Author: kktan
Performance – February 2011
STI -5.63% : 3010.51 (Feb-11) vs 3190.04 (2010)
Rank – Capital Gains
|
REIT |
Feb-11 |
Dec-10 |
Gain |
|
PLife REIT |
$1.740 |
$1.650 |
5.5% |
|
CapitaRChina |
$1.290 |
$1.240 |
4.0% |
|
First REIT |
$0.730 |
$0.705 |
3.5% |
|
StarHill |
$0.635 |
$0.625 |
1.6% |
|
FrasersCT |
$1.510 |
$1.500 |
0.7% |
|
LippoMapleT |
$0.530 |
$0.530 |
0.0% |
|
FCOT |
$0.815 |
$0.165 |
-1.2% |
|
SuntecReit |
$1.480 |
$1.500 |
-1.3% |
|
Fortune Reit HK$ |
$3.940 |
$4.000 |
-1.5% |
|
Sabana REIT |
$0.960 |
$0.975 |
-1.5% |
|
CLT |
$0.940 |
$0.965 |
-2.6% |
|
SaizenREIT |
$0.160 |
$0.165 |
-3.0% |
|
Ascendasreit |
$2.000 |
$2.070 |
-3.4% |
|
Cambridge |
$0.510 |
$0.530 |
-3.8% |
|
AscottREIT |
$1.170 |
$1.220 |
-4.1% |
|
MIT |
$1.030 |
$1.090 |
-5.5% |
|
CDL Htrust |
$1.940 |
$2.080 |
-6.7% |
|
MapletreeLog |
$0.900 |
$0.965 |
-6.7% |
|
AIMSAMPIReit |
$0.205 |
$0.220 |
-6.8% |
|
CapitaMall |
$1.810 |
$1.950 |
-7.2% |
|
CapitaComm |
$1.380 |
$1.500 |
-8.0% |
|
K-REIT |
$1.280 |
$1.410 |
-9.2% |
NOTES :
- Not Adjusted for Rights or New Issues Which May Be at a Discount
- FCOT : 5-to-1 Share Consolidation
- Feb-11 : End Feb-11 Mkt Price
- Dec-10 : End Dec-10 Mkt Price
- Gain : Capital Gains = (Feb-11 Mkt Price – Dec-10 Mkt Price) / (Dec-10 Mkt Price)
February 2011
Results Announcement
- 10 Feb 11 : Cambridge (Tables Updated)
- 10 Feb 11 : CitySpring (Table Updated)
- 11 Feb 11 (AM) : IndiaBulls (Updated NAV)
- 11 Feb 11 (AM) : Saizen (Tables Updated)
- 14 Feb 11 : Rickmers (Table Updated)
- 16 Feb 11 : LMIR (Tables Updated)
REITs : Average Yield = 6.949%
|
REIT |
Period |
DPU cts |
Mkt |
Yield |
NAV |
Gearing |
Assets Type |
|
AIMSAMPIReit |
Q3 – Dec10 |
0.51 |
$0.205 |
9.951% |
$0.27 |
34.00% |
Industrial |
|
Cambridge |
Q4 – Dec10 |
1.193 |
$0.510 |
9.280% |
$0.61 |
34.70% |
Industrial |
|
Sabana REIT |
FY11 – IPO |
8.63 |
$0.960 |
8.990% |
$0.99 |
26.50% |
Industrial |
|
First REIT |
FY11 – Rights |
6.4 |
$0.730 |
8.767% |
$0.75 |
17.25% |
Hospitals + Hotel (Indonesia) |
|
LippoMapleT |
Q4 – Dec10 |
1.11 |
$0.530 |
8.377% |
$0.83 |
10.30% |
Malls (Indonesia) |
|
CACHE |
Q4 – Dec10 |
1.938 |
$0.940 |
8.180% |
$0.89 |
23.70% |
Industrial |
|
MapletreeInd |
Q1 – Dec10 |
1.52 |
$1.030 |
7.586% |
$0.87 |
38.50% |
Industrial |
|
AscottREIT |
Q4 – Dec10 |
2.16 |
$1.170 |
7.385% |
$1.28 |
40.30% |
Serviced Apts (Regional) |
|
MapletreeLog |
Q4 – Dec10 |
1.55 |
$0.900 |
6.889% |
$0.84 |
37.70% |
Industrial |
|
Frasers Comm |
FY10 – Proforma |
