Author: kktan
January 2011
Results Announcement
- 17 Jan 11 (Noon) : A-REIT (Tables Updated)
- 18 Jan 11 : KGT (Table Updated)
- 19 Jan 11 (AM) : CCT (Tables Updated)
- 19 Jan 11 : PST (Table Updated)
- 19 Jan 11 : FSL (Table Updated)
- 20 Jan 11 (AM) : CMT (Tables Updated)
- 20 Jan 11 : K-REIT (Tables Updated)
- 20 Jan 11 : MLT (Tables Updated)
- 21 Jan 11 (AM) : ART (Tables Updated)
- 21 Jan 11 : Suntec (Tables Updated)
- 21 Jan 11 : FirstREIT (Tables Updated)
- 24 Jan 11 (AM) : PLife (Tables Updated)
- 24 Jan 11 (Noon) : FCT (Tables Updated)
- 25 Jan 11 : Fortune (Tables Updated)
- 25 Jan 11 : AIMSAMPReit (Tables Updated)
- 25 Jan 11 : MIT (Tables Updated)
- 26 Jan 11 (AM) : StarHill Global (Tables Updated)
- 26 Jan 11 (AM) : CDL H-Trust (Tables Updated)
- 26 Jan 11 (AM) : CRCT (Tables Updated)
- 26 Jan 11 : a-iTrust (Table Updated)
- 26 Jan 11 : FCOT (Tables Updated)
- 27 Jan 11 : CLT (Tables Updated)
- 10 Feb 11 : Cambridge
- 10 Feb 11 : CitySpring
- 11 Feb 11 (AM) : Saizen
REITs : Average Yield = 6.677%
|
REIT |
Period |
DPU cts |
Mkt |
Yield |
NAV |
Gearing |
Assets Type |
|
AIMSAMPIReit |
Q3 – Dec10 |
0.51 |
$0.210 |
9.714% |
$0.27 |
34.00% |
Industrial |
|
Cambridge |
Q3 – Sep10 |
1.187 |
$0.520 |
9.056% |
$0.58 |
39.20% |
Industrial |
|
Sabana REIT |
FY11 – IPO |
8.63 |
$0.975 |
8.851% |
$0.99 |
26.50% |
Industrial |
|
First REIT |
FY11 – Rights |
6.4 |
$0.755 |
8.477% |
$0.75 |
17.25% |
Hospitals + Hotel (Indonesia) |
|
LippoMapleT |
Q3 – Sep10 |
1.09 |
$0.555 |
7.856% |
$0.79 |
10.80% |
Malls (Indonesia) |
|
CACHE |
Q4 – Dec10 |
1.938 |
$0.990 |
7.767% |
$0.89 |
23.70% |
Industrial |
|
MapletreeInd |
Q1 – Dec10 |
1.52 |
$1.070 |
7.303% |
$0.87 |
38.50% |
Industrial |
|
AscottREIT |
Q4 – Dec10 |
2.16 |
$1.190 |
7.261% |
$1.28 |
40.30% |
Serviced Apts (Regional) |
|
MapletreeLog |
Q4 – Dec10 |
1.55 |
$0.935 |
6.631% |
$0.84 |
37.70% |
Industrial |
|
CapitaRChina |
2H – Dec10 |
4.15 |
$1.260 |
6.587% |
$1.13 |
31.10% |
Malls (China) |
|
Starhill Gbl |
Q4 – Dec10 |
1.04 |
$0.640 |
6.453% |
$0.93 |
30.20% |
Malls + Office |
|
Ascendasreit |
Q3 – Dec10 |
3.29 |
$2.090 |
6.297% |
$1.57 |
34.70% |
Industrial |
|
SaizenREIT |
Q4 – Jun10 |
0.26 |
$0.170 |
6.118% |
$0.40 |
36.90% |
Residential (Japan) |
|
SuntecReit |
Q4 – Dec10 |
2.316 |
$1.550 |
5.977% |
$1.78 |
38.40% |
Malls + Office |
|
Fortune Reit HK$ |
2H – Dec10 |
12.08 |
$4.090 |
5.907% |
$6.18 |
21.00% |
Malls (HK) |
|
FraserComm |
Q1 – Dec10 |
0.25 |
$0.170 |
5.824% |
$0.27 |
39.80% |
Malls + Office |
|
CapitaComm |
2H – Dec10 |
3.93 |
