Author: kktan
Gearing – July 2012
|
REIT |
Assets |
Debts |
Gearing |
Shares |
Major Shareholders |
|
A-HTrust |
S$1050M |
S$339M |
34.3% |
802,987,000 |
Ascendas 35% ; Accor 7% |
|
A-REIT |
S$6614M |
S$2166M |
32.7% |
2,237,552,568 |
Ascendas 19.01% |
|
AIMSAMPIReit |
S$940M |
S$279M |
29.7% |
445,958,000 |
AMP 14.48% ; Dragon Pacific 11.86% ; APG 9.32% ; USS 7.05% ; George Wang 7.17% |
|
AscottREIT |
S$3109M |
S$1207M |
39.7% |
1,134,781,000 |
Temasek 49.02% |
|
Cambridge |
S$1162M |
S$408M |
35.8% |
1,199,049,222 |
Templeton 7.04% ; Chan Wai Kheong 7.01% ; MacKenzie 6.03% ; Capital Grp 5.9153% |
|
CapitaRChina |
S$1586M |
S$446M |
28.1% |
691,219,115 |
Capitaland 41.04% (CMT 20%) ; Capital Grp 8.4997% ; AIA 6.174% ; Matthews 6.01% ; PGGM 5.946% |
|
CCT |
S$6827M |
S$2052M |
30.1% |
2,838,301,785 |
Temasek 32.03% ; Capital Group 6.1084% ; CBRE 5.092% |
|
CDL HTrust |
S$2116M |
S$534M |
25.2% |
967,531,276 |
Hong Leong 35.733% ; Aberdeen 5.0041% |
|
CLT |
S$890M |
S$245M |
27.5% |
700,865,575 |
CWT 11.79% ; JPM 5.92% ; Capital Grp 5.8666% ; Newton Investment 5.72% |
|
CMT |
S$10092M |
S$4120M |
37.5% |
3,329,984,311 |
CMA 28.50% ; NTUC 5.98% |
|
First REIT |
S$650M |
S$98M |
15.9% |
631,528,484 |
Lippo 29.57% ; CIM 5.9% |
|
Fortune |
HK$19985M |
HK$4829M |
24.5% |
1,695,337,503 |
Cheung Kong 31.58% ; Schroder 9.785% ; Temasek 6.02% |
|
FrasersCT |
S$1809M |
S$574M |
31.7% |
823,199,889 |
F&N 40.7% ; AIA 6.0126% ; Capital Group 6.0395% |
|
FrasersComm |
S$2180M |
S$861M |
39.5% |
643,707,665 |
F&N 27.11% |
|
K-REIT |
S$5975M |
S$2780M |
43.9% |
2,619,170,426 |
Temasek 76.55% |
|
LMIR |
S$1608M |
S$148M |
9.2% |
2,186,170,796 |
Lippo 29.5% ; Stitching 9.95% ; CPI-Capital 8.5% ; ABN AMRO 6.51% ; Sumitomo 5.03% |
|
MCT |
S$2999M |
S$1126M |
37.6% |
1,867,904,000 |
Temasek 42.66% ; AIA 7.63% |
|
MIT |
S$2825M |
S$1069M |
37.7% |
1,629,274,248 |
Temasek 31.63% ; Capital Grp 6.23% ; AIG 5.40% |
|
MLT |
S$4412M |
S$1620M |
37.0% |
2,426,317,966 |
Temasek 40.99% ; Capital Grp 7.14% ; BOA 6.445% ; Mellon Corp 6.36% |
|
PLife |
S$1445M |
S$510M |
35.3% |
604,970,000 |
Parkway Pantai 35.77% ; TPG Capital 14% ; Newton (Bank of New York) 10.2% ; Sunil 6.03% |
|
Sabana |
S$1077M |
S$361M |
34.1% |
639,527,534 |
Kua Family 8.9214% ; Al Salam Bank 5.14% |
|
Saizen |
JPY40,046M |
JPY12,647M |
32.0% |
1,270,493,808 |
V-Nee Yeh (ASM, HCL) 16.994% |
|
Starhill Gbl |
S$2817M |
S$860M |
30.5% |
1,943,023,078 |
YTL 29.09% ; AIA 9.96% |
|
Suntec |
S$7486M |
S$2822M |
37.5% |
2,242,903,050 |
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