5.55 |
$0.815 |
6.810% |
$1.38 |
39.80% |
Malls + Office |
|
Ascendasreit |
Q3 – Dec10 |
3.29 |
$2.000 |
6.580% |
$1.57 |
34.70% |
Industrial |
|
Starhill Gbl |
Q4 – Dec10 |
1.04 |
$0.635 |
6.504% |
$0.93 |
30.20% |
Malls + Office |
|
SaizenREIT |
1H – Dec10 |
0.52 |
$0.160 |
6.500% |
$0.36 |
36.90% |
Residential (Japan) |
|
CapitaRChina |
2H – Dec10 |
4.15 |
$1.290 |
6.434% |
$1.13 |
31.10% |
Malls (China) |
|
SuntecReit |
Q4 – Dec10 |
2.316 |
$1.480 |
6.259% |
$1.78 |
38.40% |
Malls + Office |
|
Fortune Reit HK$ |
2H – Dec10 |
12.08 |
$3.940 |
6.132% |
$6.18 |
21.00% |
Malls (HK) |
|
CapitaComm |
2H – Dec10 |
3.93 |
$1.380 |
5.696% |
$1.47 |
28.60% |
Office |
|
CDL Htrust |
2H – Dec10 |
5.31 |
$1.940 |
5.474% |
$1.52 |
20.40% |
Hotels |
|
PLife REIT |
Q4 – Dec10 |
2.38 |
$1.740 |
5.471% |
$1.39 |
34.60% |
Hospitals |
|
K-REIT |
2H – Dec10 |
3.38 |
$1.280 |
5.281% |
$1.48 |
37.00% |
Office |
|
CapitaMall |
Q4 – Dec10 |
2.36 |
$1.810 |
5.171% |
$1.53 |
35.90% |
Malls + Office |
|
FrasersCT |
Q1 – Dec10 |
1.95 |
$1.510 |
5.166% |
$1.28 |
30.60% |
Malls |
NOTES :
- Mkt Price is as on 28-Feb-11
- Cambridge : Annualised DPU = 4.733ct <= 0.566ct (18 Nov 10 to 31 Dec 10) + 0.627ct (1 Oct 10 to 17 Novg 10) Paid on 6 Dec 10
- 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
- FCOT : Annualised DPU = 0.99ct ; DPU Not Paid as Semi-Annual Payout Policy
- StarHill Gbl : Annualised DPU = 4.13ct
- MIT : For the Period 21-Oct-10 to 31-Dec-10
- PLife : Annualised DPU = 9.52ct
- FirstREIT : Actual Payout = 0.87ct Due to Enlarged Share Base from 5-for-4 Rights Issue ; Above Yield is Computed Using Figures from Rights Prospectus
- Suntec : Actual Payout = 0.593ct for the Period 9-Dec-10 to 31-Dec-10
- AscottREIT : Actual Payout = 2.27ct for the Period 22-Sep-10 to 31-Dec-10
- KREIT : Q410 DPU = 1.71ct ; Annualised DPU = 6.78ct ; Above Yield Computation Uses 2H10 DPU
- CMT : Annualised DPU = 9.36ct
- CCT : Q410 DPU = 1.94ct ; Annualised DPU = 7.70ct ; Above Yield Computation Uses 2H10 DPU
- 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
- CLT : Annualised DPU = 7.7ct ; Actual Payout = 3.65ct & Annualised DPU = 7.75ct (12-Apr-10 to 30-Sep-10)
- 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)
- Suntec : Private Placement 128.5Mil New Units @ $1.19 ; SGX Annc (11-Dec-09) ; Gearing 31.5% ; Aggregate Leverage 33.4%
- MapleTree : Private Placement 115Mil New Units @ $0.69 ; SGX Annc (9-Nov-09) ; Proforma (3Q09) – Yield Accretive +1.5% ; DPU 0.74-0.76ct (Advanced Distribution for the Period 1-Oct-09 to 17-Nov-09) for Existing Shareholders ; Gearing ~38.5%
