Author: kktan
September 2010
REITs : Average Yield = 6.588%
|
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 |
|
Cambridge |
Q2 – Jun10 |
1.238 |
$0.545 |
9.112% |
$0.60 |
42.30% |
Industrial |
|
First REIT |
Q2 – Jun10 |
1.92 |
$0.915 |
8.415% |
$0.98 |
16.00% |
Hospitals + Hotel (Indonesia) |
|
LippoMapleT |
Q2 – Jun10 |
1.04 |
$0.500 |
8.320% |
$0.83 |
10.30% |
Malls (Indonesia) |
|
CACHE |
Q2 – Jun10 |
1.71 |
$0.975 |
8.010% |
$0.87 |
25.50% |
Industrial |
|
MapletreeLog |
Q2 – Jun10 |
1.5 |
$0.870 |
6.897% |
$0.87 |
38.60% |
Industrial |
|
CapitaRChina |
1H – Jun10 |
4.21 |
$1.250 |
6.792% |
$1.09 |
33.00% |
Malls (China) |
|
SuntecReit |
Q2 – Jun10 |
2.528 |
$1.510 |
6.715% |
$1.74 |
33.60% |
Malls + Office |
|
SaizenREIT |
Q4 – Jun10 |
0.26 |
$0.155 |
6.710% |
$0.40 |
36.90% |
Residential (Japan) |
|
FraserComm |
Q3 – Jun10 |
0.25 |
$0.155 |
6.452% |
$0.26 |
40.40% |
Malls + Office (S’pore and Aust) |
|
Fortune Reit HK$ |
1H – Jun10 |
12.27 |
$3.880 |
6.325% |
$5.70 |
21.90% |
Malls (HK) |
|
Starhill Gbl |
Q2 – Jun10 |
0.91 |
$0.580 |
6.293% |
$0.89 |
30.80% |
Malls + Office |
|
Ascendasreit |
Q1 – Jun10 |
3.37 |
$2.190 |
6.155% |
$1.55 |
34.10% |
Industrial |
|
AscottREIT |
1H – Jun10 |
3.53 |
$1.150 |
6.139% |
$1.38 |
40.70% |
Serviced Apts (Regional) |
|
FrasersCT |
Q3 – Jun10 |
2.07 |
$1.480 |
5.595% |
$1.24 |
31.20% |
Malls |
|
CapitaComm |
1H – Jun10 |
3.9 |
$1.480 |
5.311% |
$1.36 |
32.80% |
Office |
|
PLife REIT |
Q2 – Jun10 |
2.09 |
$1.600 |
5.219% |
$1.36 |
32.60% |
Hospitals |
|
K-REIT |
1H – Jun10 |
2.97 |
$1.290 |
4.643% |
$1.45 |
15.20% |
Office |
|
CDL Htrust |
1H – Jun10 |
4.89 |
$2.130 |
4.629% |
$1.43 |
29.70% |
Hotels |
|
CapitaMall |
Q2 – Jun10 |
2.29 |
$2.150 |
4.274% |
$1.50 |
34.80% |
Malls + Office |
NOTES :
- Mkt Price is as on 30-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)
- PLife : Annualised DPU = 8.35ct
- AIMSAMPIReit : Annualised = 2.1504ct
- CLT : Annualised DPU = 7.81ct (12-Apr-10 to 30-Jun-10) ; No DPU Payout (Will Pay with Sep-10 Results)
- FrasersComm : Annualised DPU = 1.0ct ; No Payout as Semi-Annual Payout Policy
- CDLHTrust : Annualised = 9.86ct ; Gearing = 18.6% Post-Rights
- StarHill Gbl : Annualised DPU = 3.65ct
- FirstREIT : Annualised DPU 7.70ct
- FCT : $1.6M ($1.1M from Q1) Retained for Future Distribution
- CRCT : Annualised DPU = 8.49ct
- Suntec : Annualised DPU = 10.14ct
- CMT : Annualised DPU = 9.19ct ; Retained Income (for Future Distribution) = $4.5M ($9.5M During Q1)
- CCT : Annualised DPU = 7.86ct
- KREIT : Annualised DPU = 5.99ct
- A-REIT : DPU Includes 0.26ct which is Non-Recurring in Nature
- Cambridge : Annualised DPU = 4.966ct
- 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% @ $1 (Excl. Bonus Div) / 6.51% (Incl Bonus Div)