Performance – June 2012
STI +8.77% : 2878.45 (Jun-12) vs 2646.35 (2011)
Rank – Capital Gains
|
REIT |
Jun-12 |
Dec-11 |
Gain |
|
FCOT |
$1.000 |
$0.740 |
35.1% |
|
K-REIT |
$1.065 |
$0.830 |
28.3% |
|
AIMSAMPIReit |
$1.200 |
$0.945 |
27.0% |
|
CDL Htrust |
$1.950 |
$1.545 |
26.2% |
|
SuntecReit |
$1.350 |
$1.075 |
25.6% |
|
Fortune Reit HK$ |
$4.560 |
$3.760 |
21.3% |
|
First REIT |
$0.915 |
$0.760 |
20.4% |
|
Cambridge |
$0.570 |
$0.475 |
20.0% |
|
CapitaComm |
$1.265 |
$1.055 |
19.9% |
|
StarHill |
$0.665 |
$0.565 |
17.7% |
|
Ascendasreit |
$2.150 |
$1.830 |
17.5% |
|
MapletreeLog |
$0.980 |
$0.845 |
16.0% |
|
FrasersCT |
$1.665 |
$1.440 |
15.6% |
|
MCT |
$0.980 |
$0.850 |
15.3% |
|
LippoMapleT |
$0.400 |
$0.350 |
14.3% |
|
CapitaRChina |
$1.310 |
$1.150 |
13.9% |
|
MIT |
$1.210 |
$1.075 |
12.6% |
|
CapitaMall |
$1.910 |
$1.700 |
12.4% |
|
Sabana REIT |
$0.975 |
$0.875 |
11.4% |
|
CLT |
$1.050 |
$0.950 |
10.5% |
|
AscottREIT |
$1.085 |
$0.990 |
9.6% |
|
PLife REIT |
$1.880 |
$1.790 |
5.0% |
|
SaizenREIT |
$0.145 |
$0.140 |
3.6% |
NOTES :
- Not Adjusted for Rights or New Issues Which May Be at a Discount
- Dec-11 : End Dec-11 Mkt Price
- Jun-12 : End Jun-12 Mkt Price
- Gain : Capital Gains = (Jun-12 Mkt Price – Dec-11 Mkt Price) / (Dec-11 Mkt Price)
June 2012
REITs : Average Yield = 7.054%
|
REIT |
Period |
DPU cts |
Mkt |
Yield |
NAV |
Gearing |
Assets Type |
|
Sabana REIT |
Q1 – Mar12 |
2.26 |
$0.975 |
9.323% |
$1.040 |
33.90% |
Industrial |
|
AIMSAMPI Reit |
Q4 – Mar12 |
2.7 |
$1.200 |
9.000% |
$1.406 |
30.00% |
Industrial |
|
First REIT |
Q1 – Mar12 |
1.93 |
$0.915 |
8.481% |
$0.800 |
16.00% |
Hospitals + Hotel (Indonesia) |
|
SaizenREIT |
1H – Dec11 |
0.61 |
$0.145 |
8.414% |
$0.310 |
32.00% |
Residential (Japan) |
|
Cambridge |
Q1 – Mar12 |
1.171 |
$0.570 |
8.263% |
$0.619 |
35.90% |
Industrial |
|
CACHE |
Q1 – Mar12 |
2.086 |
$1.050 |
7.990% |
$0.910 |
27.70% |
Industrial |
|
AscottREIT |
Q1 – Mar12 |
2.14 |
$1.085 |
7.889% |
$1.310 |
41.60% |
Serviced Apts (Regional) |
|
CapitaRChina |
Q1 – Mar12 |
2.41 |
$1.310 |
7.397% |
$1.240 |
30.00% |
Retail (China) |
|
MapletreeInd |
Q4 – Mar12 |
2.22 |
$1.210 |
7.339% |
$1.020 |
37.80% |
Industrial |
|
SuntecReit |
Q1 – Mar12 |
2.453 |
$1.350 |
7.308% |
$1.962 |
37.40% |
Retail + Office |
|
K-REIT |
Q1 – Mar12 |
1.9 |
$1.065 |
7.174% |
$1.250 |
41.80% |
Office |
|
MapletreeLog |
Q5 – Mar12 |
1.7 |
$0.980 |
6.939% |
$0.880 |
35.20% |
Industrial |
|
LippoMalls |
Q1 – Mar12 |
0.69 |
$0.400 |
6.900% |
$0.566 |
9.20% |
Retail (Indonesia) |
|
Ascendasreit |
Q4 – Mar12 |
3.5 |
$2.150 |
6.512% |
