September 2009
NOTE : For Fortune, Proforma data (from Rights Issue) are used for Yield computation. Please refer to “NOTES” at the bottom of the table for more info.
REITs : Average Yield = 8.428% (Excl. Saizen)
| REIT |
Period
|
DPU ct |
Price
|
Yield
|
NAV
|
Assets Type
|
| MI-REIT |
Q1 : Jun-09
|
1.51
|
S$0.38
|
15.895%
|
S$1.07
|
Industrial |
| Cambridge |
Q2 : Jun-09
|
1.345
|
S$0.455
|
11.857%
|
S$0.62
|
Industrial |
| First REIT |
Q2 : Jun-09
|
1.92
|
S$0.67
|
11.433%
|
S$0.9282
|
Hospitals + Hotel (Indonesia) |
| LMIR |
Q2 : Jun-09
|
1.3
|
S$0.46
|
11.304%
|
S$0.7393
|
Malls – Indonesia |
| Suntec |
Q2 : Jun-09
|
2.977
|
S$1.06
|
11.265%
|
S$1.956
|
Malls + Office |
| Fortune |
1H09 (Proforma – Rights)
|
12.03
|
HK$2.58
|
9.326%
|
HK$4.98
|
Malls (HK) |
| K-REIT |
1H : Jun-09
|
4.99
|
S$1.18
|
8.542%
|
S$2.17
|
Office |
| MapleTree |
Q2 : Jun-09
|
1.48
|
S$0.77
|
7.688%
|
S$0.89
|
Industrial |
| A-REIT |
Q1 : Jun-09
|
3.62
|
S$1.93
|
7.503%
|
S$1.58
|
Industrial |
| AscottREIT |
1H : Jun-09
|
3.55
|
S$0.965
|
7.358%
|
S$1.36
|
Serviced Apts (Regional) |
| FrasersCT |
Q3 : Jun-09
|
1.94
|
S$1.15
|
6.748%
|
S$1.23
|
Malls |
| CapitaRChina |
1H : Jun-09
|
4.08
|
S$1.22
|
6.746%
|
S$1.12
|
Malls (China) |
| FrasersComm |
Q1 : Mar09 (Proforma – Rights)
|
1.06
|
S$0.16
|
6.625%
|
S$0.26
|
Malls + Office (S’pore + Aust) |
| PLife |
Q2 : Jun-09
|
1.89
|
S$1.16
|
6.509%
|
S$1.32
|
Hospitals |
| CCT |
1H : Jun-09
|
3.33
|
S$1.04
|
6.462%
|
S$1.50
|
Office |
| Starhill Gbl |
FY08 (Proforma – Rights)
|
3.85
|
S$0.60
|
6.417%
|
S$0.802
|
Malls + Office |
| CDL HTrust |
1H : Jun-09
|
3.86
|
S$1.44
|
5.403%
|
S$1.42
|
Hotels |
| CMT |
Q2 : Jun-09
|
2.13
|
S$1.85
|
4.616%
|
S$1.56
|
Malls + Office |
| Saizen |
2H : Jun-09
|
—
|
S$0.145
|
—
|
S$0.40
|
Residential (Japan) |
NOTES :
- Mkt Price is as on 30-Sep-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 (29-May-09) : Mar09 (Proforma) – DPU 1.77ct (Yield 7.251% @ $0.825 theoretical ex-rights price) ; NAV $1.51 ; Gearing 30.7% 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) ;
- 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$0.265 |
14.943%
|
$0.39
|
Shipping Trust |
|
FSL Trust
|
Q3 : Sep-09 (Guidance)
|
1.50
|
S$0.605
|
13.962%
|
$0.71
|
Shipping Trust |
|
Rickmers
|
Q2 : Jun-09
|
0.6
|
S$0.38
|
8.891%
|
$0.87
|
Shipping Trust |
NOTES :
- All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.4078: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
|
$0.575
|
6.957%
|
$0.43*
|
Infrastructure – Water, Gas |
|
AscendasIndT
|
Q1 : Jun-09
|
2.06
|
$0.87
|
9.471%
|
$0.86
|
India – Industrial Park |
|
HWT
|
1H : Jun-09
|
2.56
|
$0.69
|
7.420%
|
$0.80
|
China – Water Plant |
|
Indiabulls
|
Q1 : Jun-09
|
—
|
$0.37
|
—
|
$0.7461
|
India – Office |
NOTES :
- IndiaBulls : Proposed 53-for-100 Rights @ $0.16 (xr 2-Oct-09) ; Circular (10-Sep-09) ; TERP $0.258 (Mkt $0.31) ; NAV $0.54
- CitySpring : Proposed 1-for-1 Rights @ $0.48 (xr 25-Aug-09) ; Circular (21-Aug-09) ; DPU = 1ct (Proforma Q109) ; Yield 6.349% ; TERP $0.63 (Mkt $0.78) ; NAV $0.28
- 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)