February 2017

 

 

Results Announcement

  • 3 Feb 17 : FLT
  • 6 Feb 17 : RHT
  • 9 Feb 17 (AM) : AIMSAMPReit
  • 13 Feb 17 (AM) : Manulife
  • 13 Feb 17 : Accordia
  • 14 Feb 17 (AM) : CRT
  • 15 Feb 17 : LMIRT
  • 16 Feb 17 (AM) : Rickmers
  • 22 Feb 17 (AM) : FE-HTrust
  • 22 Feb 17 : EC World
  • 23 Feb 17 : FSL
  • 23 Feb 17 : BHG REIT
  • 27 Feb 17 (AM) : APTT
  • 28 Feb 17 : IREIT

 

 

REITs : Average Yield = 7.051% (Excludes Saizen)

REIT

Period

Mkt

DPU cts

Yield

NAV

Gearing

Assets Type

SoilbuildBizREIT

Q4 – Dec16

$0.645

1.570

9.736%

$0.720

37.60%

Industrial (12) : Business Park 32% + Industrial 68% by NPI

Viva Ind Tr

Q4 – Dec16

$0.765

1.760

9.153%

$0.791

37.20%

Industrial (8) : Biz Park (53.3%) + Light Industrial (26.1%) + Hotel (12%) + Logistics (8.7%) by NPI

Cache Log Trust

Q4 – Dec16

$0.820

1.850

9.024%

$0.780

43.10%

Industrial (19) : Singapore (85%) + Australia (14%) + China (1%) by Gross Revenue

Lippo Malls Tr

Q4 – Dec16

$0.390

0.870

8.923%

$0.390

31.50%

Retail (Indonesia) – 20

IREIT Global

2H – Dec16

$0.755

3.150

8.344%

$0.623

41.60%

Offices : Germany (5)

AIMSAMP Cap Reit

Q3 – Dec16

$1.355

2.770

8.280%

$1.477

34.60%

Industrial (27) : Singapore + Australia

Sabana REIT

Q4 – Dec16

$0.435

0.880

8.046%

$0.740

43.20%

Industrial (21)

EC World Reit

Q4 – Dec16

$0.740

1.463

7.865%

$0.930

27.60%

Port, Warehouse & e-Commerce Infrastructure in China

OUE Htrust

Q4 – Dec16

$0.695

1.360

7.827%

$0.770

38.10%

Hotel (77%) + Retail (23%) by NPI

Frasers Com Tr

Q1 – Dec16

$1.270

2.506

7.827%

$1.530

36.00%

Singapore (54%) + Australia (46%) by NPI

BHG Retail Reit

2H – Dec16

$0.665

2.600

7.820%

$0.850

31.00%

Retail (China) – 5

FHT

Q1 – Dec16

$0.685

1.326

7.742%

$0.748

33.70%

Hotel (9) + Serviced Apt (6) : Australia (40%) + Singapore (20%) + UK (14%) + Japan (15%) + Malaysia (6%) + Germany (5%) by NPI

Ascendas-hTrust

Q3 – Dec16

$0.755

1.640

7.430%

$0.850

33.30%

Hotels (11) : Australia (56%) + Japan (24%) + Singapore (12%) + China (8%) by NPI

Far East HTrust

Q4 – Dec16

$0.585

1.120

7.402%

$0.909

32.10%

Hotels (66.5%) + Commercial (20.8%) + Serviced Apts (12.7%) by Revenue

OUE Com Reit

2H – Dec16

$0.700

2.500

7.400%

$0.930

39.60%

Office (82.4%) + Retail (17.6%) ; Singapore (80.4%) + China (19.6%) by Revenue

Mapletree GCC Tr

Q3 – Dec16

$0.985

1.778

7.220%

$1.213

40.50%

Retail + Office : HK (72.2%) + China (27.8%) by NPI ; Retail (64.7%) + Office (33.9%) by NPI

Frasers L&I Tr

Q1 – Dec16

$0.975

1.740

7.138%

$0.945

29.70%

Industrial (Australia) – 54

Ascott Reit

2H – Dec16

$1.165

4.392

7.096%

$1.330

39.80%

Serviced Apts (90) : Key Mkt (87.7%) + R.O.W (12.3%) by Valuation

CDL Htrust

2H – Dec16

$1.415

5.550

7.067%

$1.551

36.80%

Hotels : Singapore (62%) + Australia (10%) + Maldives (8%) + NZ (10%) + Japan (4%) + UK (6%) by NPI

Mapletree Log Tr

Q3 – Dec16

$1.075

1.870

6.958%

$1.010

38.70%

Industrial (128)

