) + Retail (22%) by NPI
StarhillGbl Reit

Q1 – Sep17

$0.775

1.2000

6.142%

$0.910

35.40%

Retail + Office : Singapore (61.1%) + Australia (23.7%) + Malaysia (11.4%) + Others (2.9%) by Revenue
Frasers L&I Tr

2H – Sep17

$1.160

3.5200

6.069%

$0.940

29.30%

Industrial (Australia) – 61
Mapletree GCC Tr

1H – Sep17

$1.230

3.7140

6.053%

$1.246

38.50%

Retail + Office : HK (69.3%) + China (30.7%) by NPI ; Retail (61.4%) + Office (36.6%) by NPI
Mapletree Ind Tr

Q2 – Sep17

$2.030

3.0000

5.911%

$1.410

30.00%

Industrial (85)
Ascendas Reit

1H – Sep17

$2.720

8.1080

5.865%

$2.130

33.10%

Industrial (131) : Singapore (85%) + Australia (15%) by Valuation
Ascott Reit

Q3 – Sep17

$1.220

1.6900

5.810%

$1.220

31.90%

Serviced Apts (74) : Asia Pacific (59.6%) + Europe (27.9%) + US (12.5%) by Assets
Mapletree Log Tr

Q2 – Sep17

$1.320

1.8870

5.718%

$1.030

33.70%

Industrial (124)
Far East HTrust

Q3 – Sep17

$0.720

1.0300

5.625%

$0.894

32.10%

Hotels 8 (65.8%) + Commercial (20.3%) + Serviced Apts 4 (13.9%) by Revenue
CDL Htrust

Q3 – Sep17

$1.690

2.2900

5.621%

$1.475

33.30%

Hotels : Singapore (57.2%) + NZ (13.1%) + Australia (9.8%) + UK (7.5%) + Maldives (6.7%) + Japan (3.3%) by NPI
Mapletree Com Tr

Q2 – Sep17

$1.620

2.2400

5.562%

$1.370

36.40%

Retail + Office
Fortune Reit HKD

1H – Jun17

$9.610

25.5300

5.313%

$13.390

28.40%

Retail (HK) – 17
Frasers Cpt Tr

Q4 – Sep17

$2.240

2.9700

5.313%

$2.020

29.00%

Retail (6) + 31.17% of Hektar (MREIT)
SPHREIT

Q4 – Aug17

$1.050

1.4200

5.267%

$0.950

25.40%

Retail (2)
CapitaMall Trust

Q3 – Sep17

$2.130

2.7800

5.230%

$1.920

34.70%

Retail (16) + Office
Keppel DC REIT

Q3 – Sep17

$1.430

1.7400

4.867%

$0.960

32.10%

Data Centres – 12 + 1 (Under Devt)
Suntec Reit

Q3 – Sep17

$2.150

2.4830

4.650%

$2.090

36.80%

Office (68%) + Retail (26%) + Convention (6%) by Income
Keppel Reit

Q3 – Sep17

$1.260

1.4000

4.444%

$1.410

38.80%

Office (8) : Singapore (87%) + Australia (13%) by Asset Value
ParkwayLife Reit

Q3 – Sep17

$2.990

3.3700

4.214%

$1.680

37.30%

Hospitals + Nursing Homes = 49 : Singapore 61% + Japan 39% by Gross Revenue
CapitaCom Trust

Q3 – Sep17

$1.930

2.020

4.187%

$1.820

36.00%

Office (72%) + Retail (17%) + Hotel (11%) by Gross Rental Income

NOTES :

