August 2009

NOTE : For CitySpring, StarHill Global and FCOT, Proforma data (from Rights Issue) are used for Yield computation. Please refer to “NOTES” at the bottom of their tables for more info.

 
 

Results Announcement

  • 3 Aug 09 : LMIR (Tables Updated)
  • 6 Aug 09 : PLife (Tables Updated)
  • 7 Aug 09 : MI-REIT (Tables Updated)
  • 11 Aug 09 : CitySpring (Table Updated)
  • 12 Aug 09 (noon) : HWT (Table Updated)
  • 14 Aug 09 : Rickmers (Table Updated)
  • 14 Aug 09 : IndiaBulls (Table Updated)
  • 27 Aug 09 (AM) : Saizen (Tables Updated)
  • 27 Aug 09 : A-REIT – Advance DPU 1.94ct (1-Jul-09 to 19-Aug-09)

 
 

REITs : Average Yield = 8.995% (Excl. Saizen)

REIT

Period

DPU ct

Price

Yield

NAV

Assets Type

MI-REIT

Q1 : Jun-09

1.51

S$0.37

16.324%

S$1.07

Industrial

Cambridge

Q2 : Jun-09

1.345

S$0.43

12.547%

S$0.62

Industrial

Suntec

Q2 : Jun-09

2.977

S$1.00

11.941%

S$1.956

Malls + Office

First REIT

Q2 : Jun-09

1.92

S$0.69

11.101%

S$0.9282

Hospitals + Hotel (Indonesia)

LMIR

Q2 : Jun-09

1.3

S$0.48

10.833%

S$0.7393

Malls – Indonesia

Fortune

1H : Jun-09

19.60

HK$3.72

10.538%

HK$7.89

Malls (HK)

K-REIT

1H : Jun-09

4.99

S$1.08

9.333%

S$2.17

Office

MapleTree

Q2 : Jun-09

1.48

S$0.66

8.970%

S$0.89

Industrial

A-REIT

Q1 : Jun-09

3.62

S$1.65

8.776%

S$1.58

Industrial

AscottREIT

1H : Jun-09

3.55

S$0.87

8.161%

S$1.36

Serviced Apts (Regional)

FrasersCT

Q3 : Jun-09

1.94

S$1.01

7.683%

S$1.23

Malls

CCT

1H : Jun-09

3.33

S$0.89

7.551%

S$1.50

Office

PLife

Q2 : Jun-09

1.89

S$1.06

7.123%

S$1.32

Hospitals

Starhill Gbl

FY08 (Proforma – Rights)

3.85

S$0.545

7.064%

S$0.802

Malls + Office

FrasersComm

Q1 : Mar09 (Proforma – Rights)

1.06

S$0.16

6.625%

S$0.26

Malls + Office (S’pore + Aust)

CapitaRChina

1H : Jun-09

4.08

S$1.25

6.584%

S$1.12

Malls (China)

CDL HTrust

1H : Jun-09

3.86

S$1.41

5.518%

S$1.42

Hotels

CMT

Q2 : Jun-09

2.13

S$1.63

5.239%

S$1.56

Malls + Office

Saizen

2H : Jun-09

S$0.155

S$0.40

Residential (Japan)

NOTES :