$1.843 |
36.60% |
Industrial |
|
Frasers Comm |
1H – Mar12 |
3.2423 |
$1.000 |
6.480% |
$1.330 |
36.10% |
Office + Retail |
|
Starhill Gbl |
Q1 – Mar12 |
1.07 |
$0.665 |
6.466% |
$0.940 |
30.40% |
Retail + Office |
|
MapletreeCom |
Q4 – Mar12 |
1.554 |
$0.980 |
6.378% |
$0.954 |
37.60% |
Retail + Office |
|
CapitaComm |
Q1 – Mar12 |
1.9 |
$1.265 |
6.040% |
$1.560 |
30.50% |
Office (61%) + Retail (22%) + Hotel (17%) |
|
FrasersCT |
Q2 – Mar12 |
2.5 |
$1.665 |
6.006% |
$1.420 |
30.90% |
Retail |
|
Fortune Reit HK$ |
2H – Dec11 |
13.5 |
$4.560 |
5.921% |
$7.810 |
25.90% |
Retail (HK) |
|
CDL Htrust |
Q1 – Mar12 |
2.78 |
$1.950 |
5.733% |
$1.580 |
25.60% |
Hotels |
|
PLife REIT |
Q1 – Mar12 |
2.56 |
$1.880 |
5.447% |
$1.460 |
35.30% |
Hospitals |
|
CapitaMall |
Q1 – Mar12 |
2.3 |
$1.910 |
4.843% |
$1.570 |
38.30% |
Retail + Office |
NOTES :
- Mkt Price is as on 29-Jun-12
- Fortune : No DPU Payout as Semi-Annual Payout Policy
- Saizen : No DPU Payout as Semi-Annual Payout Policy
- A-REIT : Private Placement (3 May 12) – 150Mil @ $1.99 ; Listing on 14 May 12 2pm
- PLife : Annualised DPU = 10.24ct
- StarHill Global : Annualised DPU = 4.3ct
- MCT : Annualised DPU = 6.25ct
- CDL H-Trust : Annualised DPU = 11.18ct ; No DPU Payout as Semi-Annual Payout Policy
- Suntec : Annualised DPU = 9.866ct
- FCT :
A total of $2.3 million has been retained in 1H12 (1Q12: $1.6 million + 2Q12: $0.7 million)
- FirstREIT : Annualised DPU = 7.76ct ; DPU Includes 0.34ct on Gain from Divestment of Asset
- CCT : Annualised DPU = 7.64ct ; No DPU Payout as Semi-Annual Payout Policy
- MLT : DPU Includes 0.03ct from Gain on Disposal of Assets ; FY Changed from Dec to Mar
- FCOT : Annualised DPU = 6.48ct
- Sabana : Annualised DPU = 9.09ct
- Cambridge : Annualised DPU = 4.71ct
- CLT : Annualised DPU = 8.39ct ; Advanced DPU = 2.044ct (1-Jan-12 to 29-Mar-12)
- CMT : Annualised DPU Payout = 9.25ct
- CRCT : Annualised DPU Payout = 9.69ct ; No DPU Payout as Semi-Annual Payout Policy
- K-REIT : Annualised DPU Payout = 7.64ct ; No DPU Payout as Semi-Annual Payout Policy ; Will Change to Quarterly DPU Payout Policy from Q312
- 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 |
Q1 – Mar12 |
0.1 |
$0.189 |
2.688% |
$0.490 |
Shipping Trust |
|
Rickmers |
Q1 – Mar12 |
0.6 |
$0.320 |
9.526% |
$0.940 |
Shipping Trust |
NOTES :
- All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.2701:US$1 fm Yahoo Finance)
- 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 |
Q4 – Mar12 |
0.82 |
$0.400 |
8.200% |
$0.279 |
Infrastructure – Water + Gas + Power |
|
K-Green |
FY11 – Dec |
