December 2011
REITs : Average Yield = 7.814%
|
REIT |
Period |
DPU cts |
Mkt |
Yield |
NAV |
Gearing |
Assets Type |
|
AIMSAMPI Reit |
Q2 – Sep11 |
2.5 |
$0.945 |
10.582% |
$1.365 |
30.00% |
Industrial |
|
Sabana REIT |
Q3 – Sep11 |
2.14 |
$0.875 |
9.703% |
$1.050 |
23.80% |
Industrial |
|
SuntecReit |
Q3 – Sep11 |
2.533 |
$1.075 |
9.348% |
$1.761 |
39.86% |
Retail + Office |
|
LippoMalls |
1H11 – Rights |
1.63 |
$0.350 |
9.314% |
$0.575 |
10.10% |
Retail (Indonesia) |
|
Cambridge |
Q3 – Sep11 |
1.082 |
$0.475 |
9.038% |
$0.617 |
33.10% |
Industrial |
|
AscottREIT |
Q3 – Sep11 |
2.23 |
$0.990 |
9.010% |
$1.280 |
41.10% |
Serviced Apts (Regional) |
|
First REIT |
Q3 – Sep11 |
1.92 |
$0.760 |
8.934% |
$0.779 |
16.40% |
Hospitals + Hotel (Indonesia) |
|
CACHE |
Q3 – Sep11 |
2.095 |
$0.950 |
8.749% |
$0.870 |
30.40% |
Industrial |
|
K-REIT |
Proforma – FY10 |
6.72 |
$0.830 |
8.096% |
$1.190 |
41.60% |
Office |
|
MapletreeLog |
Q3 – Sep11 |
1.69 |
$0.845 |
8.000% |
$0.850 |
41.30% |
Industrial |
|
Frasers Comm |
2H – Sep11 |
2.893 |
$0.740 |
7.819% |
$1.340 |
36.60% |
Retail + Office |
|
MapletreeInd |
Q2 – Sep11 |
2.05 |
$1.075 |
7.628% |
$0.950 |
39.20% |
Industrial |
|
Ascendasreit |
Q2 – Sep11 |
3.38 |
$1.830 |
7.388% |
$1.738 |
31.50% |
Industrial |
|
CapitaRChina |
Q3 – Sep11 |
2.12 |
$1.150 |
7.313% |
$1.110 |
31.40% |
Retail (China) |
|
SaizenREIT |
2H – Jun11 |
0.5 |
$0.140 |
7.143% |
$0.350 |
24.00% |
Residential (Japan) |
|
CDL Htrust |
Q3 – Sep11 |
2.77 |
$1.545 |
7.113% |
$1.500 |
26.50% |
Hotels |
|
Starhill Gbl |
Q3 – Sep11 |
1 |
$0.565 |
7.027% |
$0.920 |
30.10% |
Retail + Office |
|
CapitaComm |
Q3 – Sep11 |
1.83 |
$1.055 |
6.938% |
$1.520 |
27.40% |
Office + Retail + Hotel |
|
Fortune Reit HK$ |
1H – Jun11 |
12.8 |
$3.760 |
6.809% |
$7.520 |
18.10% |
Retail (HK) |
|
FrasersCT |
Q4 – Sep11 |
2.35 |
$1.440 |
6.528% |
$1.400 |
31.30% |
Retail |
|
MapletreeCom |
Q2 – Sep11 |
1.333 |
$0.850 |
6.235% |
$0.915 |
38.50% |
Retail + Office |
|
CapitaMall |
Q3 – Sep11 |
2.42 |
$1.700 |
5.647% |
$1.550 |
38.40% |
Retail + Office |
|
PLife REIT |
Q3 – Sep11 |
2.4 |
$1.790 |
5.363% |
$1.380 |
36.60% |
Hospitals |
NOTES :
- Mkt Price is as on 30-Dec-11
- Saizen : No DPU Payout as Semi-Annual Payout Policy
- LMIR : Q311 DPU = 1.06ct
- PLife : Annualised DPU = 9.60ct
- StarHill Global : Annualised DPU = 3.97ct
- MCT : Annualised DPU = 5.3ct
- CLT : Annualised DPU = 8.312ct
- Suntec : Annualised DPU = 10.049ct
- CDL H-Trust : Annualised DPU = 10.99ct ; No DPU Payout as Semi-Annual Payout Policy
- FCOT : Q411 DPU = 1.52ct ; Annualised = 6.03ct ; Above Uses 2H11 DPU
- FirstREIT : Annualised DPU = 6.79ct ; DPU Includes 0.34ct on Gain from Divestment of Asset
- FCT : DPU = 2.07ct (1-Jul-11 to 22-Sep-11) Already Paid + 0.28ct (23-Sep-11 to 30-Sep-11)
- MLT : DPU Includes 0.03ct on Gain from Divestment of Assets
- ART : No DPU Payout as Semi-Annual Payout Policy
- Sabana : Annualised DPU = 8.49ct
- CMT : Annualised DPU = 9.60ct
- K-REIT : Proposed 17-for-20 Rights Issue @ $0.85 (17-Oct-11)
- K-REIT : Annualised DPU = 7.78ct ; No DPU Payout as Semi-Annual Payout Policy
- CRCT : Annualised DPU = 8.41ct ; No DPU Payout as Semi-Annual Payout Policy
- CCT : No DPU Payout as Semi-Annual Payout Policy
- Cambridge : Annualised DPU = 4.293ct
- AIMSAMPReit : 92.6% Payout
- LMIR : Proposed Rights 1-for-1 @ $0.31 ; SGX Annc (3-Oct-11) ; 1H11 Proforma – DPU 1.63ct ; NAV $0.5753 ; TERP $0.458 (Mkt $0.605)
- AIMSAMPI Reit : 5-to-1 Stocks Consolidation on 29-Sep-11
- MCT : IPO Forecast DPU = 4.97ct (FY12) ; 5.42ct (FY13) ; Listing on 27-Apr-11 2pm
