Author: kktan
December 2012
REITs : Average Yield = 6.027%
|
REIT |
Period |
DPU cts |
Mkt |
Yield |
NAV |
Gearing |
Assets Type |
|
Sabana REIT |
Q3 – Sep12 |
2.340 |
$1.140 |
8.167% |
$1.030 |
38.30% |
Industrial |
|
AscendasHT |
Q2 – Sep12 |
1.260 |
$0.940 |
7.527% |
$0.800 |
31.70% |
Hotels : Australia (71%) + Japan (25%) + China (4%) |
|
Cambridge |
Q3 – Sep12 |
1.204 |
$0.675 |
7.096% |
$0.612 |
36.60% |
Industrial |
|
SaizenREIT |
2H – Jun12 |
0.630 |
$0.181 |
6.961% |
$0.300 |
31.40% |
Residential (Japan) |
|
CACHE |
Q3 – Sep12 |
2.144 |
$1.240 |
6.878% |
$0.900 |
32.60% |
Industrial |
|
First REIT |
Q3 – Sep12 |
1.680 |
$1.060 |
6.764% |
$0.791 |
15.90% |
Hospitals + Hotel (Indonesia) |
|
MapletreeInd |
Q2 – Sep12 |
2.290 |
$1.360 |
6.735% |
$1.020 |
37.20% |
Industrial |
|
AIMSAMPI Reit |
Q2 – Sep12 |
2.500 |
$1.495 |
6.689% |
$1.443 |
31.50% |
Industrial |
|
AscottREIT |
Q3 – Sep12 |
2.240 |
$1.360 |
6.588% |
$1.370 |
40.60% |
Serviced Apts (Regional) |
|
Kep REIT |
Q3 – Sep12 |
1.960 |
$1.295 |
6.023% |
$1.230 |
44.10% |
Office |
|
MapletreeLog |
Q2 – Sep12 |
1.710 |
$1.145 |
5.974% |
$0.880 |
37.00% |
Industrial |
|
LippoMalls |
Q3 – Sep12 |
0.730 |
$0.490 |
5.959% |
$0.528 |
22.70% |
Retail (Indonesia) |
|
Ascendasreit |
Q2 – Sep12 |
3.530 |
$2.370 |
5.958% |
$1.845 |
32.50% |
Industrial |
|
CapitaRChina |
Q3 – Sep12 |
2.420 |
$1.645 |
5.854% |
$1.250 |
30.40% |
Retail (China) |
|
CDL Htrust |
Q3 – Sep12 |
2.720 |
$1.880 |
5.755% |
$1.570 |
25.50% |
Hotels : Singapore (82.5%) + Australia (13%) + NZ (4.5%) |
|
Starhill Gbl |
Q3 – Sep12 |
1.110 |
$0.785 |
5.631% |
$0.940 |
31.20% |
Retail + Office |
|
SuntecReit |
Q3 – Sep12 |
2.350 |
$1.675 |
5.581% |
$1.946 |
37.80% |
Retail + Office |
|
Far East HTrust |
FY12 – IPO |
2.320 |
$1.005 |
5.543% |
$0.930 |
30.50% |
Hotels + Serviced Apts |
|
FrasersCT |
Q4 – Sep12 |
2.710 |
$2.000 |
5.420% |
$1.530 |
30.10% |
Retail |
|
Frasers Comm |
2H – Sep12 |
3.448 |
$1.320 |
5.224% |
$1.500 |
36.80% |
Office + Retail |
|
Fortune Reit HK$ |
Q3 – Sep12 |
8.160 |
$6.370 |
5.124% |
$8.320 |
24.60% |
Retail (HK) |
|
MapletreeCom |
Q2 – Sep12 |
1.546 |
$1.215 |
5.090% |
$0.952 |
37.70% |
Retail + Office |
|
CapitaComm |
Q3 – Sep12 |
2.040 |
$1.685 |
4.819% |
$1.580 |
30.90% |
Office (63%) + Retail (22%) + Hotel (15%) |
|
PLife REIT |
Q3 – Sep12 |
2.580 |
$2.150 |
4.800% |
$1.460 |
36.40% |
Hospitals |
|
CapitaMall |
Q3 – Sep12 |
2.420 |
$2.130 |
4.521% |
$1.620 |
37.60% |
Retail + Office |
NOTES :
- Mkt Price is as on 31-Dec-12
- Saizen : No DPU Payout as Semi-Annual Payout Policy
- PLife : Annualised DPU = 10.32ct
- A-HTrust : DPU = 1.09ct (if no sponsor waiver)