  • Mkt Price is as on 30-Dec-17
  • IREIT : DPU Not Paid as Semi-Annual Payout Policy
  • PLife : Above Yield is Computed Using Recurring DPU = 3.15ct ie Excl. 0.22ct Divestment Gain (3rd of 4 Tranches)
  • BHG REIT : DPU Not Paid as Semi-Annual Payout Policy
  • A-HTrust : Above Yield is Computed Using latest 4Qs DPU = 5.74ct = 2.73ct (1H18) + 3.01ct (2H17)
  • Manulife REIT : DPU Not Paid as Semi-Annual Payout Policy
  • OUE C-REIT : Above Yield is Computed using last 4Qs DPU : 4.71ct = 1.15ct (Q317) + 2.38ct (1H17) + 1.18ct (Q416) ; DPU Not Paid as Semi-Annual Payout Policy
  • FE-HTrust : Above Yield is Computed using last 4Qs DPU : 4.05ct = 1.12ct (Dec16) + 1.03ct (Sep17) + 0.97ct (Jun17) + 0.93ct (Mar17)
  • FLT : Above Yield Uses 2H DPU = 3.52ct = 1.68ct (6-Jul-17 to 30-Sep-17) + Advanced DPU 1.84ct (1-Apr-17 to 5-Jul-17)
  • OUE-HTrust : Above Yield is Computed using last 4Qs DPU : 5.23ct = 1.36ct (Dec16) + 1.36ct (Sep17) + 1.21ct (Jun17) + 1.30ct (Mar17)
  • A-REIT : Above Yield is Computed Using latest 4Qs DPU = 15.953ct = 4.049ct (Q118) + 3.993ct (Q317) + 3.852ct (Q417) + 4.059ct (Q218)
  • Suntec : Above Yield is Computed Using latest 4Qs DPU = 9.997ct = 2.596ct (Q416) + 2.483ct (Q317) + 2.493ct (Q217) + 2.425ct (Q117)
  • YTL StarHill : Annualised DPU = 4.76ct
  • VIT : Annualised DPU = 7.538ct
  • CDL H-Trust : DPU Not Paid as Semi-Annual Payout Policy ; Above Yield is Computed using last 4Qs DPU : 9.5ct = 2.29ct (Q317) + 4.1ct (1H17) + 3.11ct (Q416)
  • AIMSAMPReit : Above Yield is Computed using last 4Qs DPU : 10.6ct = 2.77ct (Dec16) + 2.55ct (Sep17) + 2.5ct (Jun17) + 2.78ct (Mar17)
  • MCT : Above Yield is Computed using last 4Qs DPU : 9.01ct = 2.28ct (Dec16) + 2.24ct (Sep17) + 2.23ct (Jun17) + 2.26ct (Mar17)
  • FCT : Above Yield is Computed using last 4Qs DPU : 11.9ct = 2.89ct (Dec16) + 2.97ct (Sep17) + 3.00ct (Jun17) + 3.040ct (Mar17) ; Jun16 DPU Incl. $2.1M Retained in Prior Qs
  • CLT : Annualised DPU = 6.114ct ; 18-for-100 Rights @ $0.632 on 9-Oct-17 Entitled to Accrued DPU
  • AscottREIT : DPU Not Paid as Semi-Annual Payout Policy ; Above Yield Uses Latest 4Qs DPU = 2.042ct (Q416) + 3.356ct (1H17) + 1.69ct (Q317) = 7.088ct
  • Sabana : Annualised DPU = 3.13ct
  • FirstREIT : Annualised DPU = 8.58ct
  • MLT : Advanced DPU = 1.706ct (1-Jul-17 to 21-Sep-17) + 0.181ct (22-Sep-17 to 30-Sep-17) to be paid with Q3 DPU
  • CRCT : DPU Not Paid as Semi-Annual Payout Policy ; Above Yield Uses Latest 4Qs DPU = 2.37ct (Q416) + 5.36ct (1H17) + 2.37ct (Q317) = 10.10ct
  • CMT : Above Yield Uses Latest 4Qs DPU = 2.73ct (Mar17) + 2.88ct (Dec16) + 2.78ct (Sep17) + 2.75ct (Jun17) = 11.14ct
  • MGCCT : Above Yield is Computed Using latest 4Qs DPU : 7.445ct = 3.714ct (1H18) + 3.731ct (2H17)
  • CCT : DPU Not Paid as Semi-Annual Payout Policy
  • ESR REIT : Annualised DPU = 3.856ct
  • SPHREIT : Above Yield is Computed using last 4Qs DPU = 1.34ct (Nov16) + 1.42ct (Aug17) + 1.37ct (May17) + 1.40ct (Feb17) =5.53ct
  • IREIT Global : DPU 100% Hedged @ €1 : S$1.55 for FY17 ; 80% Hedged @ €1 : S$1.63 for FY18
  • MLT : Includes 0.06ct Divestment Gain for 8 Qs & 0.2ct for 4Qs from Sep-15 ie DPU = 1.79ct (Jun-16) if Excl Divestment Gains
  • EC World : IPO Prospectus : DPU FY16 = 3.34ct (1-Jun-16 to 31-Dec-16) ; FY17 5.94ct ; Gearing 28.9% ; NAV $0.88 ; Listing on 28-Jul-16 2pm @ $0.81
  • Frasers Industrial & Logistics Trust : IPO Prospectus ; DPU : FY16 = 2.03ct (1-Jun-16 to 30-Sep-16) ; FY17 = 6.25ct ; Listing on 21-Jun-16 9AM @ $0.89 ; NAV Using Current Exchange Rate A$1 : S$1.0436 fm Yahoo Finance
  • Manulife REIT : IPO Prospectus ; DPU : FY16 = US3.65ct (1-May-16 to 31-Dec-16) @ 1.3592 Exchange Rate; FY17 = US5.87ct @ 1.3658 ; Gearing = 36.8% ; NAV = US$0.79 ; Listing on 20-May-16 2pm @ US$0.83
  • BHG REIT : IPO Prospectus ; DPU : FY15 = 0.76ct (1-Nov-15 to 31-Dec-15) / 0.53ct if exclude sponsor waiver ; FY16 = 5.08ct / 3.56ct if exclude sponsor waiver ; Gearing = 33.5% ; NAV = $0.826 ; Listing on 11-Dec-15 2pm @ $0.80
  • OUE H-Trust : Rights Circular dated 15-Mar-16 ; 33-for-100 Rights Issue @ $0.54 (TERP = $0.7092 @ $0.765) ; Proforma FY15 DPU = 4.89cts <- 5.84ct ; NAV = $0.81 <- $0.90       ; Gearing = 37.8% <- 42%
  • IREIT Global : Rights Circular ; 45-for-100 Rights Issue @ $0.468 (TERP = $0.7004 @ $0.805) ; Proforma FY14 DPU = €1.53cts (Same as Actual) ; NAV = €0.48 -> €0.41 ; Gearing 31.8% -> 43.7%
  • Keppel DC REIT : IPO Prospectus ; DPU : FY15 = 6.36ct ; FY16 = 6.65ct ; Gearing = 27.8% ; NAV = $0.87 ; Listing on 11-Dec-14 2pm @ $0.88
  • IREIT Global : IPO Prospectus ; DPU : FY14 (1-Jul-14 to 31-Dec-14) = 3.33ct ; FY15 = 7.01ct ; FY16 = 7.01ct ; Gearing = 33.2% ; NAV = $0.78 ; Listing on 13-Aug-14 2pm @ $0.88