Cambridge Ind Tr

Q4 – Dec16

$0.575

0.996

6.929%

$0.634

37.50%

Industrial (49)

StarhillGbl Reit

Q2 – Dec16

$0.740

1.260

6.905%

$0.910

35.20%

Retail + Office : Singapore (61.4%) + Australia (23.4%) + Malaysia (12.7%) + Others (2.5%) by Revenue

ManulifeREIT USD

Q4 – Dec16

$0.840

3.550

6.845%

$0.840

33.80%

Offices : USA (3)

Mapletree Ind Tr

Q3 – Dec16

$1.665

2.830

6.799%

$1.370

29.40%

Industrial (85)

CapitaR China Tr

2H – Dec16

$1.425

4.730

6.639%

$1.600

35.30%

Retail (China) – 11

First REIT

Q4 – Dec16

$1.285

2.130

6.591%

$1.008

31.10%

Hospitals (13 – 1 in S Korea) + Hotel (Indonesia – 2) + Nursing Home (Singapore – 3)

Ascendas Reit

Q3 – Dec16

$2.500

3.993

6.078%

$2.040

31.80%

Industrial (130) : Singapore (86%) + Australia (14%) by Valuation

CapitaCom Trust

2H – Dec16

$1.560

4.690

6.013%

$1.730

37.80%

Office (70%) + Retail (18%) + Hotel (12%) by Gross Rental Income

Frasers Cpt Tr

Q1 – Dec16

$2.000

2.890

5.892%

$1.930

29.70%

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

Suntec Reit

Q4 – Dec16

$1.730

2.596

5.782%

$2.121

37.70%

Office (65%) + Retail (30%) + Convention (5%) by Income

Keppel Reit

Q4 – Dec16

$1.035

1.480

5.720%

$1.430

38.50%

Office (8) : Singapore (89%) + Australia (11%) by Asset Value

SPHREIT

Q1 – Nov16

$0.970

1.340

5.680%

$0.940

25.70%

Retail (2)

Fortune Reit HKD

2H – Dec16

$8.610

24.450

5.679%

$12.900

29.50%

Retail (HK) – 17

CapitaMall Trust

Q4 – Dec16

$1.970

2.880

5.650%

$1.860

34.80%

Retail (16) + Office

Mapletree Com Tr

Q3 – Dec16

$1.500

2.280

5.587%

$1.340

37.00%

Retail + Office

ParkwayLife Reit

Q4 – Dec16

$2.430

3.060

5.037%

$1.680

36.30%

Hospitals + Nursing Homes = 44 : Singapore 62% + Japan 37% by Gross Revenue

Keppel DC REIT

2H – Dec16

$1.180

2.800

4.746%

$0.926

28.30%

Data Centres – 12 + 1 (Under Devt)

Saizen REIT

2H – Jun15

$0.051

2.930

0.000%

$1.210

35.00%

Residential (Japan) – 136

NOTES :