- Cambridge : Annualised DPU = 4.790ct
- Fortune :No DPU Payout as Semi-Annual DPU Payout Policy
- CDL H-Trust : Annualised DPU = 10.82ct ; No DPU Payout as Semi-Annual DPU Payout Policy
- StarHill Global : Annualised DPU = 4.42ct
- CCT : Annualised DPU = 8.12ct
- FCOT : Quarterly DPU Payout from Dec Quarter
- Suntec : Annualised DPU = 9.349ct
- FirstREIT : Annualised DPU = 7.17ct
- CLT : Annualised DPU = 8.529ct
- ART : DPU Not Paid as Semi-Annual Payout Policy
- CRCT : Annualised DPU Payout = 9.63ct ; DPU Not Paid as Semi-Annual Payout Policy
- CMT : Annualised DPU Payout = 9.63ct
- Sabana : Annualised DPU = 9.31ct
- K-REIT : Annualised DPU Payout = 7.80ct ; Quarterly DPU Payout Policy from Q312
- FE-HTrust : IPO Prospectus ; DPU : FY12 = 2.32ct (Forecast Period 1-Aug-12 to 31-Dec-12 ; Entitlement only from Listing Date) / FY13 = 5.83ct ; Yield : FY12 = 5.99% / FY13 = 6.27% ; Gearing = 30.5% ; NAV = $0.93 ; Listing on 27-Aug-12 2pm
- A-HTrust : Listing on 27-Jul-12 2pm ; FY13 DPU = 4.61ct (27 Jul 12 to 31 Mar 13) incl. Waiver of 0.61ct from Sponsor entitlement ; FY14 DPU = 7.07ct ; Gearing = 37.6% Post-IPO Acquisition of Ibis Beijing SanYuan; IPO Prospectus
- FCT : A total of $2.3 million has been retained in 1H12 (1Q12: $1.6 million + 2Q12: $0.7 million) + 3Q12 : $1.172 million
- A-REIT : Private Placement (3 May 12) – 150Mil @ $1.99 ; Listing on 14 May 12 2pm
- 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
Shipping Trusts (non-REITs)
|
Trust |
Period |
DPU cts |
Mkt |
Yield |
NAV |
Assets Type |
|
FSL Trust |
Q3 – Sep12 |
0 |
$0.127 |
0.000% |
$0.490 |
Shipping Trust |
|
Rickmers |
Q3 – Sep12 |
0.6 |
$0.350 |
8.376% |
$0.990 |
Shipping Trust |
NOTES :
- All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.2215:US$1 fm Yahoo Finance)
- Rickmers : 10% Payout (of Cash flow available for distribution before payment to debt capital providers)
- FSL : 30-Jun-12 : Suspends Div Payout till 30-Jun-13
Other Trusts (non-REITs)
|
Trust |
Period |
DPU cts |
Mkt |
Yield |
NAV |
Assets Type |
|
CitySpring |
Q2 – Sep12 |
0.82 |
$0.440 |
7.455% |
$0.210 |
Infrastructure – Water + Gas + Power |
|
K-Green |
1H12 – Jun |
7.82 |
$1.030 |
7.592% |
$1.050 |
Energy (Incineration) + Water (NEWater) |
|
AscendasIndT |
1H – Sep12 |
2.5 |
$0.750 |
6.404% |
$0.640 |
India – Industrial Park |
|
Indiabulls |
1H – Sep12 |
0.0184 |
$0.109 |
0.338% |
$0.426 |
India – Office |
|
HPH Trust US$ |
FY12 – IPO |
6.59 |
$0.790 |
8.342% |
HK$7.58 |
Ports – HK + China |
|
TCT |
Q3 – Sep12 |
— |
$1.470 |
0.000% |
$4.090 |
China – Retail + Office + Industrial |
|
PerennialCRT |
Q3 – Sep12 |