- AIMSAMPIReit : 2-for1 Rights @ $0.159 (xri 25-Nov-09) ; Circular (6-Nov-09) ; 1H10 (Proforma) – DPU 1.04ct (Yield 9.3% @ TERP $0.223 – Mkt $0.41) ; NAV $0.31 ; Gearing 29% ; Listing on 28-Dec-09 9am
- KREIT : 1-for1 Rights @ $0.93 (xri 23-Oct-09) ; Circular (3-Oct-09) ; FY08 (Proforma) – DPU 6.08ct (Yield 5.8% @ TERP $1.06 – Mkt $1.18) ; NAV $1.49 ; Gearing 9.1%
- Fortune : Proposed 1-for-1 Rights @ HK$2.29 (xri 15-Sep-09) ; Circular (24-Aug-09) ; 1H09 (Proforma) – DPU HK12.03ct (Yield 7.52% @ TERP HK$3.20) ; NAV HK$4.98
- Cambridge : Private Placement – 71.14Mil Shares @ $0.392 ; Listing on 13-Aug-09 9am
- AREIT : Private Placement – 185Mil Shares @ $1.63 ; Listing on 20-Aug-09 2pm ; Gearing 29.3%
- FCOT : 3-for-1 Rights @ $0.095 (xr 27-Jul-09) ; Circular (30-Jun-09) ; Mar09 (Proforma) – DPU 1.06ct Annualised (Yield 8% @ $0.131 theoretical ex-rights price) ; NAV $0.26 ; Gearing 38.5% ; New Shares Listing – 27 Aug 09
- StarHill Gbl : 1-for-1 Rights @ $0.35 (xr 17-Jul-09) ; Circular (22-Jun-09) : FY08 (Proforma) – DPU 3.85ct (Yield 7.8% @ $0.495 theoretical ex-rights price) ; NAV $0.802; Gearing 20.7% ; New Shares Listing – 19 Aug 09
- CCT : 1-for-1 Rights @ $0.59 (xr 3-Jun-09) ; Circular (29-May-09) : Mar09 (Proforma) – DPU 1.77ct (Yield 7.251% @ $0.825 theoretical ex-rights price) ; NAV $1.51 ; Gearing 30.7%
- Saizen : 11-for-10 Rights @ $0.09 with Attached Warrants (xr 4-May-09)
- CMT : 9-for-10 Rights @ $0.82 (xr 4-Mar-09)
- Saizen : IPO Forecast – FY09 (Jun09) : 5.65ct ; FY08 (Jun08) : 4.67ct (Incl. Bonus Div) / Annualised Yield 5.3% @ $1 (Excl. Bonus Div) / 6.51% (Incl Bonus Div)
Shipping Trusts (non-REITs)
|
Trust |
Period |
DPU cts |
Mkt |
Yield |
NAV |
Assets Type |
|
PacShipTr US$ |
Q4 – Dec10 |
0.809 |
$0.355 |
9.115% |
$0.41 |
Shipping Trust |
|
FSL Trust |
Q4 – Dec10 |
0.95 |
$0.420 |
11.505% |
$0.57 |
Shipping Trust |
|
Rickmers |
Q4 – Dec10 |
0.6 |
$0.400 |
7.630% |
$0.83 |
Shipping Trust |
NOTES :
- All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.2716:US$1 fm Yahoo Finance)
- Rickmers : 14% Payout
- FSL : 43% Payout (FY10)
- PST : 75% Payout
Other Trusts (non-REITs)
|
Trust |
Period |
DPU cts |
Mkt |
Yield |
NAV |
Assets Type |
|
CitySpring |
Q3 – Dec10 |
1.05 |
$0.545 |
7.706% |
$0.38 |
Infrastructure – Water, Gas |
|
K-Green |
FY11 – IPO |
7.82 |
$1.030 |
8.369% |
$1.11 |
Energy (Incineration) + Water (NEWater) |
