March 2012
Results Announcement
- 19 Apr 12 : MLT
- 24 Apr 12 : MIT
- 26 Apr 12 : MCT
REITs : Average Yield = 7.266%
|
REIT |
Period |
DPU cts |
Mkt |
Yield |
NAV |
Gearing |
Assets Type |
|
AIMSAMPI Reit |
Q3 – Dec11 |
2.6 |
$1.125 |
9.244% |
$1.367 |
30.70% |
Industrial |
|
Sabana REIT |
Q4 – Dec11 |
2.17 |
$0.955 |
9.016% |
$1.050 |
34.10% |
Industrial |
|
SaizenREIT |
1H – Dec11 |
0.61 |
$0.143 |
8.531% |
$0.350 |
32.66% |
Residential (Japan) |
|
CACHE |
Q4 – Dec11 |
2.102 |
$1.000 |
8.339% |
$0.910 |
29.60% |
Industrial |
|
Cambridge |
Q4 – Dec11 |
1.118 |
$0.535 |
8.292% |
$0.620 |
33.10% |
Industrial |
|
First REIT |
Q4 – Dec11 |
1.93 |
$0.860 |
8.151% |
$0.805 |
16.00% |
Hospitals + Hotel (Indonesia) |
|
LippoMalls |
1H11 – Rights |
1.63 |
$0.405 |
8.049% |
$0.598 |
8.70% |
Retail (Indonesia) |
|
SuntecReit |
Q4 – Dec11 |
2.479 |
$1.250 |
7.933% |
$1.968 |
37.30% |
Retail + Office |
|
MapletreeInd |
Q3 – Dec11 |
2.16 |
$1.100 |
7.855% |
$0.960 |
39.10% |
Industrial |
|
AscottREIT |
2H – Dec11 |
4.063 |
$1.065 |
7.630% |
$1.360 |
40.80% |
Serviced Apts (Regional) |
|
CapitaRChina |
2H – Dec11 |
4.42 |
$1.235 |
7.158% |
$1.280 |
28.00% |
Retail (China) |
|
Frasers Comm |
Q1 – Dec11 |
1.51 |
$0.840 |
7.155% |
$1.330 |
36.80% |
Retail + Office |
|
MapletreeLog |
Q4 – Dec11 |
1.7 |
$0.945 |
7.153% |
$0.840 |
41.40% |
Industrial |
|
Fortune Reit HK$ |
2H – Dec11 |
13.5 |
$3.860 |
6.995% |
$7.850 |
18.80% |
Retail (HK) |
|
K-REIT |
Proforma – FY10 |
6.72 |
$0.965 |
6.964% |
$1.260 |
41.60% |
Office |
|
Ascendasreit |
Q3 – Dec11 |
3.48 |
$2.020 |
6.891% |
$1.748 |
34.30% |
Industrial |
|
CDL Htrust |
2H – Dec11 |
5.71 |
$1.735 |
6.582% |
$1.600 |
25.30% |
Hotels |
|
MapletreeCom |
Q3 – Dec11 |
1.428 |
$0.875 |
6.491% |
$0.951 |
37.70% |
Retail + Office |
|
Starhill Gbl |
Q4 – Dec11 |
1.01 |
$0.640 |
6.266% |
$0.940 |
30.80% |
Retail + Office |
|
CapitaComm |
2H – Dec11 |
3.75 |
$1.220 |
6.148% |
$1.570 |
30.20% |
Office + Retail + Hotel |
|
FrasersCT |
Q1 – Dec11 |
2.2 |
$1.520 |
5.789% |
$1.410 |
30.80% |
Retail |
|
PLife REIT |
Q4 – Dec11 |
2.47 |
$1.795 |
5.504% |
$1.460 |
34.80% |
Hospitals |
|
CapitaMall |
Q4 – Dec11 |
2.3 |
$1.805 |
4.975% |
$1.560 |
38.40% |
Retail + Office |
NOTES :
- Mkt Price is as on 30-Mar-12
- LMIR : Q411 DPU = 0.53ct ; Above Uses 1H11 (Rights) Proforma DPU as Acquisition of New Assets Completed Only on 6-Dec-11
- FCOT : Annualised DPU = 6.01ct ; No DPU Payout as Semi-Annual Payout Policy
- Cambridge : Annualised DPU = 4.436ct
- MCT : Annualised DPU = 5.68ct
- StarHill Global : Annualised DPU = 4.01ct