0.97 |
$0.565 |
6.832% |
$0.650 |
China Retail |
|
Religare |
FY13 – IPO |
4 |
$0.885 |
9.040% |
$0.870 |
India – Healthcare |
NOTES :
- 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%
- PCRT : Annualised DPU = 3.86ct ; DPU Includes $21.217Mil Additional Income (To Be Drawn from Earn-Out Fund) ; No DPU Payout as Semi-Annual Payout Policy
- a-iTrust : 1-Apr-12 to 8-Oct-12 ; 1H DPU = 2.4ct (90% Payout)
- HPH-Trust : No DPU Payout as Semi-Annual Payout Policy
- Indiabulls : Maiden DPU Declared since Listing on 11-Jun-08
- TCT : No DPU Declared since 2H11 ; Last DPU = 5ct on 1H11
- HPH Trust : 1H12 DPU Payout = HK24.05ct ; Above Table Uses IPO Forecast to Compute Yield (Both DPU & Mkt Price in US$)
- K-Green : 1H12 DPU Payout = 3.13ct ; 2H11 DPU Payout = 4.69ct ; Above Table Uses 2H11 + 1H12 DPU = 7.82ct to Calculate Yield
- CitySpring : Guidance for FY13 DPU = 3.28ct ie 0.82ct / Q
- 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)
Month End Prices – 2012
|
REIT |
Jul |
Aug |
Sep |
Oct |
Nov |
Dec |
|
A-HTrust |
S$0.875 |
S$0.890 |
S$0.910 |
S$0.910 |
S$0.910 |
S$0.940 |
|
A-REIT |
S$2.270 |
S$2.360 |
S$2.410 |
S$2.360 |
S$2.400 |
S$2.370 |
|
AIMSAMPIReit |
S$1.285 |
S$1.305 |
S$1.410 |
S$1.490 |
S$1.425 |
S$1.495 |
|
AscottREIT |
S$1.225 |
S$1.250 |
S$1.255 |
S$1.275 |
S$1.320 |
S$1.360 |
|
Cambridge |
S$0.600 |
S$0.620 |
S$0.640 |
S$0.665 |
S$0.650 |
S$0.675 |
|
CapitaRChina |
S$1.435 |
S$1.480 |
S$1.465 |
S$1.560 |
S$1.540 |
S$1.645 |
|
CCT |
S$1.340 |
S$1.420 |
S$1.495 |
S$1.570 |
S$1.620 |
S$1.685 |
|
CDL HTrust |
S$2.050 |
S$2.030 |
S$2.030 |
S$1.935 |
S$1.925 |
S$1.880 |
|
CLT |
S$1.105 |
S$1.125 |
S$1.250 |
S$1.230 |
S$1.190 |
S$1.240 |
|
CMT |
S$1.960 |
S$1.980 |
S$2.020 |
S$2.110 |
S$2.070 |
S$2.130 |
|
FE-HTrust |
– |
S$0.985 |
S$1.035 |
S$0.985 |
S$0.985 |
S$1.005 |
|
First REIT |
S$0.950 |
S$1.000 |
S$1.050 |
S$1.045 |
S$1.015 |
S$1.060 |
|
Fortune |
HK$5.540 |
HK$5.630 |
HK$5.910 |
HK$6.120 |
HK$6.690 |
HK$6.370 |
|
FrasersComm |
S$1.090 |
S$1.120 |
S$1.175 |
S$1.245 |
S$1.255 |
S$1.320 |
|
FrasersCT |
S$1.800 |
S$1.785 |
S$1.810 |
S$1.955 |
S$1.985 |
S$2.000 |
|
K-REIT |
S$1.110 |
S$1.120 |
S$1.185 |
S$1.190 |
S$1.230 |
S$1.295 |
|
LMIR |
S$0.415 |
S$0.435 |
S$0.455 |
S$0.485 |
S$0.470 |
S$0.490 |
|
MCT |
S$1.070 |
S$1.100 |
S$1.170 |
S$1.210 |
S$1.195 |
S$1.215 |
|
MIT |
S$1.300 |
S$1.360 |
S$1.410 |
S$1.400 |
S$1.375 |
S$1.360 |
|
MLT |
S$1.015 |
S$1.110 |
S$1.125 |
S$1.110 |
S$1.110 |
S$1.145 |
|
PLife |
S$1.960 |
S$1.920 |
S$1.985 |
S$2.040 |
S$2.140 |
S$2.150 |
|
Sabana |
S$1.010 |
S$1.045 |
S$1.145 |
S$1.110 |
S$1.110 |
S$1.140 |
|
Saizen |
S$0.154 |