$1.430 |
5.497% |
$1.47 |
28.60% |
Office |
|
PLife REIT |
Q4 – Dec10 |
2.38 |
$1.790 |
5.318% |
$1.39 |
34.60% |
Hospitals |
|
FrasersCT |
Q1 – Dec10 |
1.95 |
$1.510 |
5.166% |
$1.28 |
30.60% |
Malls |
|
CDL Htrust |
2H – Dec10 |
5.31 |
$2.100 |
5.057% |
$1.52 |
20.40% |
Hotels |
|
CapitaMall |
Q4 – Dec10 |
2.36 |
$1.900 |
4.926% |
$1.53 |
35.90% |
Malls + Office |
|
K-REIT |
2H – Dec10 |
3.38 |
$1.390 |
4.863% |
$1.48 |
37.00% |
Office |
NOTES :
- Mkt Price is as on 31-Jan-11
- 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
- Saizen : DPU Not Paid as Semi-Annual Payout Policy
- 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
- Cambridge : Annualised DPU = 4.709ct <= 0.507ct (23 Aug 10 to 30 Sep 10) + 0.68ct (1 Apr 10 to 22 Aug 10) Paid on 16 Sep 10
- 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
- Saizen : This distribution relates to distributable cash accumulated over two months in May 2010 and June 2010 ; First Payout since 1H09 (Dec-08)
- 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 |
$0.370 |
8.746% |
$0.41 |
Shipping Trust |
|
FSL Trust |
Q4 – Dec10 |
0.95 |
$0.430 |
11.333% |
$0.57 |
Shipping Trust |
|
Rickmers |
Q3 – Sep10 |
0.57 |
$0.405 |
7.219% |
$0.76 |
Shipping Trust |
NOTES :
- All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.2824:US$1 fm Yahoo Finance)
- FSL : 43% Payout (FY10)
- PST : 75% Payout
- Rickmers : 13% Payout
Other Trusts (non-REITs)
|
Trust |
Period |
DPU cts |
Mkt |
Yield |
NAV |
Assets Type |
|
CitySpring |
Q2 – Sep10 |
1.05 |
$0.565 |
7.434% |
$0.34 |
Infrastructure – Water, Gas |
|
K-Green |
FY11 – IPO |
7.82 |
$1.110 |
7.766% |
$1.11 |
Energy (Incineration) + Water (NEWater) |
|
AscendasIndT |
Q3 – Dec10 |
1.72 |
$0.985 |
6.985% |
$0.83 |
India – Industrial Park |
|
Indiabulls |
Q1 – Jun10 |
— |
$0.270 |
— |
$0.5262 |
India – Office |
NOTES : HWT Removed Due to Delisting
- 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
- HWT : No Payout as Semi-Annual Payout Policy
- HWT : 2H09 DPU = 2.86ct (With Sponsor Waiver) ; Sponsor DPU = 2.03ct
- 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 – January 2011
New Data (Major Shareholders) for the Month
- 14 Jan 11 : CCT – ING From 5.008 % To 4.996 % (12-Jan-11)
- 12 Jan 11 : CCT – ING From 4.985% to 5.011% (10-Jan-11)
- 12 Jan 11 : CCT – Cohen From 6.985 % To 7.048 % (7-Jan-11)
- 7 Jan 11 : CCT – ING From 5.005 % To 4.994 % (4-Jan-11)
- 6 Jan 11 : CCT – ING From 4.959% to 5.003% (31-Dec-10)
- 6 Jan 11 : CLT – JPM From 8.92 % To 7.96 % (4-Jan-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$926M |