- PLife : Annualised DPU = 9.88ct
- FirstREIT : Annualised DPU = 7.01ct ; DPU Includes 0.34ct on Gain from Divestment of Asset
- Sabana : Annualised DPU = 8.61ct
- FCT : Actual DPU Payout = 2.20ct (1-Oct-11 to 31-Dec-11) + 0.28ct (23-Sep-11 to 30-Sep-11)
- CLT : Annualised DPU = 8.339ct
- CMT : Q4 DPU = 1.28ct (10 Nov 11 to 31 Dec 11) + Advance Distribution ; Above Yield Figures Based on 1.28ct (Annualised @ 8.98ct)
- K-REIT : Actual DPU Payout = 2.45ct (Q411 DPU = 1.4ct) ; Above Table Uses Rights Proforma Figures as New Assets Acquisition Only Completed on 14-Dec-11
- K-REIT : Proposed 17-for-20 Rights Issue @ $0.85 (17-Oct-11)
- 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
Shipping Trusts (non-REITs)
|
Trust |
Period |
DPU cts |
Mkt |
Yield |
NAV |
Assets Type |
|
FSL Trust |
Q4 – Dec11 |
0.1 |
$0.210 |
2.397% |
$0.530 |
Shipping Trust |
|
Rickmers |
Q4 – Dec11 |
0.6 |
$0.310 |
9.742% |
$0.910 |
Shipping Trust |
NOTES :
- All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.2584:US$1 fm Yahoo Finance)
- PST : Last Day of Trading on 31-Jan-12
- Rickmers : 9% 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 |
Q3 – Dec11 |
0.82 |
$0.385 |
8.519% |
$0.279 |
Infrastructure – Water + Gas + Power |
|
K-Green |
FY11 – Dec11 |
7.82 |
$0.990 |
7.899% |
$1.050 |
Energy (Incineration) + Water (NEWater) |
|
AscendasIndT |
Q3 – Dec11 |
1.5 |
$0.830 |
7.229% |
$0.700 |
India – Industrial Park |
|
Indiabulls |
Q3 – Dec11 |
— |
$0.136 |
— |
$0.451 |
India – Office |
|
HPH Trust US$ |
FY12 – IPO |
6.59 |
$0.765 |
8.614% |
HK$7.70 |
Ports – HK + China |
|
TCT |
1H – Jun11 |
5 |
$1.425 |
7.018% |
$4.620 |
China – Retail + Office + Industrial |
|
PerennialCRT |
FY11 |
2.35 |
$0.520 |
7.135% |
$0.710 |
China Retail |
NOTES :
- PCRT : DPU = 2.35ct (9-Jun-11 to 31-Dec-11) ; Includes $25Mil Additional Income (Drawn from Earn-Out Fund)
- TCT : DPU Declaration Delayed for 2H11 ; Above Yield Figure Uses 1H11 DPU
- HPH Trust : 2H11 DPU Payout = HK23.4ct ; Above Table Uses IPO Forecast to Compute Yield (Both DPU & Mkt Price in US$)
- Indiabulls : No DPU Declared
- a-iTrust : No DPU Payout as Semi-Annual Payout Policy
- K-Green : 2H DPU Payout = 4.69ct ; 1H DPU Payout = 3.13ct ; Above Table Uses FY11 DPU = 7.82ct to Calculate Yield
- CitySpring : Guidance for FY12 DPU = 0.82ct / Quarter (Post 11-for-20 Rights Issue)
- 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 = 2.35ct ; 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)
- 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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