7.82 |
$0.995 |
7.859% |
$1.070 |
Energy (Incineration) + Water (NEWater) |
|
AscendasIndT |
2H – Mar12 |
2.96 |
$0.760 |
7.789% |
$0.710 |
India – Industrial Park |
|
Indiabulls |
Q4 – Mar12 |
— |
$0.101 |
— |
$0.453 |
India – Office |
|
HPH Trust US$ |
FY12 – IPO |
6.59 |
$0.710 |
9.282% |
HK$7.75 |
Ports – HK + China |
|
TCT |
1H – Jun11 |
5.00 |
$1.635 |
6.116% |
$4.140 |
China – Retail + Office + Industrial |
|
PerennialCRT |
Q1 – Mar12 |
0.94 |
$0.470 |
8.106% |
$0.680 |
China Retail |
NOTES :
- PCRT : No DPU Payout as Semi-Annual Payout Policy ; DPU Includes $10.54Mil Additional Income (To Be Drawn from Earn-Out Fund)
- CitySpring : Guidance for FY13 DPU = 3.28ct ie 0.82ct / Q
- Indiabulls : No DPU Declared
- PCRT : DPU = 2.35ct (9-Jun-11 to 31-Dec-11) ; Includes $25Mil Additional Income (Drawn from Earn-Out Fund)
- TCT : DPU Declaration Delayed for 2H11 ; Above Yield Figure Uses 1H11 DPU
- HPH Trust : 2H11 DPU Payout = HK23.4ct ; Above Table Uses IPO Forecast to Compute Yield (Both DPU & Mkt Price in US$)
- 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 : 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 – May 2012
STI +4.77% : 2772.54 (May-12) vs 2646.35 (2011)
Rank – Capital Gains
|
REIT |
May-12 |
Dec-11 |
Gain |
|
FCOT |
$0.950 |
$0.740 |
28.4% |
|
AIMSAMPIReit |
$1.140 |
$0.945 |
20.6% |
|
SuntecReit |
$1.285 |
$1.075 |
19.5% |
|
CDL Htrust |
$1.835 |
$1.545 |
18.8% |
|
K-REIT |
$0.980 |
$0.830 |
18.1% |
|
CapitaComm |
$1.230 |
$1.055 |
16.6% |
|
Fortune Reit HK$ |
$4.360 |
$3.760 |
16.0% |
|
First REIT |
$0.880 |
$0.760 |
15.8% |
|
MapletreeLog |
$0.975 |
$0.845 |
15.4% |
|
Cambridge |
$0.540 |
$0.475 |
13.7% |
|
FrasersCT |
$1.625 |
$1.440 |
12.8% |
|
Ascendasreit |
$2.050 |
$1.830 |
12.0% |
|
StarHill |
$0.625 |
$0.565 |
10.6% |
|
CLT |
$1.035 |
$0.950 |
8.9% |
|
CapitaRChina |
$1.250 |
$1.150 |
8.7% |
|
Sabana REIT |
$0.950 |
$0.875 |
8.6% |
|
MCT |
$0.920 |
$0.850 |
8.2% |
|
MIT |
$1.150 |
$1.075 |
7.0% |
|
CapitaMall |
$1.815 |
$1.700 |
6.8% |
|
AscottREIT |
$1.050 |
$0.990 |
6.1% |
|
LippoMapleT |
$0.370 |
$0.350 |
5.7% |
|
PLife REIT |
$1.810 |
$1.790 |
1.1% |
|
SaizenREIT |
$0.139 |
$0.140 |
-0.7% |
NOTES :
- Not Adjusted for Rights or New Issues Which May Be at a Discount
- Dec-11 : End Dec-11 Mkt Price
- May-12 : End May-12 Mkt Price
- Gain : Capital Gains = (May-12 Mkt Price – Dec-11 Mkt Price) / (Dec-11 Mkt Price)
May 2012
Results Announcement
- 2 May 12 : IndiaBulls (Updated on NAV)
- 3 May 12 (AM) : PLife (Tables Updated)
- 3 May 12 : CitySpring (Table Updated)
- 7 May 12 : HPH Trust (Updated on NAV)