S$353M |
39.2% |
962,083,862 |
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% ; ING 5.001% |
|
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 11.009% ; 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% |
3,120,815,000 |
F&N 24.4% |
|
K-REIT |
S$3116M |
S$990M |
37.0% |
1,355,904,217 |
Temasek 75.16% |
|
LMIR |
S$1160M |
S$125M |
10.8% |
1,081,706,758 |
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% ; 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) 8.44% ; Sunil 6.03% |
|
Sabana |
S$885M |
S$215M |
26.5% |
632,800,000 |
Kua Family 8.1124% ; Moore 6.38% |
|
Saizen |
JPY44,291M |
JPY15,727M |
36.9% |
1,111,002,712 |
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% |
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 – December 2010
STI +10.09% : 3190.04 (Dec-10) vs 2897.62 (2009)
Rank – Capital Gains
|
REIT |
Dec-10 |
Dec-09 |
Gain |
|
PLife REIT |
$1.650 |
$1.220 |
35.2% |
|
CapitaComm |
$1.500 |
$1.170 |
28.2% |
|
K-REIT |
$1.410 |
$1.100 |
28.2% |
|
Fortune Reit HK$ |
$4.000 |
$3.130 |
27.8% |
|
MapletreeLog |
$0.965 |
$0.785 |
22.9% |
|
StarHill |
$0.625 |
$0.525 |
19.0% |
|
CDL Htrust |
$2.080 |
$1.750 |
18.9% |
|
FCOT |
$0.165 |
$0.140 |
17.9% |
|
Cambridge |
$0.530 |
$0.450 |
17.8% |
|
MIT |
$1.090 |
$0.930 |
17.2% |
|
SuntecReit |
$1.500 |
$1.350 |
11.1% |
|
SaizenREIT |
$0.165 |
$0.150 |
10.0% |
|
CLT |
$0.965 |
$0.880 |
9.7% |
|
CapitaMall |
$1.950 |
$1.800 |
8.3% |
|
FrasersCT |
$1.500 |
$1.400 |
7.1% |
|
LippoMapleT |
$0.530 |
$0.505 |
5.0% |
|
AIMSAMPIReit |
$0.220 |
$0.215 |
2.3% |
|
AscottREIT |
$1.220 |
$1.200 |
1.7% |
|
CapitaRChina |
$1.240 |
$1.280 |
-3.1% |
|
Ascendasreit |
$2.070 |
$2.220 |
-6.8% |
|
Sabana REIT |
$0.975 |
$1.050 |
-7.1% |
|
First REIT |
$0.705 |
$0.815 |
-13.5% |
NOTES :
- Not Adjusted for Rights or New Issues Which May Be at a Discount
- Dec-10 : End Dec-10 Mkt Price
- Dec-09 : End Dec-09 Mkt Price
- Gain : Capital Gains = (Dec-10 Mkt Price – Dec-09 Mkt Price) / (Dec-09 Mkt Price)
- CLT Uses IPO Price of $0.88 as Base
- MIT Uses IPO Price of $0.93 as Base
- SabanaREIT Uses IPO Price of $1.05 as Base
Month End Prices – 2010
|
REIT |
Jul |
Aug |
Sep |
Oct |
Nov |
Dec |
|
A-REIT |
S$2.120 |
S$2.070 |
S$2.190 |
S$2.060 |
S$2.080 |
S$2.070 |
|
AIMSAMPIReit |
S$0.230 |
S$0.220 |
S$0.220 |
S$0.225 |
S$0.220 |
S$0.220 |
|
AscottREIT |
S$1.180 |
S$1.120 |
S$1.150 |
S$1.270 |
S$1.200 |
S$1.220 |
|
Cambridge |
S$0.510 |
S$0.510 |
S$0.545 |
S$0.545 |
S$0.535 |
S$0.530 |
|
CapitaRChina |
S$1.220 |
S$1.240 |
S$1.250 |