Shipping Trusts (non-REITs)

Trust

Period

Mkt

DPU cts

Yield

NAV

Assets Type

FSL Trust

Q2 – Jun17

$0.090

0.00

0.000%

$0.390

Shipping Trust

NOTES :

  • All in US$ except for FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.3603 : US$1 fm Yahoo Finance)
  • Rickmers : Delisted on 27-Jul-17 9am
  • FSL : 30-Jun-12 : Div Payout till 30-Jun-13 ; Restriction on DPU Payout Continues after 30-Jun-13

Other Trusts (non-REITs)

Trust

Period

Mkt

DPU cts

Yield

NAV

Assets Type

Kep Infra Tr

Q2 – Jun17

$0.575

0.930

6.470%

$0.307

Infrastructure
Ascendas-iTrust

1H – Sep17

$1.150

2.810

4.887%

$0.790

India – Industrial Park (7)
HPH Trust USD

1H – Jun17

$0.415

9.500

8.064%

HK$4.53

Ports – HK (38%) + China (62%) by Revenue
RHT HealthTrust

2H – Jun17

$0.840

2.370

5.419%

$0.845

India – Healthcare (18)
Asian Pay TV Tr

Q3 – Sep17

$0.590

1.625

11.017%

$0.830

Taiwan PayTV
Accordia Golf Tr

1H – Sep17

$0.685

1.650

7.650%

$0.900

Japan Golf Courses – 89
Dasin Retail Tr

Q3 – Sep17

$0.880

2.230

10.136%

$1.510

China – Retail (4)
NetLink NBN Tr

FY18 – IPO

$0.835

2.930

5.271%

$0.800

Fibre Network Infrastructure

NOTES :

