May 2016
Results Announcement
- 3 May 16 : LMIR (Updated)
- 4 May 16 : FSL (Updated)
- 5 May 16 : A-REIT (Updated)
- 6 May 16 : OUE H-Trust (Updated)
- 10 May 16 (AM) : APTT (Updated)
- 12 May 16 : IREIT (Updated)
- 12 May 16 : A-HTrust (Updated)
- 12 May 16 : Saizen (Not Updated)
- 12 May 16 : BHG (Updated)
- 13 May 16 (AM) : CRT (Updated)
- 25 May 16 : Religare (Updated)
- 26 May 16 (AM) : Accordia (Updated)
REITs : Average Yield = 7.231% (Excludes Saizen)
|
REIT |
Period |
Mkt |
DPU cts |
Yield |
NAV |
Gearing |
Assets Type |
|
Lippo Malls Tr |
Q1 – Mar16 |
$0.340 |
0.830 |
9.765% |
$0.379 |
35.70% |
Retail (Indonesia) – 19 |
|
Cache Log Trust |
Q1 – Mar16 |
$0.865 |
2.039 |
9.481% |
$0.880 |
39.60% |
Industrial (19) : Singapore (85%) + Australia (14%) + China (1%) by Gross Revenue |
|
Viva Ind Tr |
Q1 – Mar16 |
$0.705 |
1.638 |
9.345% |
$0.811 |
37.60% |
Biz Park (61%) + Light Industrial (22.3%) + Hotel (14.2%) + Logistics (2.5%) by Valuation |
|
Sabana REIT |
Q1 – Mar16 |
$0.605 |
1.330 |
8.843% |
$0.870 |
39.60% |
Industrial (21) |
|
SoilbuildBizREIT |
Q1 – Mar16 |
$0.705 |
1.557 |
8.834% |
$0.790 |
36.00% |
Industrial (11) : Business Park 34% + Industrial 66% by NPI |
|
IREIT Global |
Q1 – Mar16 |
$0.720 |
1.580 |
8.778% |
$0.630 |
43.10% |
Offices : Germany (5) |
|
Cambridge Ind Tr |
Q1 – Mar16 |
$0.535 |
1.112 |
8.314% |
$0.671 |
37.10% |
Industrial (51) |
|
AIMSAMP Cap Reit |
Q4 – Mar16 |
$1.370 |
2.950 |
8.285% |
$1.478 |
32.40% |
Industrial (26) : Singapore + Australia |
|
Ascendas-hTrust |
2H – Mar16 |
$0.665 |
2.750 |
8.271% |
$0.860 |
32.70% |
Hotels (11) : Australia (54.5%) + Japan (21.3%) + Singapore (16.1%) + China (8.1%) by NPI |
|
OUE COMMERCIAL REIT |
Q1 – Mar16 |
$0.665 |
1.320 |
7.940% |
$0.910 |
40.50% |
Office (85.5%) + Retail (14.5%) by Revenue ; Singapore (78.2%) + China (21.8%) by Gross Rental Income |
|
FHT |
1H – Mar16 |
$0.770 |
3.051 |
7.924% |
$0.851 |
39.30% |
Hotel (60.7%) + Serviced Apt (39.3%) : Australia (31%) + Singapore (29%) + UK (15%) + Japan (16%) + Malaysia (9%) by NPI |
|
Mapletree GCC Tr |
2H – Mar16 |
$0.980 |
3.771 |
7.696% |
$1.239 |
39.50% |
Retail + Office : HK (67.5%) + China (32.5%) by NPI |
|
Frasers Com Tr |
Q2 – Mar16 |
$1.285 |
2.453 |
7.650% |
$1.530 |
36.20% |
Singapore (63.5%) + Australia (36.5%) by NPI |
|
Far East HTrust |
Q1 – Mar16 |
$0.610 |
1.080 |
7.557% |
$0.932 |
32.70% |
Hotels (65.5%) + Commercial (21.0%) + Serviced Apts (13.5%) by Revenue |
|
Mapletree Log Tr |
Q4 – Mar16 |
$0.975 |
1.800 |
7.385% |
$1.000 |
39.60% |
Industrial (118) |
|
OUE Htrust |
Proforma FY15 (Rights) |
$0.665 |
4.890 |
7.353% |
$0.810 |
37.80% |
Hotel (79.2%) + Retail (20.8%) by NPI |
|
CapitaR China Tr |
Q1 – Mar16 |
$1.500 |
2.710 |
7.267% |
$1.640 |
28.70% |
Retail (China) – 10 |
|
CDL Htrust |
Q1 – Mar16 |
$1.390 |
2.220 |
7.079% |
$1.553 |
36.70% |