  • Mkt Price is as on 31-Aug-09
  • Saizen : No Payout since 1H09 (Dec-08) ; SGX Annc Pg21 : The Board expects Saizen REIT will start accumulating cash for distribution from the last quarter of FY2010 or first quarter of FY2011
  • Fortune : Proposed 1-for-1 Rights @ HK$2.29 ; 1H09 (Proforma) – DPU HK12.03ct (Yield 7.52% @ TERP HK$3.20) ; NAV HK$4.98
  • Cambridge : Private Placement – 71.14Mil Shares @ $0.392 ; Listing on 13-Aug-09 9am
  • AREIT : Private Placement – 185Mil Shares @ $1.63 ; Listing on 20-Aug-09 2pm ; Gearing 29.3%
  • PLife : Annualised DPU = 7.55ct
  • CDLHTrust : Annualised DPU = 7.78ct
  • Suntec : Annualised DPU = 11.941ct
  • StarHill Gbl : Annualised DPU = 7.62ct
  • FrasersComm : Annualised DPU = 2.9ct
  • CMT : Annualised DPU = 8.54ct
  • Cambridge : Annualised DPU = 5.395ct
  • CRCT : Annualised DPU = 8.23ct
  • FirstREIT : Annualised DPU 7.66ct
  • CCT : Annualised DPU = 6.72ct ; Q209 DPU 1.71ct (Annualised 6.86ct)
  • KREIT : Annualised DPU = 10.08ct
  • FCOT : 3-for-1 Rights @ $0.095 (xr 27-Jul-09) ; Circular (30-Jun-09) ; Mar09 (Proforma) – DPU 1.06ct Annualised (Yield 8% @ $0.131 theoretical ex-rights price) ; NAV $0.26 ; Gearing 38.5% ; New Shares Listing – 27 Aug 09
  • StarHill Gbl : 1-for-1 Rights @ $0.35 (xr 17-Jul-09) ; Circular (22-Jun-09) : FY08 (Proforma) – DPU 3.85ct (Yield 7.8% @ $0.495 theoretical ex-rights price) ; NAV $0.802; Gearing 20.7% ; New Shares Listing – 19 Aug 09
  • CCT : 1-for-1 Rights @ $0.59 (xr 3-Jun-09) ; Circular (29-May-09) : Mar09 (Proforma) – DPU 1.77ct (Yield 7.251% @ $0.825 theoretical ex-rights price) ; NAV $1.51 ; Gearing 30.7%
  • Saizen : 11-for-10 Rights @ $0.09 with Attached Warrants (xr 4-May-09)
  • CMT : 9-for-10 Rights @ $0.82 (xr 4-Mar-09)
  • CCT : FY09 DPU (Projected) = 12.34ct – SGX Annc 9-Jun-08 (Pg 23)
  • LMIR : IPO Forecast – FY07 (Dec07) : 2.74ct (Annualised for 1-Jul-07 to 31-Dec-07) ; FY08 : 5.84ct ; FY09 : 6.27ct
  • Saizen : IPO Forecast – FY09 (Jun09) : 5.65ct ; FY08 (Jun08) : 4.67ct (Incl. Bonus Div) / Annualised Yield 5.3% @ $1 (Excl. Bonus Div) / 6.51% (Incl Bonus Div)
  • PLife : IPO Forecast – 2H07 : 3.3ct ; FY08 : 6.25ct ; FY09 : 6.39ct

 
 

 
 

Shipping Trusts (non-REITs)

Trust

Period

DPU ct

Price

Yield

NAV

Assets Type

PacShipTr US$

Q2 : Jun-09

0.99

US$0.255

15.529%

$0.39

Shipping Trust

FSL Trust

Q3 : Sep-09 (Guidance)

1.50

S$0.61

14.190%

$0.71

Shipping Trust

Rickmers

Q2 : Jun-09

0.6

S$0.415

8.343%

$0.87

Shipping Trust

NOTES :

  • All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.4427:US$1 fm Yahoo Finance)
  • Rickmers : 13% Payout
  • FSL : SGX Annc (21-Jul-09) Quarterly DPU Forecast – Q309 US1.5ct (50% Payout)
  • FSL : Q209 DPU = US2.45ct ; Annualised DPU 9.8ct (73% Payout)
  • PST : 90% Payout

 
 

 
 

Other Trusts (non-REITs)

Trust

Period

DPU ct

Price

Yield

NAV

Assets Type

CitySpring

Q1 : Jun-09 (Proforma – Rights)

1.0

$0.61

6.557%

$0.43*

Infrastructure – Water, Gas

AscendasIndT

Q1 : Jun-09

2.06

$0.835

9.868%

$0.86

India – Industrial Park

HWT

1H : Jun-09

2.56

$0.695

7.367%

$0.80

China – Water Plant

Indiabulls

Q1 : Jun-09

$0.305

$0.7461

India – Office

NOTES :

  • CitySpring : Proposed 1-for-1 Rights @ $0.48 (xr 25-Aug-09) ; DPU = 1ct (Proforma Q109) ; Yield 6.349% % TERP $0.63 (Mkt $0.78)
  • HWT : DPU = 2.56ct (With Sponsor Waiver) ; Sponsor DPU = 1.77ct
  • CitySpring : The Group NAV per unit before hedging and translation reserves is S$0.61
  • a-iTrust : DPU Not Paid Out as Semi-Annual Div Payout Policy
  • Indiabulls : No DPU Declared
  • CitySpring : DPU Forecast – FY10 (Mar) = 7ct
  • HWT : DPU Forecast – 1H09 = 2.56ct ; 2H09 = 2.86ct
  • Indiabulls : Listing on 11-Jun-08 2PM
  • 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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