- FCOT : 5-to-1 Stocks Consolidation on 8-Feb-11 ; Circular (30-Dec-10) : Proforma FY10 (Sep) – DPU 5.55ct ; NAV $1.38 ; Issued Shares 620,857,225
- FirstREIT : Proposed Rights 5-for-4 @ $0.50 ; SGX Annc (10-Nov-10) ; FY11 Forecast – DPU 6.4ct ; NAV $0.76 ; Gearing 17.25% ; TERP $0.70 (Mkt $0.95)
- Sabana : Forecast DPU FY11 = 8.63ct ; FY12 = 8.67ct ; Listed on 26 Nov 10 2pm @ $1.05
- MIT (IPO) : IPO Forecast – 3.1ct (FY11 – Mar) ; 7.46ct (FY12 – Mar) ; Listing : 21-Oct-10 2pm ; IPO Prospectus
- AIMSAMPReit : Proposed Rights 7-for-20 @ $0.155 ; SGX Annc (24-Aug-10) ; Proforma Q111 (Mar-10) Impact – DPU 0.52ct ; NAV $0.26 ; Gearing 34.8% ; TERP $0.211
- StarHill Gbl : Proposed Acquisitions (Cash RM300M + MTN RM330M + CPU RM405M) ; SGX Annc (16-Apr-10) ; Proforma (FY09) Impact – DPU 4.36ct (4.34ct if CPUs converted) / NAV $0.91 ($0.81 if CPUs converted) / Gearing 29%
- CLT (IPO) : IPO Forecast – 7.65ct (FY10) ; 7.78ct (FY11) ; IPO Close : 8-Apr-10 12pm ; Listing : 12-Apr-10 2pm ; IPO Prospectus
- FCT : Private Placement 137Mil New Units @ $1.33 ; SGX Annc (27-Jan-10) ; Listing on 4-Feb-10 2pm
- FCT : Proposed Acquisitions + New Shares Issue ; Circular (7-Jan-10)
Shipping Trusts (non-REITs)
|
Trust |
Period |
DPU cts |
Mkt |
Yield |
NAV |
Assets Type |
|
PacShipTr US$ |
Q3 – Sep11 |
0.73 |
$0.420 |
7.452% |
$0.43 |
Shipping Trust |
|
FSL Trust |
Q3 – Sep 11 |
0.95 |
$0.285 |
17.309% |
$0.52 |
Shipping Trust |
|
Rickmers |
Q3 – Sep11 |
0.6 |
$0.295 |
10.562% |
$0.880 |
Shipping Trust |
NOTES :
- All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.2982:US$1 fm Yahoo Finance)
- PST : Annualised DPU = US3.13ct
- PST : Proposed Delisting (4-Oct-11) @ US$0.435
- FSL : 43% Payout
- PST : 70% Payout
- Rickmers : 10% Payout (of Cash flow available for distribution before payment to debt capital providers)
Other Trusts (non-REITs)
|
Trust |
Period |
DPU cts |
Mkt |
Yield |
NAV |
Assets Type |
|
CitySpring |
Q2 – Sep11 |
0.82 |
$0.335 |
9.791% |
$0.288 |
Infrastructure – Water + Gas + Power |
|
K-Green |
FY11 – IPO |
7.82 |
$0.905 |
8.641% |
$1.10 |
Energy (Incineration) + Water (NEWater) |
|
AscendasIndT |
1H – Sep11 |
3.04 |
$0.690 |
8.812% |
$0.74 |
India – Industrial Park |
|
Indiabulls |
Q2 – Sep11 |
— |
$0.140 |
— |
$0.488 |
India – Office |
|
HPH Trust US$ |
FY11 – IPO |
5.9 |
$0.620 |
9.516% |
HK$7.80 |
Ports – HK + China |
|
TCT |
1H – Jun11 |
5 |
$1.440 |
6.944% |
$4.41 |
China – Retail + Office + Industrial |
|
PerennialCRT |
FY11 – IPO |
2.37 |
$0.475 |
7.811% |
$0.67 |
China Retail |
NOTES :
- CitySpring : Guidance for FY12 DPU = 0.82ct / Quarter (Post 11-for-20 Rights Issue)
- TCT : No DPU Payout as Semi-Annual Payout Policy
- Indiabulls : No DPU Declared
- HPH Trust : DPU Payout = HK14.3ct (16-Mar-11 to 30-Jun-11) ; Above Table Uses IPO Forecast to Compute Yield
- K-Green : Actual DPU Payout = 3.13ct ; Above Table Uses FY11 IPO Forecast DPU to Calculate Yield
- CitySpring : Proposed 11-for-20 Rights Issue @ $0.39. TERP = $0.4835 @ $0.535 (Mkt Price) ; Annualised Yield (Profroma 2FY11) = 6.8% @ TERP (Before Rights = 8.4% @ $0.535)
- PCRT : IPO DPU Forecast – FY11 = 2.37ct ; FY12 = 3.86ct ; Semi-Annual Dividend Payout with 1st Payout for Dec-11 ; Listing on 9-Jun-11 2pm
- HPH Trust : IPO DPU Forecast – FY11 = US5.9ct (HK45.88ct) ; FY12 = US6.59ct (HK51.24ct)
- K-Green : DPU – FY10 (6mths) = 3.91ct ; FY11 = 7.82ct ; Circular (31-May-10) ; Listing – 29-Jun-10 9am
- 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
- 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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