S$0.158 |
S$0.164 |
S$0.173 |
S$0.173 |
S$0.181 |
|
StarHill Gbl |
S$0.710 |
S$0.735 |
S$0.765 |
S$0.785 |
S$0.755 |
S$0.785 |
|
Suntec |
S$1.445 |
S$1.445 |
S$1.485 |
S$1.605 |
S$1.620 |
S$1.675 |
|
REIT |
Jan |
Feb |
Mar |
Apr |
May |
Jun |
|
A-HTrust |
– |
– |
– |
– |
– |
– |
|
A-REIT |
S$1.865 |
S$2.060 |
S$2.020 |
S$2.080 |
S$2.050 |
S$2.150 |
|
AIMSAMPIReit |
S$1.015 |
S$1.070 |
S$1.125 |
S$1.210 |
S$1.140 |
S$1.200 |
|
AscottREIT |
S$0.990 |
S$1.065 |
S$1.065 |
S$1.120 |
S$1.050 |
S$1.085 |
|
Cambridge |
S$0.510 |
S$0.520 |
S$0.535 |
S$0.540 |
S$0.540 |
S$0.570 |
|
CapitaRChina |
S$1.230 |
S$1.255 |
S$1.235 |
S$1.295 |
S$1.250 |
S$1.310 |
|
CCT |
S$1.075 |
S$1.185 |
S$1.220 |
S$1.290 |
S$1.230 |
S$1.265 |
|
CDL HTrust |
S$1.775 |
S$1.715 |
S$1.735 |
S$1.890 |
S$1.835 |
S$1.950 |
|
CLT |
S$0.985 |
S$1.000 |
S$1.000 |
S$1.035 |
S$1.035 |
S$1.050 |
|
CMT |
S$1.710 |
S$1.800 |
S$1.805 |
S$1.800 |
S$1.815 |
S$1.910 |
|
FE-HTrust |
– |
– |
– |
– |
– |
– |
|
First REIT |
S$0.780 |
S$0.810 |
S$0.860 |
S$0.895 |
S$0.880 |
S$0.915 |
|
Fortune |
HK$3.950 |
HK$3.940 |
HK$3.860 |
HK$4.190 |
HK$4.360 |
HK$4.560 |
|
FrasersComm |
S$0.770 |
S$0.835 |
S$0.840 |
S$0.920 |
S$0.950 |
S$1.000 |
|
FrasersCT |
S$1.435 |
S$1.510 |
S$1.520 |
S$1.595 |
S$1.625 |
S$1.665 |
|
K-REIT |
S$0.880 |
S$0.925 |
S$0.965 |
S$1.000 |
S$0.980 |
S$1.065 |
|
LMIR |
S$0.380 |
S$0.395 |
S$0.405 |
S$0.410 |
S$0.370 |
S$0.400 |
|
MCT |
S$0.865 |
S$0.870 |
S$0.875 |
S$0.910 |
S$0.920 |
S$0.980 |
|
MIT |
S$1.120 |
S$1.180 |
S$1.100 |
S$1.130 |
S$1.150 |
S$1.210 |
|
MLT |
S$0.870 |
S$0.900 |
S$0.945 |
S$0.980 |
S$0.975 |
S$0.980 |
|
PLife |
S$1.775 |
S$1.790 |
S$1.795 |
S$1.850 |
S$1.810 |
S$1.880 |
|
Sabana |
S$0.880 |
S$0.925 |
S$0.955 |
S$0.960 |
S$0.950 |
S$0.975 |
|
Saizen |
S$0.141 |
S$0.142 |
S$0.143 |
S$0.143 |
S$0.139 |
S$0.145 |
|
StarHill Gbl |
S$0.605 |
S$0.610 |
S$0.640 |
S$0.655 |
S$0.625 |
S$0.665 |
|
Suntec |
S$1.125 |
S$1.230 |
S$1.250 |
S$1.310 |
S$1.285 |
S$1.350 |
NOTE
- HTrust was Listed on 27 Jul 12 2PM @ $0.88
- FE-HTrust was Listed on 27 Aug 12 2PM @ $0.93
November 2012
Results Announcement
- 1 Nov 12 (AM) : Cambridge (Tables Updated)
- 1 Nov 12 : CitySpring (Table Updated)
- 6 Nov 12 (AM) : PCRT (Table Updated)
- 6 Nov 12 : A-HTrust (Tables Updated)
- 8 Nov 12 (AM) : PLife (Tables Updated)
- 8 Nov 12 : Saizen (Tables Updated)
- 9 Nov 12 : LMIR (Tables Updated)
REITs : Average Yield = 6.191%
|
REIT |
Period |
DPU cts |
Mkt |
Yield |
NAV |
Gearing |
Assets Type |
|
Sabana REIT |
Q3 – Sep12 |
2.340 |
$1.110 |
8.387% |
$1.030 |
38.30% |
Industrial |
|
AscendasHT |
Q2 – Sep12 |
1.260 |
$0.910 |
7.775% |