  • IndiaBull : Delisted on 11-Dec-17 9am
  • CroesusRT : Delisted on 26-Oct-17
  • RHT : DPU Not Paid as Semi-Annual Payout Policy
  • Dasin : DPU Not Paid as Semi-Annual Payout Policy
  • Accordia : Above Yield Computed Using DPU = 5.24ct = 3.59ct (2H17 – Mar17) + 1.65ct (1H18 – Sep17) ;
  • HPH Trust : DPU in HK$ ; Mkt Price in US$ ; Yield Computed Using Latest Exchange Rate HK$7.7995 : US$1 fm Yahoo Finance) ; Yield Computed Using 1H (Jun17) = HK9.5ct + 2H (Dec16) = HK16.6ct
  • APTT : Above Yield uses DPU = 6.5ct as FY17 Guidance = 6.5ct ie 1.625ct / Q
  • Daisin
    : IPO Prospectus : DPU FY17 = 6.8ct (3.07ct if Exclude Waiver) ; FY18 = 7.2ct (3.78ct if Exclude Waiver) ; NAV RMB4.918 ; Gearing 27.3% Listing on 20-Jan-17 2pm @ $0.80
  • Religare : FY17 DPU Payout Reduced to 95% from current 100% ; Special DPU = 24.8ct on 28-Oct-16 fm Disposal of 51% in FHTL
  • Indiabulls : Halted from 23-Jun-16 as Free Float is Only 3% ; Yield Computed Using 0ct (2H16) + 0.0638ct (1H16)
  • Indiabulls : 5-for-1 Shares Consolidation on 25-Aug-15
  • KIT : Previously Cityspring + Offer of Units-in-Specie for Previous KIT ; Started Trading on 18 May 15
  • Indiabulls : Maiden DPU on 1H (Sep12) Declared since Listing on 11-Jun-08

Performance – November 2017

STI +19.19% : 3433.54 (Nov-17) vs 2880.76 (Dec-16)

Rank – Capital Gains

REIT

Nov-17

Dec-16

Gain

CapitaComm

$ 1.890

$ 1.480

27.7%

MapletreeLog

$ 1.270

$ 1.020

24.5%

VIT

$ 0.940

$ 0.755

24.5%

Mapletree GCC Tr

$ 1.180

$ 0.950

24.2%

SuntecReit

$ 2.040

$ 1.650

23.6%

KeppelREIT

$ 1.260

$ 1.020

23.5%

CDL Htrust

$ 1.650

$ 1.340

23.1%

ParkwayLife Reit

$ 2.900

$ 2.360

22.9%

OUE H-Trust

$ 0.810

$ 0.660

22.7%

FE-HTrust

$ 0.720

$ 0.600

20.0%

Keppel DC REIT

$ 1.420

$ 1.185

19.8%

MIT

$ 1.970

$ 1.645

19.8%

CapitaRChina

$ 1.640

$ 1.370

19.7%

Frasers Htrust

$ 0.770

$ 0.650

18.5%

A-HTrust

$ 0.830

$ 0.705

17.7%

FrasersCT

$ 2.220

$ 1.900

16.8%

Fraser LT

$ 1.080

$ 0.925

16.8%

Ascendasreit

$ 2.640

$ 2.270

16.3%

FrasersComm

$ 1.450

$ 1.260

15.1%

MCT

$ 1.600

$ 1.395

14.7%

BHG REIT

$ 0.730

$ 0.655

11.5%

Lippo Malls Tr

$ 0.410

$ 0.370

10.8%

SPHREIT

$ 1.050

$ 0.950

10.5%

Manulife

$ 0.900

$ 0.825

9.1%

First REIT

$ 1.380

$ 1.265

9.1%

CapitaMall

$ 2.050

$ 1.885

8.8%

Fortune Reit HK$

$ 9.320

$ 8.610

8.2%

Sabana

$ 0.410

$ 0.380

7.9%

AscottREIT

$ 1.190

$ 1.130

5.3%

CLT

$ 0.850

$ 0.810

4.9%

IREIT Global

$ 0.750

$ 0.715

4.9%

ESR-REIT

$ 0.560

$ 0.540

3.7%

SB REIT

$ 0.660

$ 0.640

3.1%

AIMSAMP Cap Reit

$ 1.350

$ 1.310

3.1%

StarhillGbl Reit

$ 0.760

$ 0.740

2.7%

EC World

$ 0.770

$ 0.760

1.3%

OUE C-REIT

$ 0.700

$ 0.695

0.7%

NOTES :

  • Not Adjusted for Rights or New Issues Which May Be at a Discount
  • Nov-17 : End Nov-17 Mkt Price
  • Dec-16 : End Dec-16 Mkt Price
  • Gain : Capital Gains = (Nov-17 Mkt Price – Dec-16 Mkt Price) / (Dec-16 Mkt Price)

November 2017

Results Announcement

  • 1 Nov 17 : OUE H-Trust
  • 2 Nov 17 (AM) : FLT
  • 2 Nov 17 (AM) : FE-HTrust
  • 2 Nov 17 : LMIR
  • 2 Nov 17 : OUE C-REIT
  • 3 Nov 17 (AM) : Manulife
  • 6 Nov 17 : A-HTrust
  • 7 Nov 17 : BHG
  • 8 Nov 17 : EC World
  • 8 Nov 17 : FSL
  • 9 Nov 17 (AM) : PLife
  • 9 Nov 17 : IREIT Global
  • 9 Nov 17 : Netlink
  • 10 Nov 17 : Daisin
  • 13 Nov 17 (AM) : APTT
  • 13 Nov 17 : Accordia
  • 14 Nov 17 : RHT
  • 15 Nov 17 : Indiabulls