Hotels : Singapore (61%) + Australia (11.4%) + Maldives (10.9%) + NZ (8.5%) + Japan (4.3%)+ UK (3.9%) by NPI |
|
Mapletree Ind Tr |
Q4 – Mar16 |
$1.610 |
2.810 |
6.981% |
$1.370 |
28.20% |
Industrial (85) |
|
Ascott Reit |
Q1 – Mar16 |
$1.145 |
1.760 |
6.974% |
$1.340 |
38.90% |
Serviced Apts (89) : Key Mkt (87.6%) + R.O.W (12.4%) by Valuation |
|
ManulifeREIT USD |
FY16 – IPO |
$0.790 |
3.650 |
6.883% |
$0.780 |
36.80% |
Offices : USA (3) |
|
First REIT |
Q1 – Mar16 |
$1.260 |
2.110 |
6.738% |
$1.033 |
34.00% |
Hospitals (12 – 1 in S Korea) + Hotel (Indonesia – 2) + Nursing Home (Singapore – 3) |
|
StarhillGbl Reit |
Q3 – Mar16 |
$0.775 |
1.260 |
6.684% |
$0.890 |
35.40% |
Retail (86.3%) + Office (13.7%) ; Singapore (61.7%) + Australia (22.5%) + Malaysia (12.1%) + China (2.2%) + Japan (1.5%) by Revenue |
|
Keppel Reit |
Q1 – Mar16 |
$1.035 |
1.680 |
6.493% |
$1.420 |
39.00% |
Office : Singapore (90%) + Australia (10%) by Asset Value |
|
Ascendas Reit |
2H – Mar16 |
$2.290 |
7.356 |
6.424% |
$2.020 |
37.20% |
Industrial : Singapore (103) + Australia (27) + China (3) |
|
BHG Retail Reit |
Q1 – Mar16 |
$0.770 |
1.500 |
6.349% |
$0.800 |
29.50% |
Retail (China) – 5 |
|
CapitaCom Trust |
Q1 – Mar16 |
$1.390 |
2.180 |
6.273% |
$1.720 |
30.10% |
Office (68%) + Retail (19%) + Hotel (13%) by Gross Rental Income |
|
Keppel DC REIT |
Q1 – Mar16 |
$1.080 |
1.670 |
6.185% |
$0.902 |
29.60% |
Data Centres – 9 + 1 (Under Devt) |
|
Suntec Reit |
Q1 – Mar16 |
$1.665 |
2.371 |
6.092% |
$2.114 |
36.00% |
Retail + Office |
|
Frasers Cpt Tr |
Q2 – Mar16 |
$2.020 |
3.039 |
5.844% |
$1.910 |
28.30% |
Retail (6) + 31.17% of Hektar (MREIT) |
|
SPHREIT |
Q2 – Feb16 |
$0.940 |
1.400 |
5.819% |
$0.940 |
25.70% |
Retail (2) |
|
Mapletree Com Tr |
Q4 – Mar16 |
$1.435 |
2.020 |
5.666% |
$1.300 |
35.10% |
Retail (68.9%) + Office (31.1%) by NPI |
|
CapitaMall Trust |
Q1 – Mar16 |
$2.030 |
2.730 |
5.567% |
$1.860 |
35.50% |
Retail (16) + Office |
|
Fortune Reit HKD |
2H – Dec15 |
$8.590 |
23.500 |
5.471% |
$12.760 |
30.10% |
Retail (HK) – 17 |
|
ParkwayLife Reit |
Q1 – Mar16 |
$2.460 |
2.990 |
4.862% |
$1.650 |
36.40% |
Hospitals + Nursing Homes = 48 : Singapore 61% + Japan 38% by Gross Revenue |
|
Saizen REIT |
2H – Jun15 |
$0.091 |
2.930 |
0.000% |
$1.210 |
35.00% |
Residential (Japan) – 136 |
NOTES :
- Mkt Price is as on 31-May-16
- 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 : DPU Not Paid as Semi-Annual Payout Policy ; Above DPU for the Period 11-Dec-15 to 31-Mar-16
- IREIT : DPU Not Paid as Semi-Annual Payout Policy
- OUE C-REIT : DPU Not Paid as Semi-Annual Payout Policy
- OUE H-Trust : Actual DPU Payout = 1.1ct (1.47ct if Rights Shares Not Entitled) ; Above Yield Uses Proforma FY15 DPU from Rights Circular
- A-REIT : DPU = 4.296ct (18-Dec-15 to 31-Mar-16) + 3.06ct (1-Oct-15 to 17-Dec-15) Already Paid