$0.800 |
31.70% |
Hotels : Australia (71%) + Japan (25%) + China (4%) |
|
Cambridge |
Q3 – Sep12 |
1.204 |
$0.650 |
7.369% |
$0.612 |
36.60% |
Industrial |
|
SaizenREIT |
2H – Jun12 |
0.630 |
$0.173 |
7.283% |
$0.300 |
31.40% |
Residential (Japan) |
|
CACHE |
Q3 – Sep12 |
2.144 |
$1.190 |
7.167% |
$0.900 |
32.60% |
Industrial |
|
First REIT |
Q3 – Sep12 |
1.680 |
$1.015 |
7.064% |
$0.791 |
15.90% |
Hospitals + Hotel (Indonesia) |
|
AIMSAMPI Reit |
Q2 – Sep12 |
2.500 |
$1.425 |
7.018% |
$1.443 |
31.50% |
Industrial |
|
AscottREIT |
Q3 – Sep12 |
2.240 |
$1.320 |
6.788% |
$1.370 |
40.60% |
Serviced Apts (Regional) |
|
MapletreeInd |
Q2 – Sep12 |
2.290 |
$1.375 |
6.662% |
$1.020 |
37.20% |
Industrial |
|
Kep REIT |
Q3 – Sep12 |
1.960 |
$1.230 |
6.341% |
$1.230 |
44.10% |
Office |
|
CapitaRChina |
Q3 – Sep12 |
2.420 |
$1.540 |
6.253% |
$1.250 |
30.40% |
Retail (China) |
|
LippoMalls |
Q3 – Sep12 |
0.730 |
$0.470 |
6.213% |
$0.528 |
22.70% |
Retail (Indonesia) |
|
MapletreeLog |
Q2 – Sep12 |
1.710 |
$1.110 |
6.162% |
$0.880 |
37.00% |
Industrial |
|
Ascendasreit |
Q2 – Sep12 |
3.530 |
$2.400 |
5.883% |
$1.845 |
32.50% |
Industrial |
|
Starhill Gbl |
Q3 – Sep12 |
1.110 |
$0.755 |
5.854% |
$0.940 |
31.20% |
Retail + Office |
|
SuntecReit |
Q3 – Sep12 |
2.350 |
$1.620 |
5.771% |
$1.946 |
37.80% |
Retail + Office |
|
Far East HTrust |
FY12 – IPO |
2.320 |
$0.985 |
5.656% |
$0.930 |
30.50% |
Hotels + Serviced Apts |
|
CDL Htrust |
Q3 – Sep12 |
2.720 |
$1.925 |
5.621% |
$1.570 |
25.50% |
Hotels : Singapore (82.5%) + Australia (13%) + NZ (4.5%) |
|
Frasers Comm |
2H – Sep12 |
3.448 |
$1.255 |
5.495% |
$1.500 |
36.80% |
Office + Retail |
|
FrasersCT |
Q4 – Sep12 |
2.710 |
$1.985 |
5.461% |
$1.530 |
30.10% |
Retail |
|
MapletreeCom |
Q2 – Sep12 |
1.546 |
$1.195 |
5.175% |
$0.952 |
37.70% |
Retail + Office |
|
CapitaComm |
Q3 – Sep12 |
2.040 |
$1.620 |
5.012% |
$1.580 |
30.90% |
Office (63%) + Retail (22%) + Hotel (15%) |
|
Fortune Reit HK$ |
Q3 – Sep12 |
8.160 |
$6.690 |
4.879% |
$8.320 |
24.60% |
Retail (HK) |
|
PLife REIT |
Q3 – Sep12 |
2.580 |
$2.140 |
4.822% |
$1.460 |
36.40% |
Hospitals |
|
CapitaMall |
Q3 – Sep12 |
2.420 |
$2.070 |
4.652% |
$1.620 |
37.60% |
Retail + Office |
NOTES :
- Mkt Price is as on 30-Nov-12
- Saizen : No DPU Payout as Semi-Annual Payout Policy
- PLife : Annualised DPU = 10.32ct
- A-HTrust : DPU = 1.09ct (if no sponsor waiver)
- Cambridge : Annualised DPU = 4.790ct
- Fortune :No DPU Payout as Semi-Annual DPU Payout Policy
- CDL H-Trust : Annualised DPU = 10.82ct ; No DPU Payout as Semi-Annual DPU Payout Policy
- StarHill Global : Annualised DPU = 4.42ct
- CCT : Annualised DPU = 8.12ct