Shipping Trusts (non-REITs)
|
Trust |
Period |
DPU cts |
Mkt |
Yield |
NAV |
Assets Type |
|
PacShipTr US$ |
Q2 – Jun10 |
0.793 |
$0.300 |
10.573% |
$0.40 |
Shipping Trust |
|
FSL Trust |
Q2 – Jun10 |
0.95 |
$0.440 |
11.349% |
$0.58 |
Shipping Trust |
|
Rickmers |
Q2 – Jun10 |
0.57 |
$0.375 |
7.990% |
$0.91 |
Shipping Trust |
NOTES :
- All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.3141:US$1 fm Yahoo Finance)
- Rickmers : 14% Payout
- FSL : 33%
- PST : 70% Payout
Other Trusts (non-REITs)
|
Trust |
Period |
DPU cts |
Mkt |
Yield |
NAV |
Assets Type |
|
CitySpring |
Q1 – Jun10 |
1.05 |
$0.610 |
6.885% |
$0.35 |
Infrastructure – Water, Gas |
|
HyfluxWaterT |
Q1 – Mar10 |
1.16 |
$0.765 |
6.065% |
$0.73 |
China – Water Plant |
|
K-Green |
FY11 |
7.82 |
$1.090 |
7.174% |
$1.12 |
Energy (Incineration) + Water (NEWater) |
|
AscendasIndT |
Q1 – Jun10 |
1.66 |
$1.000 |
6.640% |
$0.85 |
India – Industrial Park |
|
Indiabulls |
Q1 – Jun10 |
— |
$0.250 |
— |
$0.5262 |
India – Office |
NOTES :
- Indiabulls : No DPU Declared
- CitySpring : The Group NAV per unit before hedging and translation reserves is S$0.46
- 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)
Performance – Aug 2010
STI +1.82% : 2950.33 (Aug-10) vs 2897.62 (2009)
Rank – Capital Gains
|
REIT |
Aug-10 |
Dec-09 |
Gain |
|
PLife REIT |
$1.580 |
$1.220 |
29.5% |
|
CapitaComm |
$1.400 |
$1.170 |
19.7% |
|
Fortune Reit HK$ |
$3.650 |
$3.130 |
16.6% |
|
CDL Htrust |
$2.000 |
$1.750 |
14.3% |
|
Cambridge |
$0.510 |
$0.450 |
13.3% |
|
CLT |
$0.985 |
$0.880 |
11.9% |
|
StarHill |
$0.575 |
$0.525 |
9.5% |
|
K-REIT |
$1.200 |
$1.100 |
9.1% |
|
CapitaMall |
$1.940 |
$1.800 |
7.8% |
|
MapletreeLog |
$0.840 |
$0.785 |
7.0% |
|
SaizenREIT |
$0.160 |
$0.150 |
6.7% |
|
First REIT |
$0.865 |
$0.815 |
6.1% |
|
SuntecReit |
$1.420 |
$1.350 |
5.2% |
|
FCOT |
$0.145 |
$0.140 |
3.6% |
|
AIMSAMPIReit |
$0.220 |
$0.215 |
2.3% |
|
FrasersCT |
$1.390 |
$1.400 |
-0.7% |
|
CapitaRChina |
$1.240 |
$1.280 |
-3.1% |
|
AscottREIT |
$1.120 |
$1.200 |
-6.7% |
|
Ascendasreit |
$2.070 |
$2.220 |
-6.8% |
|
LippoMapleT |
$0.460 |
$0.505 |
-8.9% |
NOTES :
- Not Adjusted for Rights or New Issues Which May Be at a Discount
- Aug-10 : End Aug-10 Mkt Price
- Dec-09 : End Dec-09 Mkt Price
- Gain : Capital Gains = (Aug-10 Mkt Price – Dec-09 Mkt Price) / (Dec-09 Mkt Price)
- CLT Uses IPO Price of $0.88 as Base
Gearing – August 2010
New Data (Major Shareholders) for the Month
- 31 Aug 10 : Saizen – V-Nee Yeh From 20.201 % To 21.976 % (27-Aug-10)
- 25 Aug 10 : CCT – Capital Group From 7.2101 % To 8.2333 % (23-Aug-10)
- 24 Aug 10 : Saizen – CS From 5.0137 % To 4.7677 % (19-Aug-10)
- 23 Aug 10 : CCT – Capital Group From 6.1620 % To 7.2101 % (20-Aug-10)
- 18 Aug 10 : CCT – Capital Group From 5.1543 % To 6.162 % (16-Aug-10)