|
AscendasIndT |
Q3 – Dec10 |
1.72 |
$0.940 |
7.319% |
$0.83 |
India – Industrial Park |
|
Indiabulls |
Q3 – Dec10 |
— |
$0.240 |
— |
$0.5034 |
India – Office |
NOTES :
- K-Green : DPU = 4.31ct for the Period 29-Jun-10 to 31-Dec-10 ; The Table Above Continues to Use FY11 IPO Forecast DPU to Calculate Yield
- CitySpring : The Group NAV per unit before hedging and translation reserves is S$0.45
- Indiabulls : No DPU Declared
- a-iTrust : No DPU Payout as Semi-Annual Payout Policy
- K-Green : DPU – FY10 (6mths) = 3.91ct ; FY11 = 7.82ct ; Circular (31-May-10) ; Listing – 29-Jun-10 9am
- CitySpring : Guidance for FY11 DPU = 4.2ct
- 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)
Gearing – February 2011
New Data (Major Shareholders) for the Month
- 18 Feb 11 : CMT – ING From 5.113 % To 4.956 % (15-Feb-11)
- 17 Feb 11 : MIT – Capital Group From 5.82 % To 6.23 % (15-Feb-11)
- 15 Feb 11 : Fortune – Schroder From 11.004 % To 10.969 % (10-Feb-11)
- 14 Feb 11 : Suntec – MS From 4.9378% to 5.0038% (9-Feb-11)
- 14 Feb 11 : PLife – Newton From From 9.0 % To 10.25 % (10 Feb 11)
- 10 Feb 11 : MIT – Capital Group From 4.70% to 5.82% (8-Feb-11)
|
REIT |
Assets |
Debts |
Gearing |
Shares |
Major Shareholders |
|
A-REIT |
S$4952M |
S$1709M |
34.7% |
1,874,292,935 |
Ascendas 20.66% ; Capital Grp 8.333% |
|
AIMSAMPIReit |
S$819M |
S$279M |
34.0% |
1,987,074,000 |
AMP 16.07% ; Dragon Pacific 11.46% ; APG 9.307% ; George Wang 7.65% ; Stitching 7.31% ; UBS 5.76% ; Lion 6.98% ; USS 8.24% |
|
AscottREIT |
S$2804M |
S$1099M |
40.3% |
1,107,853,000 |
Temasek 48.01% |
|
Cambridge |
S$1001M |
S$339M |
34.7% |
1,057,065,216 |
MacKenzie 6.19% ; Capital Grp 5.9153% |
|
CapitaRChina |
S$1274M |
S$401M |
31.1% |
625,998,682 |
Capitaland 40.04% (CMT 20%) ; Capital Grp 8.4997% ; PGGM 5.946% |
|
CCT |
S$6196M |
S$1772M |
28.6% |
2,823,308,500 |
Temasek 31.97% ; Capital Group 8.2333% ; Cohen 7.048% |
|
CDL HTrust |
S$1870M |
S$383M |
20.4% |
958,768,077 |
Hong Leong 35.19% ; BOA 5.05% |
|
CLT |
S$752M |
S$178M |
23.7% |
634,774,066 |
C&P 14.1% ; JPM 7.96% ; MS 7.186% ; Capital Grp 6.0609% ; JF Asset Mgmt 6.5% |
|
CMT |
S$8126M |
S$2852M |
35.9% |
3,184,258,715 |
Temasek 29.65% ; NTUC 5.98% ; Capital Grp 9.0075% |
|
First REIT |
S$632M |
S$109M |
17.25% |
623,194,405 |
Lippo 20.3% ; CIM 5.9% |
|
Fortune |
HK$13869M |
HK$2851M |
21.0% |
1,671,599,900 |
Cheung Kong 32.35% ; Schroder 10.969% ; Temasek 6.02% |
|
FrasersCT |
S$1509M |
S$462M |
30.6% |
768,967,463 |