S$1.260 |
S$1.230 |
S$1.240 |
|
CCT |
S$1.320 |
S$1.400 |
S$1.480 |
S$1.490 |
S$1.490 |
S$1.500 |
|
CDL HTrust |
S$2.000 |
S$2.000 |
S$2.130 |
S$2.140 |
S$2.060 |
S$2.080 |
|
CLT |
S$1.000 |
S$0.985 |
S$0.975 |
S$1.000 |
S$0.965 |
S$0.965 |
|
CMT |
S$1.910 |
S$1.940 |
S$2.150 |
S$1.980 |
S$1.840 |
S$1.950 |
|
First REIT |
S$0.885 |
S$0.865 |
S$0.915 |
S$0.945 |
S$0.985 |
S$0.705 |
|
Fortune |
HK$3.65 |
HK$3.65 |
HK$3.880 |
HK$4.000 |
HK$3.930 |
HK$4.000 |
|
FrasersComm |
S$0.150 |
S$0.145 |
S$0.155 |
S$0.160 |
S$0.165 |
S$0.165 |
|
FrasersCT |
S$1.370 |
S$1.390 |
S$1.480 |
S$1.510 |
S$1.410 |
S$1.500 |
|
K-REIT |
S$1.190 |
S$1.200 |
S$1.290 |
S$1.350 |
S$1.400 |
S$1.410 |
|
LMIR |
S$0.485 |
S$0.460 |
S$0.500 |
S$0.545 |
S$0.515 |
S$0.530 |
|
MIT |
– |
– |
– |
S$1.070 |
S$1.060 |
S$1.090 |
|
MLT |
S$0.880 |
S$0.840 |
S$0.870 |
S$0.900 |
S$0.940 |
S$0.965 |
|
PLife |
S$1.490 |
S$1.580 |
S$1.600 |
S$1.670 |
S$1.620 |
S$1.650 |
|
Sabana |
– |
– |
– |
– |
S$0.975 |
S$0.975 |
|
Saizen |
S$0.160 |
S$0.160 |
S$0.155 |
S$0.160 |
S$0.165 |
S$0.165 |
|
StarHill Gbl |
S$0.575 |
S$0.575 |
S$0.580 |
S$0.625 |
S$0.610 |
S$0.625 |
|
Suntec |
S$1.430 |
S$1.420 |
S$1.510 |
S$1.560 |
S$1.420 |
S$1.500 |
|
REIT |
Jan |
Feb |
Mar |
Apr |
May |
Jun |
|
A-REIT |
S$1.940 |
S$1.930 |
S$1.920 |
S$1.940 |
S$1.880 |
S$1.820 |
|
AIMSAMPIReit |
S$0.215 |
S$0.205 |
S$0.215 |
S$0.230 |
S$0.220 |
S$0.220 |
|
AscottREIT |
S$1.160 |
S$1.140 |
S$1.240 |
S$1.200 |
S$1.070 |
S$1.130 |
|
Cambridge |
S$0.460 |
S$0.445 |
S$0.465 |
S$0.510 |
S$0.475 |
S$0.495 |
|
CapitaRChina |
S$1.200 |
S$1.160 |
S$1.230 |
S$1.250 |
S$1.130 |
S$1.240 |
|
CCT |
S$1.060 |
S$1.080 |
S$1.080 |
S$1.210 |
S$1.140 |
S$1.220 |
|
CDL HTrust |
S$1.800 |
S$1.690 |
S$1.800 |
S$1.930 |
S$1.700 |
S$1.750 |
|
CLT |
– |
– |
S$0.880 |
S$0.960 |
S$0.945 |
S$0.980 |
|
CMT |
S$1.690 |
S$1.770 |
S$1.770 |
S$1.960 |
S$1.820 |
S$1.840 |
|
First REIT |
S$0.825 |
S$0.825 |
S$0.840 |
S$0.850 |
S$0.830 |
S$0.855 |
|
Fortune |
HK$3.15 |
HK$3.15 |
HK$3.57 |
HK$3.62 |
HK$3.42 |
HK$3.55 |
|
FrasersComm |
S$0.150 |
S$0.150 |
S$0.150 |
S$0.145 |
S$0.140 |
S$0.140 |
|
FrasersCT |
S$1.340 |
S$1.350 |
S$1.340 |
S$1.350 |
S$1.290 |
S$1.300 |
|
K-REIT |
S$1.060 |
S$1.080 |
S$1.100 |
S$1.120 |
S$1.060 |
S$1.140 |
|
LMIR |
S$0.490 |
S$0.485 |
S$0.480 |
S$0.495 |
S$0.460 |
S$0.475 |
|
MIT |
S$0.780 |
S$0.790 |
S$0.850 |
S$0.880 |
S$0.820 |
S$0.835 |
|
PLife |
S$1.300 |
S$1.290 |
S$1.360 |
S$1.330 |
S$1.340 |
S$1.360 |
|
Saizen |
S$0.155 |
S$0.160 |
S$0.165 |
S$0.165 |
S$0.155 |
S$0.160 |
|