REITs : Average Yield = 6.335% (Excludes Saizen)

REIT

Period

Mkt

DPU cts

Yield

NAV

Gearing

Assets Type

Lippo Malls Tr

Q3 – Sep17

$0.410

0.8600

8.390%

$0.354

28.70%

Retail (Indonesia) – 21
SoilbuildBizREIT

Q3 – Sep17

$0.660

1.3740

8.327%

$0.710

37.90%

Industrial (12) : Business Park 34% + Industrial 66% by NPI
Viva Ind Tr

Q3 – Sep17

$0.940

1.9000

8.019%

$0.788

39.60%

Industrial (9) : Biz Park (51.8%) + Light Industrial (21.1%) + Logistics (16.6%) + Hotel (10.5%) by NPI
AIMSAMP Cap Reit

Q2 – Sep17

$1.350

2.5500

7.852%

$1.364

37.30%

Industrial (27) : Singapore + Australia
BHG Retail Reit

Q3 – Sep17

$0.730

1.4100

7.726%

$0.830

32.50%

Retail (China) – 5
Sabana REIT

Q3 – Sep17

$0.410

0.7900

7.634%

$0.560

36.00%

Industrial (20)
IREIT Global

Q3 – Sep17

$0.750

1.4200

7.573%

$0.666

41.70%

Offices : Germany (5)
EC World Reit

Q3 – Sep17

$0.770

1.4400

7.481%

$0.890

29.20%

Port, Warehouse & e-Commerce Infrastructure in China
Cache Log Trust

Q3 – Sep17

$0.850

1.5410

7.193%

$0.769

43.60%

Industrial (19) : Singapore (82%) + Australia (17%) + China (1%) by Gross Revenue
ManulifeREIT USD

Q3 – Sep17

$0.900

1.6000

7.111%

$0.840

33.10%

Offices : USA (4)
Ascendas-hTrust

1H – Sep17

$0.830

2.7300

6.916%

$0.890

32.60%

Hotels (11) : Australia (52%) + Japan (26%) + Singapore (13%) + China (10%) by NPI
ESR-REIT

Q3 – Sep17

$0.560

0.9640

6.886%

$0.632

36.70%

Industrial (48)
OUE Com Reit

Q3 – Sep17

$0.700

1.1500

6.729%

$0.850

36.90%

Office (86%) + Retail (14%) by NPI ; Singapore (79%) + China (21%) by Revenue
Frasers Com Tr

Q4 – Sep17

$1.450

2.4070

6.640%

$1.580

34.70%

Singapore (54.4%) + Australia (45.6%) by NPI
FHT

2H – Sep17

$0.770

2.5137

6.529%

$0.816

32.10%

Hotel (9) + Serviced Apt (6) : Australia (38%) + Singapore (22%) + UK (18%) + Japan (9%) + Malaysia (7%) + Germany (6%) by NPI
Frasers L&I Tr

2H – Sep17

$1.080

3.5200

6.519%

$0.940

29.30%

Industrial (Australia) – 61
OUE Htrust

Q3 – Sep17

$0.810

1.3600

6.457%

$0.760

38.10%

Hotel (78%) + Retail (22%) by NPI
Mapletree GCC Tr

1H – Sep17

$1.180

3.7140

6.309%

$1.246

38.50%

Retail + Office : HK (69.3%) + China (30.7%) by NPI ; Retail (61.4%) + Office (36.6%) by NPI
StarhillGbl Reit

Q1 – Sep17

$0.760

1.2000

6.263%

$0.910

35.40%

Retail + Office : Singapore (61.1%) + Australia (23.7%) + Malaysia (11.4%) + Others (2.9%) by Revenue
First REIT

Q3 – Sep17

$1.380

2.1400

6.217%

$1.006

32.60%

Hospitals (14 – 1 in S Korea) + Hotel (Indonesia – 2) + Nursing Home (Singapore – 3)
CapitaR China Tr

Q3 – Sep17

$1.640

2.3700

6.159%

$1.610

35.40%

Retail (China) – 10
Mapletree Ind Tr

Q2 – Sep17

$1.970

3.0000

6.091%

$1.410

30.00%

Industrial (85)
Ascendas Reit

1H – Sep17

$2.640

8.1080

6.043%

$2.130

33.10%

Industrial (131) : Singapore (85%) + Australia (15%) by Valuation
Ascott Reit

Q3 – Sep17

$1.190

1.6900

5.956%

$1.220

31.90%

Serviced Apts (74) : Asia Pacific (59.6%) + Europe (27.9%) + US (12.5%) by Assets
Mapletree Log Tr

