Author: kktan
Performance – February 2010
STI -5.06% : 2750.86 (Feb-10) vs 2897.62 (2009)
Rank – Capital Gains
|
REIT |
Feb-10 |
Dec-09 |
Gain |
|
FCOT |
$0.150 |
$0.140 |
7.1% |
|
SaizenREIT |
$0.160 |
$0.150 |
6.7% |
|
PLife REIT |
$1.290 |
$1.220 |
5.7% |
|
StarHill |
$0.540 |
$0.525 |
2.9% |
|
First REIT |
$0.825 |
$0.815 |
1.2% |
|
Fortune Reit HK$ |
$3.150 |
$3.130 |
0.6% |
|
MapletreeLog |
$0.790 |
$0.785 |
0.6% |
|
Cambridge |
$0.445 |
$0.450 |
-1.1% |
|
CapitaMall |
$1.770 |
$1.800 |
-1.7% |
|
K-REIT |
$1.080 |
$1.100 |
-1.8% |
|
CDL Htrust |
$1.690 |
$1.750 |
-3.4% |
|
FrasersCT |
$1.350 |
$1.400 |
-3.6% |
|
SuntecReit |
$1.300 |
$1.350 |
-3.7% |
|
LippoMapleT |
$0.485 |
$0.505 |
-4.0% |
|
AIMSAMPIReit |
$0.205 |
$0.215 |
-4.7% |
|
AscottREIT |
$1.140 |
$1.200 |
-5.0% |
|
CapitaComm |
$1.080 |
$1.170 |
-7.7% |
|
CapitaRChina |
$1.160 |
$1.280 |
-9.4% |
|
Ascendasreit |
$1.930 |
$2.220 |
-13.1% |
NOTES :
- Not Adjusted for Rights or New Issues Which May Be at a Discount
- Feb-10 : End Feb-10 Mkt Price
- Dec-09 : End Dec-09 Mkt Price
- Gain : Capital Gains = (Feb-10 Mkt Price – Dec-09 Mkt Price) / (Dec-09 Mkt Price)
Gearing – February 2010
New Data (Major Shareholders) for the Month
- 18 Feb 10 : LMIR – Stitching From 9.42 % To 9.95 % (4-Feb-10)
|
REIT |
Assets |
Debts |
Gearing |
Shares |
Major Shareholders |
|
A-REIT |
S$4765M |
S$1470M |
31.2% |
1,871,153,701 |
Ascendas 20.66% ; Capital Grp 5.82% ; ING 6.007% |
|
AIMSAMPIReit |
S$658M |
S$190M |
28.9% |
1,463,440,998 |
AMP 16.11% ; George Wang 7.45% ; Stitching 7.32% ; UBS 5.76% ; Lion 6.98% ; USS 8.95% |
|
AscottREIT |
S$1652M |
S$651M |
41.2% |
617,210,000 |
Temasek 48.0% |
|
Cambridge |
S$916M |
S$375M |
42.6% |
867,545,934 |
MacKenzie 6.34% ; Capital Grp 5.9153% |
|
CapitaRChina |
S$1201M |
S$406M |
33.6% |
623,484,475 |
Capitaland 40.04% (CMT 20%) ; Capital Grp 7.9454% ; PGGM 7.64% |
|
CCT |
S$6100M |
S$2023M |
33.2% |
2,813,915,220 |
Temasek 31.97% ; Cohen 5.036% |
|
CDL HTrust |
S$1521M |
S$291M |
20.2% |
837,694,789 |
Hong Leong 40.06% ; CS 5.9075% ; BOA 5.05% |
|
CMT |
S$7423M |
S$2206M |
30.5% |
3,180,193,056 |
Temasek 29.65% ; NTUC 5.98% ; Capital Grp 8.0182% |
|
First REIT |
S$355M |
S$52.8M |
15.5% |
275,710,010 |
Lippo 20.3% ; RZB 9.2% ; CIM 5.9% |
|
Fortune |
HK$12063M |
HK$2864M |
25.7% |
1,661,595,267 |
Cheung Kong 32.35% ; DBS 5.88% ; Schroder 8.414% |
|
FrasersCT |
S$1162M |
S$345M |
29.7% |
627,198,228 |
F&N 51% ; AIA 6.0126% ; Capital Group 7.4585% |
|
FrasersComm |
S$2039M |
S$824M |
40.4% |
3,052,987,981 |
F&N 23% ; Farallon 5.92% |
|
K-REIT |
S$2632M |
S$581M |
27.7% |
1,336,023,351 |
Temasek 75.16% |
|
LMIR |
S$1188M |
S$125M |
10.5% |
1,076,415,305 |
Lippo 18.39% ; MapleTree 13.18% ; Stitching 9.95% ; CPI-Capital 8.5% ; ABN AMRO 6.51% ; Sumitomo 5.03% |