- FCOT : Quarterly DPU Payout from Dec Quarter
- Suntec : Annualised DPU = 9.349ct
- FirstREIT : Annualised DPU = 7.17ct
- CLT : Annualised DPU = 8.529ct
- ART : DPU Not Paid as Semi-Annual Payout Policy
- CRCT : Annualised DPU Payout = 9.63ct ; DPU Not Paid as Semi-Annual Payout Policy
- CMT : Annualised DPU Payout = 9.63ct
- Sabana : Annualised DPU = 9.31ct
- K-REIT : Annualised DPU Payout = 7.80ct ; Quarterly DPU Payout Policy from Q312
- FE-HTrust : IPO Prospectus ; DPU : FY12 = 2.32ct (Forecast Period 1-Aug-12 to 31-Dec-12 ; Entitlement only from Listing Date) / FY13 = 5.83ct ; Yield : FY12 = 5.99% / FY13 = 6.27% ; Gearing = 30.5% ; NAV = $0.93 ; Listing on 27-Aug-12 2pm
- A-HTrust : Listing on 27-Jul-12 2pm ; FY13 DPU = 4.61ct (27 Jul 12 to 31 Mar 13) incl. Waiver of 0.61ct from Sponsor entitlement ; FY14 DPU = 7.07ct ; Gearing = 37.6% Post-IPO Acquisition of Ibis Beijing SanYuan; IPO Prospectus
- FCT : A total of $2.3 million has been retained in 1H12 (1Q12: $1.6 million + 2Q12: $0.7 million) + 3Q12 : $1.172 million
- A-REIT : Private Placement (3 May 12) – 150Mil @ $1.99 ; Listing on 14 May 12 2pm
- 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
Shipping Trusts (non-REITs)
|
Trust |
Period |
DPU cts |
Mkt |
Yield |
NAV |
Assets Type |
|
FSL Trust |
Q3 – Sep12 |
0 |
$0.123 |
0.000% |
$0.490 |
Shipping Trust |
|
Rickmers |
Q3 – Sep12 |
0.6 |
$0.345 |
8.493% |
$0.990 |
Shipping Trust |
NOTES :
- All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.2209:US$1 fm Yahoo Finance)
- Rickmers : 10% Payout (of Cash flow available for distribution before payment to debt capital providers)
- FSL : 30-Jun-12 : Suspends Div Payout till 30-Jun-13
Other Trusts (non-REITs)
|
Trust |
Period |
DPU cts |
Mkt |
Yield |
NAV |
Assets Type |
|
CitySpring |
Q2 – Sep12 |
0.82 |
$0.445 |
7.371% |
$0.210 |
Infrastructure – Water + Gas + Power |
|
K-Green |
1H12 – Jun |
7.82 |
$1.020 |
7.667% |
$1.050 |
Energy (Incineration) + Water (NEWater) |
|
AscendasIndT |
1H – Sep12 |
2.5 |
$0.750 |
6.404% |
$0.640 |
India – Industrial Park |
|
Indiabulls |
1H – Sep12 |
0.0184 |
$0.110 |
0.335% |
$0.426 |
India – Office |
|
HPH Trust US$ |
FY12 – IPO |
6.59 |
$0.775 |
8.503% |
HK$7.58 |
Ports – HK + China |
|
TCT |
Q3 – Sep12 |
— |
$1.455 |
0.000% |
$4.090 |
China – Retail + Office + Industrial |
|
PerennialCRT |
Q3 – Sep12 |
0.97 |
$0.495 |
7.798% |
$0.650 |
China Retail |
|
Religare |
FY13 – IPO |
4 |
$0.830 |
9.639% |
$0.870 |
India – Healthcare |
NOTES :
- 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%
- PCRT : Annualised DPU = 3.86ct ; DPU Includes $21.217Mil Additional Income (To Be Drawn from Earn-Out Fund) ; No DPU Payout as Semi-Annual Payout Policy