- 9 May 12 (AM) : PCRT (Table Updated)
- 10 May 12 (AM) : Saizen (Tables Updated)
- 10 May 12 : Fortune (Updated on NAV)
REITs : Average Yield = 7.379%
|
REIT |
Period |
DPU cts |
Mkt |
Yield |
NAV |
Gearing |
Assets Type |
|
Sabana REIT |
Q1 – Mar12 |
2.26 |
$0.950 |
9.568% |
$1.040 |
33.90% |
Industrial |
|
AIMSAMPI Reit |
Q4 – Mar12 |
2.7 |
$1.140 |
9.474% |
$1.406 |
30.00% |
Industrial |
|
First REIT |
Q1 – Mar12 |
1.93 |
$0.880 |
8.818% |
$0.800 |
16.00% |
Hospitals + Hotel (Indonesia) |
|
SaizenREIT |
1H – Dec11 |
0.61 |
$0.139 |
8.777% |
$0.310 |
32.00% |
Residential (Japan) |
|
Cambridge |
Q1 – Mar12 |
1.171 |
$0.540 |
8.722% |
$0.619 |
35.90% |
Industrial |
|
AscottREIT |
Q1 – Mar12 |
2.14 |
$1.050 |
8.152% |
$1.310 |
41.60% |
Serviced Apts (Regional) |
|
CACHE |
Q1 – Mar12 |
2.086 |
$1.035 |
8.106% |
$0.910 |
27.70% |
Industrial |
|
K-REIT |
Q1 – Mar12 |
1.9 |
$0.980 |
7.796% |
$1.250 |
41.80% |
Office |
|
CapitaRChina |
Q1 – Mar12 |
2.41 |
$1.250 |
7.752% |
$1.240 |
30.00% |
Retail (China) |
|
MapletreeInd |
Q4 – Mar12 |
2.22 |
$1.150 |
7.722% |
$1.020 |
37.80% |
Industrial |
|
SuntecReit |
Q1 – Mar12 |
2.453 |
$1.285 |
7.678% |
$1.962 |
37.40% |
Retail + Office |
|
LippoMalls |
Q1 – Mar12 |
0.69 |
$0.370 |
7.459% |
$0.566 |
9.20% |
Retail (Indonesia) |
|
MapletreeLog |
Q5 – Mar12 |
1.7 |
$0.975 |
6.974% |
$0.880 |
35.20% |
Industrial |
|
Starhill Gbl |
Q1 – Mar12 |
1.07 |
$0.625 |
6.880% |
$0.940 |
30.40% |
Retail + Office |
|
Ascendasreit |
Q4 – Mar12 |
3.5 |
$2.050 |
6.829% |
$1.843 |
36.60% |
Industrial |
|
Frasers Comm |
1H – Mar12 |
3.2423 |
$0.950 |
6.821% |
$1.330 |
36.10% |
Retail + Office |
|
MapletreeCom |
Q4 – Mar12 |
1.554 |
$0.920 |
6.793% |
$0.954 |
37.60% |
Retail + Office |
|
CapitaComm |
Q1 – Mar12 |
1.9 |
$1.230 |
6.211% |
$1.560 |
30.50% |
Office (61%) + Retail (22%) + Hotel (17%) |
|
Fortune Reit HK$ |
2H – Dec11 |
13.5 |
$4.360 |
6.193% |
$7.810 |
25.90% |
Retail (HK) |
|
FrasersCT |
Q2 – Mar12 |
2.5 |
$1.625 |
6.154% |
$1.420 |
30.90% |
Retail |
|
CDL Htrust |
Q1 – Mar12 |
2.78 |
$1.835 |
6.093% |
$1.580 |
25.60% |
Hotels |
|
PLife REIT |
Q1 – Mar12 |
2.56 |
$1.810 |
5.657% |
$1.460 |
35.30% |
Hospitals |
|
CapitaMall |
Q1 – Mar12 |
2.3 |
$1.815 |
5.096% |
$1.570 |
38.30% |
Retail + Office |
NOTES :
- Mkt Price is as on 31-May-12
- Fortune : No DPU Payout as Semi-Annual Payout Policy
- Saizen : No DPU Payout as Semi-Annual Payout Policy
- A-REIT : Private Placement (3 May 12) – 150Mil @ $1.99 ; Listing on 14 May 12 2pm
- PLife : Annualised DPU = 10.24ct
- StarHill Global : Annualised DPU = 4.3ct