F&N 51% ; AIA 6.0126% ; Capital Group 7.4585% |
|
FrasersComm |
S$2096M |
S$835M |
39.8% |
620,857,225 |
F&N 24.4% |
|
K-REIT |
S$3116M |
S$990M |
37.0% |
1,355,904,217 |
Temasek 75.16% |
|
LMIR |
S$1213M |
S$125M |
10.3% |
1,083,295,853 |
Lippo 18.39% ; MapleTree 13.18% ; Stitching 9.95% ; CPI-Capital 8.5% ; ABN AMRO 6.51% ; Sumitomo 5.03% |
|
MIT |
S$2193M |
S$833M |
38.5% |
1,462,554,000 |
Temasek 31.63% ; Capital Grp 6.23% ; APG 5.10% |
|
MLT |
S$3614M |
S$1354M |
37.7% |
2,426,317,966 |
Temasek 44.41% ; Capital Grp 7.14% ; BOA 6.84% ; Alliance Global Prop 6.32% ; Mellon Corp 5.02% |
|
PLife |
S$1352M |
S$468M |
34.6% |
604,970,000 |
Newbridge 44.9% (Parkway + TPG Capital) ; Newton (Bank of New York) 10.25% ; Sunil 6.03% |
|
Sabana |
S$885M |
S$215M |
26.5% |
632,800,000 |
Kua Family 8.1124% ; Moore 6.38% |
|
Saizen |
JPY43,385M |
JPY14,515M |
36.9% |
1,122,925,619 |
V-Nee Yeh (ASM, HCL) 21.976% |
|
Starhill Gbl |
S$2787M |
S$843M |
30.2% |
1,943,023,078 |
YTL 28.90% ; AIA 11.11% |
|
Suntec |
S$6652M |
S$2582M |
38.4% |
2,209,370,378 |
Asean Inv 5.4439% ; Shaw 5.81% ; Cheng YT 5.81% ; MS 5.0038% |
Notes :
- This table will be updated only as and when new data are available
- The Major Shareholders data may not be up-to-date. Pls chk SGX Annc to verify
Performance – January 2011
STI -0.32% : 3179.72 (Jan-11) vs 3190.04 (2010)
Rank – Capital Gains
|
REIT |
Jan-11 |
Dec-10 |
Gain |
|
PLife REIT |
$1.790 |
$1.650 |
8.5% |
|
First REIT |
$0.755 |
$0.705 |
7.1% |
|
LippoMapleT |
$0.555 |
$0.530 |
4.7% |
|
SuntecReit |
$1.550 |
$1.500 |
3.3% |
|
FCOT |
$0.170 |
$0.165 |
3.0% |
|
SaizenREIT |
$0.170 |
$0.165 |
3.0% |
|
CLT |
$0.990 |
$0.965 |
2.6% |
|
StarHill |
$0.640 |
$0.625 |
2.4% |
|
Fortune Reit HK$ |
$4.090 |
$4.000 |
2.3% |
|
CapitaRChina |
$1.260 |
$1.240 |
1.6% |
|
Ascendasreit |
$2.090 |
$2.070 |
1.0% |
|
CDL Htrust |
$2.100 |
$2.080 |
1.0% |
|
FrasersCT |
$1.510 |
$1.500 |
0.7% |
|
Sabana REIT |
$0.975 |
$0.975 |
0.0% |
|
K-REIT |
$1.390 |
$1.410 |
-1.4% |
|
MIT |
$1.070 |
$1.090 |
-1.8% |
|
Cambridge |
$0.520 |
$0.530 |
-1.9% |
|
AscottREIT |
$1.190 |
$1.220 |
-2.5% |
|
CapitaMall |
$1.900 |
$1.950 |
-2.6% |
|
MapletreeLog |
$0.935 |
$0.965 |
-3.1% |
|
AIMSAMPIReit |
$0.210 |
$0.220 |
-4.5% |
|
CapitaComm |
$1.430 |
$1.500 |
-4.7% |
NOTES :
- Not Adjusted for Rights or New Issues Which May Be at a Discount
- Jan-11 : End Jan-11 Mkt Price
- Dec-10 : End Dec-10 Mkt Price
- Gain : Capital Gains = (Jan-11 Mkt Price – Dec-10 Mkt Price) / (Dec-10 Mkt Price)