- 17 Aug 10 : Fortune – Schroder From 10.992 % To 11.009 % (12-Aug-10)
- 11 Aug 10 : CCT – Capital Group From 4.9788% to 5.1543% (5-Aug-10)
- 6 Aug 10 : AIMSAMPReit Dragon Pacific Assets From 11.39 % To 11.46 % (6-Aug-10)
- 5 Aug 10 : AIMSAMPReit Dragon Pacific Assets From 7.21 % To 11.39 % (5-Aug-10)
- 4 Aug 10 : CMT – ING From 4.984% to 5.001% (25-Jul-10)
- 3 Aug 10 : AIMSAMPReit – Dragon Pacific Assets From 2.66% to 7.21% (3-Aug-10)
- 2 Aug10 : CLT – Amundi From 5.92 % To 6.08 % (28-Jul-10)
- 2 Aug 10 : CRCT – Capital Group From 7.9454 % To 8.4997 % (29-Jul-10)
|
REIT |
Assets |
Debts |
Gearing |
Shares |
Major Shareholders |
|
A-REIT |
S$4874M |
S$1649M |
34.1% |
1,873,132,504 |
Ascendas 20.66% ; Capital Grp 5.82% ; ING 5.931% |
|
AIMSAMPIReit |
S$660M |
S$190M |
28.8% |
1,466,599,377 |
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$1688M |
S$658M |
40.7% |
618,806,000 |
Temasek 48.0% |
|
Cambridge |
S$922M |
S$379M |
42.3% |
873,217,960 |
MacKenzie 6.34% ; Capital Grp 5.9153% |
|
CapitaRChina |
S$1239M |
S$413M |
33.0% |
624,770,346 |
Capitaland 40.04% (CMT 20%) ; Capital Grp 8.4997% ; PGGM 5.946% |
|
CCT |
S$6043M |
S$1984M |
32.8% |
2,818,970,812 |
Temasek 31.97% ; Capital Group 8.2333% ; Cohen 5.036% |
|
CDL HTrust |
S$1758M |
S$523M |
29.7% |
839,856,772 |
Hong Leong 35.19% ; BOA 5.05% |
|
CLT |
S$749M |
S$191M |
25.5% |
632,975,152 |
C&P 14.1% ; JPM 10.98% ; MS 7.186% ; Capital Grp 6.0609% ; JF Asset Mgmt 6.5% ; Amundi 6.08% |
|
CMT |
S$7608M |
S$2415M |
32.4% |
3,180,895,775 |
Temasek 29.65% ; NTUC 5.98% ; Capital Grp 9.0075% ; ING 5.001% |
|
First REIT |
S$357M |
S$55.0M |
16.0% |
276,280,989 |
Lippo 20.3% ; RZB 9.2% ; CIM 5.9% |
|
Fortune |
HK$12421M |
HK$2777M |
21.9% |
1,666,597,43 |
Cheung Kong 32.35% ; Schroder 11.009% ; Temasek 6.02% |
|
FrasersCT |
S$1472M |
S$460M |
31.2% |
767,276,572 |
F&N 51% ; AIA 6.0126% ; Capital Group 7.4585% |
|
FrasersComm |
S$2028M |
S$819M |
40.4% |
3,089,710,334 |
F&N 24.4% ; Farallon 6.84% |
|
K-REIT |
S$2373M |
S$351M |
15.2% |
1,340,700,280 |
Temasek 75.16% |
|
LMIR |
S$1216M |
S$125M |
10.30% |
1,079,903,912 |
Lippo 18.39% ; MapleTree 13.18% ; Stitching 9.95% ; CPI-Capital 8.5% ; ABN AMRO 6.51% ; Sumitomo 5.03% |
|
MapleTree |
S$3132M |
S$1199M |
38.6% |
2,054,315,301 |
Temasek 44.41% ; Capital Grp 7.14% ; BOA 6.84% ; Alliance Global Prop 5.74% |
|
PLife |
S$1276M |
S$416M |
32.6% |
604,495,000 |
Newbridge 44.9% (Parkway + TPG Capital) ; Sunil 6.03% |
|
Saizen |
JPY44,081M |
JPY16,281M |
36.9% |
953,203,055 |
V-Nee Yeh (ASM, HCL) 21.976% |
|
Starhill Gbl |
S$2733M |
S$842M |
30.8% |
1,943,023,078 |
YTL 28.90% ; AIA 11.11% |
|
Suntec |
S$5151M |
S$1730M |
33.6% |
1,878,199,209 |
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
August 2010