- MCT : Annualised DPU = 6.25ct
- CDL H-Trust : Annualised DPU = 11.18ct ; No DPU Payout as Semi-Annual Payout Policy
- Suntec : Annualised DPU = 9.866ct
- FCT :
A total of $2.3 million has been retained in 1H12 (1Q12: $1.6 million + 2Q12: $0.7 million)
- FirstREIT : Annualised DPU = 7.76ct ; DPU Includes 0.34ct on Gain from Divestment of Asset
- CCT : Annualised DPU = 7.64ct ; No DPU Payout as Semi-Annual Payout Policy
- MLT : DPU Includes 0.03ct from Gain on Disposal of Assets ; FY Changed from Dec to Mar
- FCOT : Annualised DPU = 6.48ct
- Sabana : Annualised DPU = 9.09ct
- Cambridge : Annualised DPU = 4.71ct
- CLT : Annualised DPU = 8.39ct ; Advanced DPU = 2.044ct (1-Jan-12 to 29-Mar-12)
- CMT : Annualised DPU Payout = 9.25ct
- CRCT : Annualised DPU Payout = 9.69ct ; No DPU Payout as Semi-Annual Payout Policy
- K-REIT : Annualised DPU Payout = 7.64ct ; No DPU Payout as Semi-Annual Payout Policy ; Will Change to Quarterly DPU Payout Policy from Q312
- 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 |
Q1 – Mar12 |
0.1 |
$0.170 |
3.033% |
$0.490 |
Shipping Trust |
|
Rickmers |
Q1 – Mar12 |
0.6 |
$0.315 |
9.822% |
$0.940 |
Shipping Trust |
NOTES :
- All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.2892:US$1 fm Yahoo Finance)
- 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 |
Q4 – Mar12 |
0.82 |
$0.375 |
8.747% |
$0.279 |
Infrastructure – Water + Gas + Power |
|
K-Green |
FY11 – Dec11 |
7.82 |
$0.980 |
7.980% |
$1.070 |
Energy (Incineration) + Water (NEWater) |
|
AscendasIndT |
2H – Mar12 |
2.96 |
$0.770 |
7.688% |
$0.710 |
India – Industrial Park |
|
Indiabulls |
Q4 – Mar12 |
— |
$0.104 |
— |
$0.453 |
India – Office |
|
HPH Trust US$ |
FY12 – IPO |
6.59 |
$0.715 |
9.217% |
HK$7.75 |
Ports – HK + China |
|
TCT |
1H – Jun11 |
5.00 |
$1.460 |
6.849% |
$4.140 |
China – Retail + Office + Industrial |
|
PerennialCRT |
Q1 – Mar12 |
0.94 |
$0.455 |
8.374% |
$0.680 |
China Retail |
NOTES :
- PCRT : No DPU Payout as Semi-Annual Payout Policy ; DPU Includes $10.54Mil Additional Income (To Be Drawn from Earn-Out Fund)
- CitySpring : Guidance for FY13 DPU = 3.28ct ie 0.82ct / Q
- Indiabulls : No DPU Declared
- PCRT : DPU = 2.35ct (9-Jun-11 to 31-Dec-11) ; Includes $25Mil Additional Income (Drawn from Earn-Out Fund)
- TCT : DPU Declaration Delayed for 2H11 ; Above Yield Figure Uses 1H11 DPU
- HPH Trust : 2H11 DPU Payout = HK23.4ct ; Above Table Uses IPO Forecast to Compute Yield (Both DPU & Mkt Price in US$)
- 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 : 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)