Q2 – Sep17

$1.270

1.8870

5.943%

$1.030

33.70%

Industrial (124)
CDL Htrust

Q3 – Sep17

$1.650

2.2900

5.758%

$1.475

33.30%

Hotels : Singapore (57.2%) + NZ (13.1%) + Australia (9.8%) + UK (7.5%) + Maldives (6.7%) + Japan (3.3%) by NPI
Mapletree Com Tr

Q2 – Sep17

$1.600

2.2400

5.631%

$1.370

36.40%

Retail + Office
Far East HTrust

Q3 – Sep17

$0.720

1.0300

5.625%

$0.894

32.10%

Hotels 8 (65.8%) + Commercial (20.3%) + Serviced Apts 4 (13.9%) by Revenue
Fortune Reit HKD

1H – Jun17

$9.320

25.5300

5.479%

$13.390

28.40%

Retail (HK) – 17
CapitaMall Trust

Q3 – Sep17

$2.050

2.7800

5.434%

$1.920

34.70%

Retail (16) + Office
Frasers Cpt Tr

Q4 – Sep17

$2.220

2.9700

5.360%

$2.020

29.00%

Retail (6) + 31.17% of Hektar (MREIT)
SPHREIT

Q4 – Aug17

$1.050

1.4200

5.267%

$0.950

25.40%

Retail (2)
Keppel DC REIT

Q3 – Sep17

$1.420

1.7400

4.901%

$0.960

32.10%

Data Centres – 12 + 1 (Under Devt)
Suntec Reit

Q3 – Sep17

$2.040

2.4830

4.900%

$2.090

36.80%

Office (68%) + Retail (26%) + Convention (6%) by Income
Keppel Reit

Q3 – Sep17

$1.260

1.4000

4.444%

$1.410

38.80%

Office (8) : Singapore (87%) + Australia (13%) by Asset Value
ParkwayLife Reit

Q3 – Sep17

$2.900

3.3700

4.345%

$1.680

37.30%

Hospitals + Nursing Homes = 49 : Singapore 61% + Japan 39% by Gross Revenue
CapitaCom Trust

Q3 – Sep17

$1.890

2.020

4.275%

$1.820

36.00%

Office (72%) + Retail (17%) + Hotel (11%) by Gross Rental Income

NOTES :