- a-iTrust : 1-Apr-12 to 8-Oct-12 ; 1H DPU = 2.4ct (90% Payout)
- HPH-Trust : No DPU Payout as Semi-Annual Payout Policy
- Indiabulls : Maiden DPU Declared since Listing on 11-Jun-08
- TCT : No DPU Declared since 2H11 ; Last DPU = 5ct on 1H11
- HPH Trust : 1H12 DPU Payout = HK24.05ct ; Above Table Uses IPO Forecast to Compute Yield (Both DPU & Mkt Price in US$)
- K-Green : 1H12 DPU Payout = 3.13ct ; 2H11 DPU Payout = 4.69ct ; Above Table Uses 2H11 + 1H12 DPU = 7.82ct to Calculate Yield
- CitySpring : Guidance for FY13 DPU = 3.28ct ie 0.82ct / Q
- 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% @ $0.535)
- PCRT : IPO DPU Forecast – FY11 = 2.35ct ; FY12 = 3.86ct ; Semi-Annual Dividend Payout with 1st Payout for Dec-11 ; Listing on 9-Jun-11 2pm
- HPH Trust : IPO DPU Forecast – FY11 = US5.9ct (HK45.88ct) ; FY12 = US6.59ct (HK51.24ct)
- Indiabulls : IPO Forecast – 5.12ct (FY09) 1,325.4Mil Units (2,371.7Mil Units Issued) Entitled to Div ; 9.82ct (FY10)
Performance – November 2012
STI +16.01% : 3069.95 (Nov-12) vs 2646.35 (2011)
Rank – Capital Gains
|
REIT |
Nov-12 |
Dec-11 |
Gain |
|
Fortune Reit HK$ |
$6.690 |
$3.760 |
77.9% |
|
FCOT |
$1.255 |
$0.740 |
69.6% |
|
CapitaComm |
$1.620 |
$1.055 |
53.6% |
|
AIMSAMPIReit |
$1.425 |
$0.945 |
50.8% |
|
SuntecReit |
$1.620 |
$1.075 |
50.7% |
|
K-REIT |
$1.230 |
$0.830 |
48.2% |
|
MCT |
$1.195 |
$0.850 |
40.6% |
|
FrasersCT |
$1.985 |
$1.440 |
37.8% |
|
Cambridge |
$0.650 |
$0.475 |
36.8% |
|
LippoMapleT |
$0.470 |
$0.350 |
34.3% |
|
CapitaRChina |
$1.540 |
$1.150 |
33.9% |
|
StarHill |
$0.755 |
$0.565 |
33.6% |
|
First REIT |
$1.015 |
$0.760 |
33.6% |
|
AscottREIT |
$1.320 |
$0.990 |
33.3% |
|
MapletreeLog |
$1.110 |
$0.845 |
31.4% |
|
Ascendasreit |
$2.400 |
$1.830 |
31.1% |
|
MIT |
$1.375 |
$1.075 |
27.9% |
|
Sabana REIT |
$1.110 |
$0.875 |
26.9% |
|
CLT |
$1.190 |
$0.950 |
25.3% |
|
CDL Htrust |
$1.925 |
$1.545 |
24.6% |
|
SaizenREIT |
$0.173 |
$0.140 |
23.6% |
|
CapitaMall |
$2.070 |
$1.700 |
21.8% |
|
PLife REIT |
$2.140 |
$1.790 |
19.6% |
|
FE-Htrust |
$0.985 |
$0.930 |
5.9% |
|
A-Htrust |
$0.910 |
$0.880 |
3.4% |
NOTES :
- Not Adjusted for Rights or New Issues Which May Be at a Discount
- FE-Trust : Listed on 27 Aug 12 2PM @ $0.88
- A-HTrust : Listed on 27 Jul 12 2PM @ $0.88
- Dec-11 : End Dec-11 Mkt Price
- Nov-12 : End Nov-12 Mkt Price
- Gain : Capital Gains = (Nov-12 Mkt Price – Dec-11 Mkt Price) / (Dec-11 Mkt Price)
Gearing – Nov 2012
|
REIT |
Assets |
Debts |
Gearing |
Shares |
Major Shareholders |
|
A-HTrust |
S$1080M |
S$342M |
31.7% |
803,558,726 |