Results Announcement
- 6 Aug 10 (AM) : PLife (Tables Updated)
- 12 Aug 10 : CitySpring (Table Updated)
- 12 Aug 10 : IndiaBulls (Updated NAV)
- 15 Aug 10 : Rickmers (Table Updated)
- 26 Aug 10 (AM) : Saizen (Tables Updated)
REITs : Average Yield = 6.866%
|
REIT |
Period |
DPU cts |
Mkt |
Yield |
NAV |
Gearing |
Assets Type |
|
AIMSAMPIReit |
Q1 – Jun10 |
0.5376 |
$0.220 |
9.775% |
$0.31 |
28.80% |
Industrial |
|
Cambridge |
Q2 – Jun10 |
1.238 |
$0.510 |
9.737% |
$0.60 |
42.30% |
Industrial |
|
LippoMapleT |
Q2 – Jun10 |
1.04 |
$0.460 |
9.043% |
$0.83 |
10.30% |
Malls (Indonesia) |
|
First REIT |
Q2 – Jun10 |
1.92 |
$0.865 |
8.902% |
$0.98 |
16.00% |
Hospitals + Hotel (Indonesia) |
|
CACHE |
Q2 – Jun10 |
1.71 |
$0.985 |
7.929% |
$0.87 |
25.50% |
Industrial |
|
MapletreeLog |
Q2 – Jun10 |
1.5 |
$0.840 |
7.143% |
$0.87 |
38.60% |
Industrial |
|
SuntecReit |
Q2 – Jun10 |
2.528 |
$1.420 |
7.141% |
$1.74 |
33.60% |
Malls + Office |
|
FraserComm |
Q3 – Jun10 |
0.25 |
$0.145 |
6.897% |
$0.26 |
40.40% |
Malls + Office (S’pore and Aust) |
|
CapitaRChina |
1H – Jun10 |
4.21 |
$1.240 |
6.847% |
$1.09 |
33.00% |
Malls (China) |
|
Fortune Reit HK$ |
1H – Jun10 |
12.27 |
$3.650 |
6.723% |
$5.70 |
21.90% |
Malls (HK) |
|
Ascendasreit |
Q1 – Jun10 |
3.37 |
$2.070 |
6.512% |
$1.55 |
34.10% |
Industrial |
|
SaizenREIT |
Q4 – Jun10 |
0.26 |
$0.160 |
6.500% |
$0.40 |
36.90% |
Residential (Japan) |
|
Starhill Gbl |
Q2 – Jun10 |
0.91 |
$0.575 |
6.348% |
$0.89 |
30.80% |
Malls + Office |
|
AscottREIT |
1H – Jun10 |
3.53 |
$1.120 |
6.304% |
$1.38 |
40.70% |
Serviced Apts (Regional) |
|
FrasersCT |
Q3 – Jun10 |
2.07 |
$1.390 |
5.957% |
$1.24 |
31.20% |
Malls |
|
CapitaComm |
1H – Jun10 |
3.9 |
$1.400 |
5.614% |
$1.36 |
32.80% |
Office |
|
PLife REIT |
Q2 – Jun10 |
2.09 |
$1.580 |
5.285% |
$1.36 |
32.60% |
Hospitals |
|
K-REIT |
1H – Jun10 |
2.97 |
$1.200 |
4.992% |
$1.45 |
15.20% |
Office |
|
CDL Htrust |
1H – Jun10 |
4.89 |
$2.000 |
4.930% |
$1.43 |
29.70% |
Hotels |
|
CapitaMall |
Q2 – Jun10 |
2.29 |
$1.940 |
4.737% |
$1.50 |
34.80% |
Malls + Office |
NOTES :
- Mkt Price is as on 31-Aug-10
- Saizen : This distribution relates to distributable cash accumulated over two months in May 2010 and June 2010 ; First Payout since 1H09 (Dec-08)
- PLife : Annualised DPU = 8.35ct
- AIMSAMPIReit : Annualised = 2.1504ct
- CLT : Annualised DPU = 7.81ct (12-Apr-10 to 30-Jun-10) ; No DPU Payout (Will Pay with Sep-10 Results)
- FrasersComm : Annualised DPU = 1.0ct ; No Payout as Semi-Annual Payout Policy
- CDLHTrust : Annualised = 9.86ct ; Gearing = 18.6% Post-Rights
- StarHill Gbl : Annualised DPU = 3.65ct
- FirstREIT : Annualised DPU 7.70ct
- FCT : $1.6M ($1.1M from Q1) Retained for Future Distribution
- CRCT : Annualised DPU = 8.49ct