- CDL H-Trust : Above Yield is Computed using last 4Qs DPU : 9.84ct = 2.22ct (Q116) + 5.37ct (2H15) + 2.25ct (Q215) ; DPU Not Paid as Semi-Annual Payout Policy
- MLT : Includes 0.4ct Divestment Gain for 8 Qs & 0.2ct for 4Qs from Sep-15 ie DPU = 1.74ct (Mar-16) if Excl Divestment Gains
- Cambridge : Annualised DPU = 4.448ct
- VIT : Annualised DPU = 6.588ct
- FE-HTrust : Above Yield is Computed using last 4Qs DPU : 4.61ct = 1.17ct (Dec15) + 1.20ct (Sep15) + 1.16ct (Jun15) + 1.08ct (Mar16)
- AIMSAMPReit : Above Yield is Computed using last 4Qs DPU : 11.35ct = 2.85ct (Dec15) + 2.80ct (Sep15) + 2.75ct (Jun15) + 2.95ct (Mar16)
- MCT : Above Yield is Computed using last 4Qs DPU : 8.13ct = 2.08ct (Dec15) + 2.02ct (Sep15) + 2.01ct (Jun15) + 2.02ct (Mar16)
- PLife : Annualised DPU = 11.96ct
- CLT : Annualised DPU = 8.201ct
- YTL StarHill : Above Yield is Computed using last 4Qs DPU : 5.18ct = 1.32ct (Dec15) + 1.31ct (Sep15) + 1.29ct (Jun15) + 1.26ct (Mar16)
- FCT : Above Yield is Computed using last 4Qs DPU : 11.804ct = 2.87ct (Dec15) + 2.859ct (Sep15) + 3.036ct (Jun15) + 3.039ct (Mar16)
- Suntec : Above Yield is Computed Using lates 4Qs DPU = 10.143ct = 2.75ct (Q415) + 2.522ct (Q315) + 2.5ct (Q215) + 2.371ct (Q116)
- FCOT : Annualised DPU = 9.83ct ; Includes $0.6m from China Square Land for Hotel Payment
- Sabana : Annualised DPU = 5.35ct
- FirstREIT : Annualised DPU = 8.49ct
- CMT : Above Yield Uses Latest 4Qs DPU = 2.73ct (Mar16) + 2.88ct (Dec15) + 2.98ct (Sep15) + 2.71ct (Jun15)
- AscottREIT : DPU Not Paid as Semi-Annual Payout Policy ; Advanced DPU = 1.585ct (1-Jan-16 to 22-Mar-16) Already Paid ; Above Yield Uses Latest 4Qs DPU = 1.76ct (Mar-16) + 4.138ct (2H15) + 2.087ct (Q215)
- CCT : DPU Not Paid as Semi-Annual Payout Policy
- CRCT : Annualised DPU = 10.28ct ; DPU Not Paid as Semi-Annual Payout Policy
- Keppel DC REIT : DPU Not Paid as Semi-Annual Payout Policy
- SPHREIT : Above Yield is Computed using last 4Qs DPU = 1.33ct (Nov15) + 1.39ct (Aug15) + 1.35ct (May15) + 1.40ct (Feb16) =5.47ct
- IREIT : DPU 80% Hedged @ €1 : S$1.52 for FY16
- 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
- Saizen : DPU Hedged @ Y85.6(Jun-15) & Y87 for 1H16 (Mar-16)
- 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
- FHT : IPO Prospectus ; DPU : FY14 (1-Apr-14 to 30-Sep-14) = 3.04ct / 2.86ct if Exclude Top Up ; FY15 = 6.16ct (5.72ct if Exclude) ; Gearing = 41.7% ; NAV = $0.83 ; Listing on 14-Jul-14 2pm @ $0.88
- OUE C-REIT : IPO Prospectus ; DPU : FY14 = 5.44ct / 4.45ct if Exclude Income Support ; FY15 = 5.51ct (4.6ct if Exclude) ; Gearing = 42.3% ; NAV = $1.043 ; Listing on 27-Jan-14 2pm @ $0.88
- Viva Industrial Trust : IPO Prospectus ; DPU : FY13 = 3.42ct (1-Jul-13 to 31-Dec-13) / 2.23ct if Exclude Income Support ; FY14 = 6.87ct (4.79ct if Exclude) ; FY15 = 7.03ct (5.19ct if Exclude) ; Gearing = 40.2% ; NAV = $0.74 ; Listing on 4-Nov-13 2pm @ $0.78
Shipping Trusts (non-REITs)
|