  • Mkt Price is as on 28-Feb-17
  • IREIT Global : DPU 100% Hedged @ €1 : S$1.55 for FY17
  • EC World : Annualised DPU = 5.82ct
  • FE-HTrust : Above Yield is Computed using last 4Qs DPU : 4.33ct = 1.12ct (Dec16) + 1.12ct (Sep16) + 1.01ct (Jun16) + 1.08ct (Mar16)
  • Manulife REIT : DPU = US 3.55ct (20-May-16 to 31-Dec-16)
  • AIMSAMPReit : Above Yield is Computed using last 4Qs DPU : 11.22ct = 2.77ct (Dec16) + 2.75ct (Sep16) + 2.75ct (Jun16) + 2.95ct (Mar16)
  • FLT : DPU Not Paid as Semi-Annual Payout Policy
  • A-HTrust : Above Yield is Computed Using latest 4Qs DPU = 5.61ct = 1.64ct (Q317) + 2.67ct (1H17) + 1.3ct (Q416) ; DPU Not Paid as Semi-Annual Payout Policy
  • FHT : DPU Not Paid as Semi-Annual Payout Policy
  • YTL StarHill : Above Yield is Computed using last 4Qs DPU : 5.11ct = 1.26ct (Dec16) + 1.30ct (Sep16) + 1.29ct (Jun16) + 1.26ct (Mar16)
  • MGCCT : DPU Not Paid as Semi-Annual Payout Policy
  • OUE C-REIT : Above Yield is Computed using last 4Qs DPU : 5.18ct = 2.5ct (2H16) + 2.68ct (1H16)
  • CDL H-Trust : Above Yield is Computed using last 4Qs DPU : 10ct = 5.55ct (2H16) + 4.45ct (1H16)
  • VIT : Annualised DPU = 7.002ct
  • Sabana : Annualised DPU = 3.5ct
  • MCT : Above Yield is Computed using last 4Qs DPU : 8.38ct = 2.28ct (Dec16) + 2.05ct (Sep16) + 2.03ct (Jun16) + 2.02ct (Mar16)
  • Cambridge : Annualised DPU = 3.984ct
  • PLife : Annualised DPU = 12.24ct
  • Suntec : Above Yield is Computed Using latest 4Qs DPU = 10.003ct = 2.596ct (Q416) + 2.535ct (Q316) + 2.501ct (Q216) + 2.371ct (Q116)
  • A-REIT : Above Yield is Computed Using latest 4Qs DPU = 15.194ct = 3.993ct (Q317) + 7.791ct (1H17) + 3.41ct (Q416)
  • AscottREIT : Above Yield Uses Latest 4Qs DPU = 4.392ct (2H16) + 3.875ct (1H16) = 8.267ct
  • FCOT : Annualised DPU = 9.94ct ; Includes $850k from Capital Gains (Hotel)
  • Keppel DC REIT : FY16 DPU = 6.68ct if Excl Pro-rated Entitlement due to Preferential Offering ; Q416 DPU = 1.31ct (1.67ct if Excl Preferential Offering Entitlement)
  • FCT : Above Yield is Computed using last 4Qs DPU : 11.784ct = 2.89ct (Dec16) + 2.815ct (Sep16) + 3.040ct (Jun16) + 3.039ct (Mar16) ; Jun16 DPU Incl. $2.1M Retained in Prior Qs
  • CMT : Above Yield Uses Latest 4Qs DPU = 2.73ct (Mar16) + 2.88ct (Dec16) + 2.78ct (Sep16) + 2.74ct (Jun16) = 11.13ct
  • FirstREIT : Annualised DPU = 8.47ct
  • SPHREIT : Above Yield is Computed using last 4Qs DPU = 1.34ct (Nov16) + 1.41ct (Aug16) + 1.36ct (May16) + 1.40ct (Feb16) =5.51ct
  • IREIT Global : DPU 100% Hedged @ €1 : S$1.53 for FY16
  • 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

Q4 – Dec16

$0.133

0.00

0.000%

$0.390

Shipping Trust

RickmersMaritime

Q4 – Dec16

$0.026

0.00

0.000%

$0.210

Shipping Trust

NOTES :

  • All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.3994 : US$1 fm Yahoo Finance)
  • Rickmers : DPU Suspended fm Q315 ; Trading suspension on 15 Nov 2016, pending resolution of restructuring efforts
    Suspends
  • 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

Q4 – Dec16

$0.495

0.930

7.515%

$0.316

Infrastructure

Ascendas-iTrust

Q3 – Dec16

$1.090

1.420

4.991%

$0.710

India – Industrial Park (6)

Indiabulls Trust

2H – Mar16

$0.255

0.000

0.250%

$1.710

India – Office

HPH Trust USD

2H – Dec16

$0.380

16.600

10.376%

HK$4.57

Ports – HK (40%) + China (60%) by Revenue

RHT HealthTrust

Q3 – Dec16

$0.850

1.250

5.882%

$0.838

India – Healthcare (18)

Croesus Rtrust

1H – Dec16

$0.850

3.600

8.400%

Y77.89

Japan – Retail (11)

Asian Pay TV Tr

Q4 – Dec16

$0.480

1.625

13.542%

$0.850

Taiwan PayTV

Accordia Golf Tr

1H – Sep16

$0.750

2.450

9.013%

$1.010

Japan Golf Courses – 89

Dasin Retail Tr

FY17 – IPO

$0.810

6.800

8.395%

$1.023

China – Retail

NOTES :

  • APTT : Above Yield uses DPU = 6.5ct as FY17 Guidance = 6.5ct ie 1.625ct / Q
  • CroesusRT : Exchange Rate Y100 = S$1.2456 ; Annualised DPU = 7.14ct ; Hedged Rate –FY16 @ Y83.57 ; FY17 @ Y76.39 ; 1H FY18 @ Y71.05
  • RHT : DPU Not Paid as Semi-Annual Payout Policy
  • a-iTrust : DPU Not Paid as Semi-Annual Payout Policy
  • 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 @ $0.80
  • Accordia : Above Yield Computed Using DPU = 6.76ct = 4.31ct (2H16 – Mar16) + 2.45ct (1H17 – Sep16)
  • APTT : Above Yield uses DPU = 6.5ct as FY16 Guidance = 6.5ct to 7ct (1.625ct/Q ; Q4 May Have Additional DPU)
  • HPH Trust : DPU in HK$ ; Mkt Price in US$ ; Yield Computed Using Latest Exchange Rate HK$7.7610 : US$1 fm Yahoo Finance) ; Yield Computed Using 1H (Jun16) = HK14.0ct + 2H (Dec15) = HK18.7ct
  • 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 : Yield Computed Using 0ct (2H16) + 0.0638ct (1H16)
  • APTT : FY15 Guidance = 8.25ct (Q1,Q2,Q3 = 2ct + Q4 =2.25ct)
  • 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