StarHill Gbl |
S$0.535 |
S$0.540 |
S$0.560 |
S$0.610 |
S$0.545 |
S$0.555 |
|
Suntec |
S$1.300 |
S$1.300 |
S$1.340 |
S$1.390 |
S$1.260 |
S$1.320 |
December 2010
REITs : Average Yield = 6.684%
|
REIT |
Period |
DPU cts |
Mkt |
Yield |
NAV |
Gearing |
Assets Type |
|
AIMSAMPIReit |
Q1 – Proforma Rights |
0.52 |
$0.220 |
9.455% |
$0.26 |
34.80% |
Industrial |
|
First REIT |
FY11 – Rights |
6.4 |
$0.705 |
9.078% |
$0.76 |
17.25% |
Hospitals + Hotel (Indonesia) |
|
Cambridge |
Q3 – Sep10 |
1.187 |
$0.530 |
8.885% |
$0.58 |
39.20% |
Industrial |
|
Sabana REIT |
FY11 – IPO |
8.63 |
$0.975 |
8.851% |
$0.99 |
26.50% |
Industrial |
|
LippoMapleT |
Q3 – Sep10 |
1.09 |
$0.530 |
8.226% |
$0.79 |
10.80% |
Malls (Indonesia) |
|
CACHE |
Q3 – Sep10 |
1.94 |
$0.965 |
7.979% |
$0.88 |
23.40% |
Industrial |
|
FraserComm |
2H – Sep10 |
0.5549 |
$0.165 |
6.726% |
$0.26 |
39.60% |
Malls + Office (S’pore and Aust) |
|
CapitaRChina |
Q3 – Sep10 |
2.08 |
$1.240 |
6.653% |
$1.06 |
33.70% |
Malls (China) |
|
SuntecReit |
Q3 – Sep10 |
2.502 |
$1.500 |
6.617% |
$1.80 |
32.90% |
Malls + Office |
|
MapletreeInd |
FY11 (Mar) |
3.1 |
$1.090 |
6.448% |
$0.86 |
38.50% |
Industrial |
|
MapletreeLog |
Q3 – Sep10 |
1.54 |
$0.965 |
6.383% |
$0.86 |
39.90% |
Industrial |
|
Ascendasreit |
Q2 – Sep10 |
3.3 |
$2.070 |
6.377% |
$1.57 |
34.30% |
Industrial |
|
Starhill Gbl |
Q3 – Sep10 |
1 |
$0.625 |
6.352% |
$0.89 |
31.00% |
Malls + Office |
|
SaizenREIT |
Q4 – Jun10 |
0.26 |
$0.165 |
6.303% |
$0.40 |
36.90% |
Residential (Japan) |
|
AscottREIT |
Q3 – Sep10 |
1.85 |
$1.220 |
6.066% |
$1.22 |
32.20% |
Serviced Apts (Regional) |
|
FrasersCT |
Q4 – Sep10 |
2.16 |
$1.500 |
5.760% |
$1.29 |
30.30% |
Malls |
|
Fortune Reit HK$ |
Q3 – Sep10 |
5.76 |
$4.000 |
5.760% |
$5.67 |
0.00% |
Malls (HK) |
|
PLife REIT |
Q3 – Sep10 |
2.25 |
$1.650 |
5.455% |
$1.36 |
35.00% |
Hospitals |
|
CapitaComm |
Q3 – Sep10 |
1.99 |
$1.500 |
5.267% |
$1.40 |
31.50% |
Office |
|
CDL Htrust |
Q3 – Sep10 |
2.54 |
$2.080 |
4.846% |
$1.46 |
21.10% |
Hotels |
|
CapitaMall |
Q3 – Sep10 |
2.36 |
$1.950 |
4.800% |
$1.50 |
37.20% |
Malls + Office |
|
K-REIT |
Q3 – Sep10 |
1.69 |
$1.410 |
4.752% |
$1.45 |
15.10% |
Office |
NOTES :
- Mkt Price is as on 31-Dec-10
- 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
- Saizen : DPU Not Paid as Semi-Annual Payout Policy
- PLife : Annualised DPU = 9.00ct
- AIMSAMPIReit : Actual DPU Payout = 0.3968ct Includes Payout to Rights Units Issued in Oct-10
- CDLHTrust : Annualised = 10.08ct ; DPU Not Paid as Semi-Annual Payout Policy