Trust |
Period |
Mkt |
DPU cts |
Yield |
NAV |
Assets Type |
|
FSL Trust^ |
Q1 – Mar16 |
$0.181 |
0.00 |
0.000% |
$0.440 |
Shipping Trust |
|
RickmersMaritime |
Q1 – Mar16 |
$0.079 |
0.00 |
0.000% |
$0.410 |
Shipping Trust |
NOTES :
- All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.3791 : US$1 fm Yahoo Finance)
- Rickmers
: DPU Suspended fm Q315 - FSL : 30-Jun-12 : Suspends 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 |
Q1 – Mar16 |
$0.510 |
0.93 |
7.294% |
$0.337 |
Infrastructure |
|
Ascendas-iTrust |
2H – Mar16 |
$0.955 |
2.76 |
5.780% |
$0.690 |
India – Industrial Park (6) |
|
Indiabulls Trust |
2H – Mar16 |
$0.255 |
0.00 |
0.250% |
$1.710 |
India – Office |
|
HPH Trust USD |
2H – Dec15 |
$0.430 |
18.70 |
10.299% |
HK$4.76 |
Ports – HK (41%) + China (59%) by Revenue |
|
Religare Htrust |
2H – Mar16 |
$1.015 |
3.82 |
7.527% |
$0.927 |
India – Healthcare (18) |
|
Croesus Rtrust |
Q3 – Mar16 |
$0.805 |
1.86 |
9.366% |
Y73.65 |
Japan – Retail (8) |
|
Asian Pay TV Tr |
Q1 – Mar16 |
$0.580 |
1.63 |
11.207% |
$0.820 |
Taiwan PayTV |
|
Accordia Golf Tr |
2H – Mar16 |
$0.640 |
4.31 |
10.359% |
$0.890 |
Japan Golf Courses – 89 |
NOTES :
- Accordia : Above Yield Computed Using DPY = 6.63ct = 4.31ct (2H16 – Mar16) + 2.32ct (1H16 – Sep15)
- Religare
: FY17 DPU Payout Reduced to 95% from current 100% - CroesusRT : Exchange Rate Y100 = S$1.2415 ; Annualised DPU = 7.54ct ; Hedged Rate – FY16 @ Y85.01 ; FY17 @ Y83.95 ; FY18 @ Y76.43
- APTT : Above Yield uses DPU = 6.5ct as FY16 Guidance = 6.5ct to 7ct (1.625ct/Q ; Q4 May Have Additional DPU)
- Indiabulls : Yield Computed Using 0ct (2H16) + 0.0638ct (1H16)
- HPH Trust : DPU in HK$ ; Mkt Price in US$ ; Yield Computed Using Latest Exchange Rate HK$7.7679 : US$1 fm Yahoo Finance) ; Yield Computed Using 1H (Jun15) = HK15.7ct + 2H (Dec15) = HK18.7ct
- RHT : DPU Not Paid as Semi-Annual Payout Policy
- 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
- Accordia Golf Trust : IPO Prospectus ; DPU : FY15 (1-Aug-14 to 31-Mar-15) = 6.2ct / Annualised = 6.8ct (Excl. Non-Recurring) – Used in Above Yield Computation or 8.8ct (Incl Non-Recurring) ; Gearing & NAV Computed Using IPO Prospectus Figures ; Listing on 1-Aug-14 2pm @ $0.97
- Forterra : Delisted on 13-Feb-15 9AM
- PCRT : Delisted on 5-Feb-15 9AM
- APTT : Prospectus ; IPO @ $0.97 ; FY13 DPU = 7.29ct Yield = 7.51% ; FY14 DPU = 8.25ct Yield = 8.51% ; List on 29-May-13 2pm
- Croesus : Prospectus ; IPO @ $0.93 ; FY14 DPU = 7.39ct Yield = 7.946% ; FY15 DPU = 7.49ct Yield = 8.054% ; Gearing = 43.7% ; List on 10-May-13 2pm
- Religare : Prospectus ; IPO @ $0.90 ; FY13 DPU = 4ct (1-Oct-12 to 31-Mar-13) Yield = 8.9% (Sponsor Waiver to DPU) / 6.42% (if no waiver) ; FY14 DPU = 8.17ct Yield = 9.1% (waiver) / 6.54% (no waiver) ; Gearing = 6.7%
- Indiabulls : Maiden DPU on 1H (sep12) Declared since Listing on 11-Jun-08
Comments are Closed