  • Mkt Price is as on 30-Nov-17
  • IREIT : DPU Not Paid as Semi-Annual Payout Policy
  • PLife : Above Yield is Computed Using Recurring DPU = 3.15ct ie Excl. 0.22ct Divestment Gain (3rd of 4 Tranches)
  • BHG REIT : DPU Not Paid as Semi-Annual Payout Policy
  • A-HTrust : Above Yield is Computed Using latest 4Qs DPU = 5.74ct = 2.73ct (1H18) + 3.01ct (2H17)
  • Manulife REIT : DPU Not Paid as Semi-Annual Payout Policy
  • OUE C-REIT : Above Yield is Computed using last 4Qs DPU : 4.71ct = 1.15ct (Q317) + 2.38ct (1H17) + 1.18ct (Q416) ; DPU Not Paid as Semi-Annual Payout Policy
  • FE-HTrust : Above Yield is Computed using last 4Qs DPU : 4.05ct = 1.12ct (Dec16) + 1.03ct (Sep17) + 0.97ct (Jun17) + 0.93ct (Mar17)
  • FLT : Above Yield Uses 2H DPU = 3.52ct = 1.68ct (6-Jul-17 to 30-Sep-17) + Advanced DPU 1.84ct (1-Apr-17 to 5-Jul-17)
  • OUE-HTrust : Above Yield is Computed using last 4Qs DPU : 5.23ct = 1.36ct (Dec16) + 1.36ct (Sep17) + 1.21ct (Jun17) + 1.30ct (Mar17)
  • A-REIT : Above Yield is Computed Using latest 4Qs DPU = 15.953ct = 4.049ct (Q118) + 3.993ct (Q317) + 3.852ct (Q417) + 4.059ct (Q218)
  • Suntec : Above Yield is Computed Using latest 4Qs DPU = 9.997ct = 2.596ct (Q416) + 2.483ct (Q317) + 2.493ct (Q217) + 2.425ct (Q117)
  • YTL StarHill : Annualised DPU = 4.76ct
  • VIT : Annualised DPU = 7.538ct
  • CDL H-Trust : DPU Not Paid as Semi-Annual Payout Policy ; Above Yield is Computed using last 4Qs DPU : 9.5ct = 2.29ct (Q317) + 4.1ct (1H17) + 3.11ct (Q416)
  • AIMSAMPReit : Above Yield is Computed using last 4Qs DPU : 10.6ct = 2.77ct (Dec16) + 2.55ct (Sep17) + 2.5ct (Jun17) + 2.78ct (Mar17)
  • MCT : Above Yield is Computed using last 4Qs DPU : 9.01ct = 2.28ct (Dec16) + 2.24ct (Sep17) + 2.23ct (Jun17) + 2.26ct (Mar17)
  • FCT : Above Yield is Computed using last 4Qs DPU : 11.9ct = 2.89ct (Dec16) + 2.97ct (Sep17) + 3.00ct (Jun17) + 3.040ct (Mar17) ; Jun16 DPU Incl. $2.1M Retained in Prior Qs
  • CLT : Annualised DPU = 6.114ct ; 18-for-100 Rights @ $0.632 on 9-Oct-17 Entitled to Accrued DPU
  • AscottREIT : DPU Not Paid as Semi-Annual Payout Policy ; Above Yield Uses Latest 4Qs DPU = 2.042ct (Q416) + 3.356ct (1H17) + 1.69ct (Q317) = 7.088ct
  • Sabana : Annualised DPU = 3.13ct
  • FirstREIT : Annualised DPU = 8.58ct
  • MLT : Advanced DPU = 1.706ct (1-Jul-17 to 21-Sep-17) + 0.181ct (22-Sep-17 to 30-Sep-17) to be paid with Q3 DPU
  • CRCT : DPU Not Paid as Semi-Annual Payout Policy ; Above Yield Uses Latest 4Qs DPU = 2.37ct (Q416) + 5.36ct (1H17) + 2.37ct (Q317) = 10.10ct
  • CMT : Above Yield Uses Latest 4Qs DPU = 2.73ct (Mar17) + 2.88ct (Dec16) + 2.78ct (Sep17) + 2.75ct (Jun17) = 11.14ct
  • MGCCT : Above Yield is Computed Using latest 4Qs DPU : 7.445ct = 3.714ct (1H18) + 3.731ct (2H17)
  • CCT : DPU Not Paid as Semi-Annual Payout Policy
  • ESR REIT : Annualised DPU = 3.856ct
  • SPHREIT : Above Yield is Computed using last 4Qs DPU = 1.34ct (Nov16) + 1.42ct (Aug17) + 1.37ct (May17) + 1.40ct (Feb17) =5.53ct
  • IREIT Global : DPU 100% Hedged @ €1 : S$1.55 for FY17 ; 80% Hedged @ €1 : S$1.63 for FY18
  • MLT : Includes 0.06ct Divestment Gain for 8 Qs & 0.2ct for 4Qs from Sep-15 ie DPU = 1.79ct (Jun-16) if Excl Divestment Gains
  • EC World : IPO Prospectus : DPU FY16 = 3.34ct (1-Jun-16 to 31-Dec-16) ; FY17 5.94ct ; Gearing 28.9% ; NAV $0.88 ; Listing on 28-Jul-16 2pm @ $0.81
  • Frasers Industrial & Logistics Trust : IPO Prospectus ; DPU : FY16 = 2.03ct (1-Jun-16 to 30-Sep-16) ; FY17 = 6.25ct ; Listing on 21-Jun-16 9AM @ $0.89 ; NAV Using Current Exchange Rate A$1 : S$1.0436 fm Yahoo Finance
  • Manulife REIT : IPO Prospectus ; DPU : FY16 = US3.65ct (1-May-16 to 31-Dec-16) @ 1.3592 Exchange Rate; FY17 = US5.87ct @ 1.3658 ; Gearing = 36.8% ; NAV = US$0.79 ; Listing on 20-May-16 2pm @ US$0.83
  • BHG REIT : IPO Prospectus ; DPU : FY15 = 0.76ct (1-Nov-15 to 31-Dec-15) / 0.53ct if exclude sponsor waiver ; FY16 = 5.08ct / 3.56ct if exclude sponsor waiver ; Gearing = 33.5% ; NAV = $0.826 ; Listing on 11-Dec-15 2pm @ $0.80
  • OUE H-Trust : Rights Circular dated 15-Mar-16 ; 33-for-100 Rights Issue @ $0.54 (TERP = $0.7092 @ $0.765) ; Proforma FY15 DPU = 4.89cts <- 5.84ct ; NAV = $0.81 <- $0.90 ; Gearing = 37.8% <- 42%
  • IREIT Global : Rights Circular ; 45-for-100 Rights Issue @ $0.468 (TERP = $0.7004 @ $0.805) ; Proforma FY14 DPU = €1.53cts (Same as Actual) ; NAV = €0.48 -> €0.41 ; Gearing 31.8% -> 43.7%
  • Keppel DC REIT : IPO Prospectus ; DPU : FY15 = 6.36ct ; FY16 = 6.65ct ; Gearing = 27.8% ; NAV = $0.87 ; Listing on 11-Dec-14 2pm @ $0.88
  • IREIT Global : IPO Prospectus ; DPU : FY14 (1-Jul-14 to 31-Dec-14) = 3.33ct ; FY15 = 7.01ct ; FY16 = 7.01ct ; Gearing = 33.2% ; NAV = $0.78 ; Listing on 13-Aug-14 2pm @ $0.88