- CLT : Annualised DPU = 7.7ct ; Actual Payout = 3.65ct & Annualised DPU = 7.75ct (12-Apr-10 to 30-Sep-10)
- Suntec : Annualised DPU = 9.926ct
- StarHill Gbl : Annualised DPU = 3.97ct
- FCT : DPU Includes 0.21ct Retained from other Quarters
- ART : Actual Payout = 1.74ct (1 Jul 10 to 21 Sep 10) ; Next DPU Payout will be for 22-Sep-10 to 31-Dec-10 (Subsequent Payout on Semi-Annual Basis)
- FirstREIT : Annualised DPU 7.70ct
- CMT : Annualised DPU = 9.36ct
- CCT : Annualised DPU = 7.90ct ; DPU Not Paid as Semi-Annual Payout Policy
- MIT (IPO) : IPO Forecast – 3.1ct (FY11 – Mar) ; 7.46ct (FY12 – Mar) ; Listing : 21-Oct-10 2pm ; IPO Prospectus
- Cambridge : Annualised DPU = 4.709ct <= 0.507ct (23 Aug 10 to 30 Sep 10) + 0.68ct (1 Apr 10 to 22 Aug 10) Paid on 16 Sep 10
- CRCT : Annualised DPU = 8.25ct ; DPU Not Paid as Semi-Annual Payout Policy
- KREIT : Annualised DPU = 6.7ct ; DPU Not Paid as Semi-Annual Payout Policy
- 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
- Saizen : This distribution relates to distributable cash accumulated over two months in May 2010 and June 2010 ; First Payout since 1H09 (Dec-08)
- 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% @ $1 (Excl. Bonus Div) / 6.51% (Incl Bonus Div)
Shipping Trusts (non-REITs)
|
Trust |
Period |
DPU cts |
Mkt |
Yield |
NAV |
Assets Type |
|
PacShipTr US$ |
Q3 – Sep10 |
0.832 |
$0.365 |
9.118% |
$0.41 |
Shipping Trust |
|
FSL Trust |
Q3 – Sep10 |
0.95 |
$0.465 |
10.488% |
$0.57 |
Shipping Trust |
|
Rickmers |
Q3 – Sep10 |
0.57 |
$0.395 |
7.408% |
$0.76 |
Shipping Trust |
NOTES :
- All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.2834:US$1 fm Yahoo Finance)
- Rickmers : 13% Payout
- FSL : 40% Payout
- PST : 70% Payout
Other Trusts (non-REITs)
|
Trust |
Period |
DPU cts |
Mkt |
Yield |
NAV |
Assets Type |
|
CitySpring |
Q2 – Sep10 |
1.05 |
$0.570 |
7.368% |
$0.34 |
Infrastructure – Water, Gas |
|
K-Green |
FY11 |
7.82 |
$1.070 |
7.308% |
$1.15 |
Energy (Incineration) + Water (NEWater) |
|
AscendasIndT |
1H – Sep10 |
3.36 |
$0.930 |
7.226% |
$0.83 |
India – Industrial Park |
|
Indiabulls |
Q1 – Jun10 |
— |
$0.270 |
— |
$0.5262 |
India – Office |
NOTES : HWT Removed Due to Delisting
- CitySpring : The Group NAV per unit before hedging and translation reserves is S$0.45
- K-Green : No DPU Payout as Semi-Annual Payout Policy
- 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
- HWT : No Payout as Semi-Annual Payout Policy
- HWT : 2H09 DPU = 2.86ct (With Sponsor Waiver) ; Sponsor DPU = 2.03ct
- 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)