Ascendas 28.74% ; Accor 5.75% |
|
A-REIT |
S$6643M |
S$2156M |
32.5% |
2,237,552,568 |
Ascendas 19.01% |
|
AIMSAMPIReit |
S$975M |
S$308M |
31.5% |
448,606,000 |
AMP 14.48% ; Dragon Pacific 11.86% ; APG 9.32% ; USS 7.05% ; George Wang 7.17% |
|
AscottREIT |
S$3095M |
S$1222M |
40.6% |
1,137,019,000 |
Temasek 49.02% |
|
Cambridge |
S$1184M |
S$424M |
36.6% |
1,208,173,337 |
Franklin 8.02% ; Chan Wai Kheong 7.01% ; MacKenzie 6.03% ; Capital Grp 5.9153% |
|
CapitaRChina |
S$1564M |
S$479M |
30.4% |
691,309,649 |
Capitaland 41.04% (CMT 20%) ; Capital Grp 8.4997% ; Matthews 7.13% ; PGGM 5.946% |
|
CCT |
S$6823M |
S$2105M |
30.9% |
2,840,796,103 |
Temasek 32.03% ; Capital Group 5.9067% ; CBRE 5.092% |
|
CDL HTrust |
S$2087M |
S$533M |
25.5% |
968,738,653 |
Hong Leong 35.733% ; Aberdeen 5.9869% |
|
CLT |
S$960M |
S$313M |
32.6% |
702,418,479 |
CWT 11.79% ; Capital Grp 5.8666% ; Newton Investment 5.72% |
|
CMT |
S$10242M |
S$4233M |
37.6% |
3,330,733,046 |
CMA 28.50% ; NTUC 5.98% |
|
FE-HTrust |
S$2145M |
S$647M |
30.5% |
1,603,888,000 |
Far East 56% |
|
First REIT |
S$647M |
S$98M |
15.9% |
632,643,409 |
Lippo 29.57% ; CIM 5.9% |
|
Fortune |
HK$19897M |
HK$4834M |
24.6% |
1,697,825,978 |
Cheung Kong 30.95% ; Schroder 9.785% ; Temasek 6.02% |
|
FrasersCT |
S$1917M |
S$577M |
30.1% |
823,522,544 |
F&N 40.7% ; AIA 6.0126% ; Capital Group 6.0395% |
|
FrasersComm |
S$2340M |
S$860M |
36.8% |
646,773,966 |
F&N 27.11% |
|
K-REIT |
S$5945M |
S$2800M |
44.1% |
2,625,416,316 |
Temasek 76.55% |
|
LMIR |
S$1753M |
S$398M |
22.7% |
2,186,290,976 |
Lippo 29.5% ; Stitching 9.95% ; CPI-Capital 8.5% ; ABN AMRO 6.51% ; Sumitomo 5.03% |
|
MCT |
S$2995M |
S$1126M |
37.7% |
1,869,617,000 |
Temasek 42.66% ; AIA 7.63% |
|
MIT |
S$2806M |
S$1049M |
37.2% |
1,629,683,792 |
Temasek 31.63% ; Capital Grp 6.23% ; AIG 5.40% |
|
MLT |
S$4363M |
S$1599M |
37.1% |
2,426,317,966 |
Temasek 40.99% ; Capital Grp 7.14% ; BOA 6.445% ; Mellon Corp 6.36% |
|
PLife |
S$1471M |
S$536M |
36.4% |
605,002,000 |
Parkway Pantai 35.77% ; TPG Capital 14% ; Newton (Bank of New York) 10.2% ; Sunil 6.03% |
|
Sabana |
S$1137M |
S$433M |
38.3% |
640,490,459 |
Kua Family 8.9214% ; Al Salam Bank 5.14% |
|
Saizen |
JPY41,477M |
JPY12,989M |
31.4% |
1,423,703,795 |
V-Nee Yeh (ASM, HCL) 16.994% |
|
Starhill Gbl |
S$2808M |
S$877M |
31.2% |
1,943,023,078 |
YTL 29.09% ; AIA 10.0105% |
|
Suntec |
S$7493M |
S$2841M |
37.8% |
2,247,823,916 |
Asean Inv 5.4439% ; Cheng YT 5.81% |
Notes :
- This table will be updated mainly during Quarterly Reporting Season + Fund Raising Exercises
- The Major Shareholders data may not be up-to-date. Pls chk SGX Annc to verify