Month End Prices – 2017

REIT

Sep

Oct

Nov

Dec

Jan

Feb

A-HTrust

S$0.735

S$0.740

S$0.695

S$0.705

S$0.735

S$0.755

A-REIT

S$2.520

S$2.370

S$2.350

S$2.270

S$2.460

S$2.500

AIMSAMPIReit

S$1.405

S$1.380

S$1.295

S$1.310

S$1.360

S$1.355

AscottREIT

S$1.140

S$1.135

S$1.135

S$1.130

S$1.135

S$1.165

BHG REIT

S$0.685

S$0.575

S$0.605

S$0.655

S$0.650

S$0.665

Cambridge

S$0.550

S$0.565

S$0.535

S$0.540

S$0.565

S$0.575

CapitaRChina

S$1.615

S$1.495

S$1.380

S$1.370

S$1.420

S$1.425

CCT

S$1.590

S$1.575

S$1.530

S$1.480

S$1.525

S$1.560

CDL HTrust

S$1.400

S$1.340

S$1.325

S$1.340

S$1.415

S$1.415

CLT

S$0.895

S$0.830

S$0.815

S$0.810

S$0.810

S$0.820

CMT

S$2.170

S$2.070

S$1.950

S$1.885

S$1.940

S$1.970

EC World

S$0.740

S$0.710

S$0.730

S$0.760

S$0.710

S$0.740

FE-HTrust

S$0.605

S$0.595

S$0.585

S$0.600

S$0.600

S$0.585

FHT

S$0.690

S$0.695

S$0.630

S$0.650

S$0.665

S$0.685

First REIT

S$1.355

S$1.335

S$1.270

S$1.265

S$1.270

S$1.285

FLT

S$0.995

S$0.965

S$0.920

S$0.925

S$0.940

S$0.975

Fortune

HK$9.630

HK$9.460

HK$9.050

HK$8.610

HK$9.020

HK$8.610

FrasersComm

S$1.405

S$1.365

S$1.275

S$1.260

S$1.255

S$1.270

FrasersCT

S$2.200

S$2.080

S$1.950

S$1.900

S$2.000

S$2.000

IREIT Global

S$0.735

S$0.730

S$0.720

S$0.715

S$0.735

S$0.755

Keppel DC REIT

S$1.115

S$1.090

S$1.065

S$1.020

S$1.010

S$1.035

Keppel REIT

S$1.220

S$1.245

S$1.225

S$1.185

S$1.195

S$1.180

LMIR

S$0.375

S$0.390

S$0.380

S$0.370

S$0.390

S$0.390

Manulife

S$0.820

S$0.840

S$0.825

S$0.825

S$0.855

S$0.840

MCT

S$1.600

S$1.530

S$1.445

S$1.395

S$1.530

S$1.500

MGCT

S$1.100

S$1.040

S$0.965

S$0.950

S$0.955

S$0.985

MIT

S$1.785

S$1.720

S$1.640

S$1.645

S$1.645

S$1.665

MLT

S$1.070

S$1.035

S$1.015

S$1.020

S$1.050

S$1.075

OUE C-REIT

S$0.700

S$0.695

S$0.675

S$0.695

S$0.700

S$0.700

OUE H-Trust

S$0.680

S$0.680

S$0.655

S$0.660

S$0.695

S$0.695

PLife

S$2.600

S$2.560

S$2.460

S$2.360

S$2.430

S$2.430

Sabana

S$0.525

S$0.520

S$0.525

S$0.380

S$0.385

S$0.435

Saizen

S$0.059

S$0.058

S$0.056

S$0.051

S$0.051

S$0.051

SB REIT

S$0.700

S$0.675

S$0.640

S$0.640

S$0.635

S$0.645

SPH REIT

S$1.000

S$0.975

S$0.960

S$0.950

S$0.970

S$0.970

StarHill Gbl

S$0.820

S$0.815

S$0.755

S$0.740

S$0.765

S$0.740

Suntec

S$1.715

S$1.680

S$1.695

S$1.650

S$1.730

S$1.730

VIT

S$0.790

S$0.800

S$0.750

S$0.755

S$0.765

S$0.765