- Suntec : Annualised DPU = 10.14ct
- CMT : Annualised DPU = 9.19ct ; Retained Income (for Future Distribution) = $4.5M ($9.5M During Q1)
- CCT : Annualised DPU = 7.86ct
- KREIT : Annualised DPU = 5.99ct
- A-REIT : DPU Includes 0.26ct which is Non-Recurring in Nature
- Cambridge : Annualised DPU = 4.966ct
- 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% @ $1 (Excl. Bonus Div) / 6.51% (Incl Bonus Div)
Shipping Trusts (non-REITs)
|
Trust |
Period |
DPU cts |
Mkt |
Yield |
NAV |
Assets Type |
|
PacShipTr US$ |
Q2 – Jun10 |
0.793 |
$0.290 |
10.938% |
$0.40 |
Shipping Trust |
|
FSL Trust |
Q2 – Jun10 |
0.95 |
$0.410 |
12.571% |
$0.58 |
Shipping Trust |
|
Rickmers |
Q2 – Jun10 |
0.57 |
$0.365 |
8.472% |
$0.91 |
Shipping Trust |
NOTES :
- All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.3563:US$1 fm Yahoo Finance)
- Rickmers : 14% Payout
- FSL : 33%
- PST : 70% Payout
Other Trusts (non-REITs)
|
Trust |
Period |
DPU cts |
Mkt |
Yield |
NAV |
Assets Type |
|
CitySpring |
Q1 – Jun10 |
1.05 |
$0.595 |
7.059% |
$0.35 |
Infrastructure – Water, Gas |
|
HyfluxWaterT |
Q1 – Mar10 |
1.16 |
$0.780 |
5.949% |
$0.73 |
China – Water Plant |
|
K-Green |
FY11 |
7.82 |
$1.090 |
7.174% |
$1.12 |
Energy (Incineration) + Water (NEWater) |
|
AscendasIndT |
Q1 – Jun10 |
1.66 |
$0.960 |
6.917% |
$0.85 |
India – Industrial Park |
|
Indiabulls |
Q1 – Jun10 |
— |
$0.260 |
— |
$0.5262 |
India – Office |
NOTES :
- Indiabulls : No DPU Declared
- CitySpring : The Group NAV per unit before hedging and translation reserves is S$0.46
- 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)
Performance – Jul 2010
STI +3.11% : 2987.70 (Jul-10) vs 2897.62 (2009)
Rank – Capital Gains
|
REIT |
Jul-10 |
Dec-09 |
Gain |
|
FrasersCT |
$1.490 |
$1.220 |
22.1% |
|
Fortune Reit HK$ |
$3.650 |
$3.130 |
16.6% |
|
CDL Htrust |
$2.000 |
$1.750 |
14.3% |
|
CLT |
$1.000 |
$0.880 |
13.6% |
|
Cambridge |
$0.510 |
$0.450 |
13.3% |
|
CapitaComm |
$1.320 |
$1.170 |
12.8% |
|
MapletreeLog |
$0.880 |
$0.785 |
12.1% |
|
StarHill |
$0.575 |
$0.525 |
9.5% |
|
First REIT |
$0.885 |
$0.815 |
8.6% |
|
K-REIT |
$1.190 |
$1.100 |
8.2% |
|
FCOT |
$0.150 |
$0.140 |
7.1% |
|
AIMSAMPIReit |
$0.230 |
$0.215 |
7.0% |
|
SaizenREIT |
$0.160 |
$0.150 |
6.7% |
|
CapitaMall |
$1.910 |
$1.800 |
6.1% |
|
SuntecReit |
$1.430 |
$1.350 |
5.9% |
|
AscottREIT |
$1.180 |
$1.200 |
-1.7% |
|
FrasersCT |
$1.370 |
$1.400 |
-2.1% |
|
LippoMapleT |
$0.485 |
$0.505 |
-4.0% |
|
Ascendasreit |
$2.120 |
$2.220 |
-4.5% |
|
CapitaRChina |
$1.220 |
$1.280 |
-4.7% |
NOTES :
- Not Adjusted for Rights or New Issues Which May Be at a Discount
- Jul-10 : End Jul-10 Mkt Price
- Dec-09 : End Dec-09 Mkt Price
- Gain : Capital Gains = (Jul-10 Mkt Price – Dec-09 Mkt Price) / (Dec-09 Mkt Price)
- CLT Uses IPO Price of $0.88 as Base