Shipping Trusts (non-REITs)

Trust

Period

Mkt

DPU cts

Yield

NAV

Assets Type

FSL Trust

Q2 – Jun17

$0.080

0.00

0.000%

$0.390

Shipping Trust

NOTES :

  • All in US$ except for FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.3603 : US$1 fm Yahoo Finance)
  • Rickmers : Delisted on 27-Jul-17 9am
  • FSL : 30-Jun-12 : Div Payout till 30-Jun-13 ; Restriction on DPU Payout Continues after 30-Jun-13

Other Trusts (non-REITs)

Trust

Period

Mkt

DPU cts

Yield

NAV

Assets Type

Kep Infra Tr

Q2 – Jun17

$0.570

0.930

6.526%

$0.307

Infrastructure
Ascendas-iTrust

1H – Sep17

$1.130

2.810

4.973%

$0.790

India – Industrial Park (7)
Indiabulls Trust

2H – Mar17

$0.255

0.000

0.250%

$1.273

India – Office
HPH Trust USD

1H – Jun17

$0.420

9.500

7.968%

HK$4.53

Ports – HK (38%) + China (62%) by Revenue
RHT HealthTrust

2H – Jun17

$0.820

2.370

5.551%

$0.845

India – Healthcare (18)
Asian Pay TV Tr

Q3 – Sep17

$0.600

1.625

10.833%

$0.830

Taiwan PayTV
Accordia Golf Tr

1H – Sep17

$0.690

1.650

7.594%

$0.900

Japan Golf Courses – 89
Dasin Retail Tr

Q3 – Sep17

$0.830

2.230

10.747%

$1.510

China – Retail (4)
NetLink NBN Tr

FY18 – IPO

$0.820

2.930

5.367%

$0.800

Fibre Network Infrastructure

NOTES :

  • CroesusRT : Delisted on 26-Oct-17
  • RHT : DPU Not Paid as Semi-Annual Payout Policy
  • Dasin : DPU Not Paid as Semi-Annual Payout Policy
  • Accordia : Above Yield Computed Using DPU = 5.24ct = 3.59ct (2H17 – Mar17) + 1.65ct (1H18 – Sep17) ;
  • HPH Trust : DPU in HK$ ; Mkt Price in US$ ; Yield Computed Using Latest Exchange Rate HK$7.7995 : US$1 fm Yahoo Finance) ; Yield Computed Using 1H (Jun17) = HK9.5ct + 2H (Dec16) = HK16.6ct
  • APTT : Above Yield uses DPU = 6.5ct as FY17 Guidance = 6.5ct ie 1.625ct / Q
  • Daisin : IPO Prospectus : DPU FY17 = 6.8ct (3.07ct if Exclude Waiver) ; FY18 = 7.2ct (3.78ct if Exclude Waiver) ; NAV RMB4.918 ; Gearing 27.3% Listing on 20-Jan-17 2pm @ $0.80
  • Religare : FY17 DPU Payout Reduced to 95% from current 100% ; Special DPU = 24.8ct on 28-Oct-16 fm Disposal of 51% in FHTL
  • Indiabulls : Halted from 23-Jun-16 as Free Float is Only 3% ; Yield Computed Using 0ct (2H16) + 0.0638ct (1H16)
  • Indiabulls : 5-for-1 Shares Consolidation on 25-Aug-15
  • KIT : Previously Cityspring + Offer of Units-in-Specie for Previous KIT ; Started Trading on 18 May 15
  • Indiabulls : Maiden DPU on 1H (Sep12) Declared since Listing on 11-Jun-08