|
MapleTree |
S$3035M |
S$1175M |
38.1% |
2,054,315,301 |
Temasek 44.41% ; Capital Grp 7.14% ; BOA 6.84% ; Alliance Global Prop 5.74% |
|
PLife |
S$1182M |
S$324M |
27.4% |
604,001,000 |
Newbridge 44.9% (Parkway + TPG Capital) ; Sunil 6.03% |
|
Saizen |
JPY45,205M |
JPY16,299M |
43.5% |
952,782,055 |
V-Nee Yeh (ASM, HCL) 20.201% ; Cube Capital 5.039% |
|
Starhill Gbl |
S$2312M |
S$622M |
26.9% |
1,935,334,984 |
YTL 28.90% ; AIA 11.11% |
|
Suntec |
S$5170M |
S$1752M |
34.5% |
1,870,378,197 |
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 – January 2010
STI -5.26% : 2745.35 (Jan-10) vs 2897.62 (2009)
Rank – Capital Gains
|
REIT |
Jan-10 |
Dec-09 |
Gain |
|
FrasersComm |
S$0.15 |
S$0.14 |
7.1% |
|
PLife |
S$1.30 |
S$1.22 |
6.6% |
|
Saizen |
S$0.155 |
S$0.15 |
3.3% |
|
CDL HTrust |
S$1.80 |
S$1.75 |
2.9% |
|
Cambridge |
S$0.46 |
S$0.45 |
2.2% |
|
StarHill Gbl |
S$0.535 |
S$0.525 |
1.9% |
|
First REIT |
S$0.825 |
S$0.815 |
1.2% |
|
Fortune |
HK$3.15 |
HK$3.13 |
0.6% |
|
AIMSAMPIReit |
S$0.215 |
S$0.215 |
0.0% |
|
MapleTree |
S$0.78 |
S$0.785 |
-0.6% |
|
LMIR |
S$0.49 |
S$0.505 |
-3.0% |
|
AscottREIT |
S$1.16 |
S$1.20 |
-3.3% |
|
K-REIT |
S$1.06 |
S$1.10 |
-3.6% |
|
Suntec |
S$1.30 |
S$1.35 |
-3.7% |
|
FrasersCT |
S$1.34 |
S$1.40 |
-4.3% |
|
CMT |
S$1.69 |
S$1.80 |
-6.1% |
|
CapitaRChina |
S$1.20 |
S$1.28 |
-6.3% |
|
CCT |
S$1.06 |
S$1.17 |
-9.4% |
|
A-REIT |
S$1.94 |
S$2.22 |
-12.6% |
NOTES :
- Not Adjusted for Rights or New Issues Which May Be at a Discount
- Jan-10 : End Jan-10 Mkt Price
- Dec-09 : End Dec-09 Mkt Price
Gain : Capital Gains = (Jan-10 Mkt Price – Dec-09 Mkt Price) / (Dec-09 Mkt Price)
January 2010
Results Announcement
- 18 Jan 10 : A-REIT (Tables Updated)
- 20 Jan 10 (AM) : CCT (Tables Updated)
- 20 Jan 10 : K-REIT (Tables Updated)
- 20 Jan 10 : PST (Table Updated)
- 21 Jan 10 (AM) : ART (Tables Updated)
- 21 Jan 10 : MapleTree (Tables Updated)
- 22 Jan 10 (AM) : IndiaBulls (Table Updated)
- 22 Jan 10 (AM) : FirstREIT (Tables Updated)
- 22 Jan 10 (AM) : PLife (Tables Updated)
- 22 Jan 10 (AM) : CMT (Tables Updated)
- 22 Jan 10 : a-iTrust (Table Updated)
- 25 Jan 10 (Noon) : FCT (Tables Updated)
- 25 Jan 10 : Suntec (Tables Updated)
- 25 Jan 10 : FSL (Table Updated)
- 26 Jan 10 : Fortune (Tables Updated)
- 26 Jan 10 : FCOT (Tables Updated)
- 26 Jan 10 : CDL HTrust (Tables Updated)
- 27 Jan 10 : Cambridge (Tables Updated)
- 28 Jan 10 (AM) : StarHill Global (Tables Updated)
- 29 Jan 10 (AM) : CRCT (Tables Updated)
- 5 Feb 10 : AIMSAMPIReit
- 11 Feb 10 (AM) : Saizen
- 11 Feb 10 : CitySpring
REITs : Average Yield = 7.372% (Excl. Saizen)
|
REIT |
Period |
DPU ct |
Price |
Yield |
NAV |
Assets Type |
|
Cambridge |
Q4 : Dec-09 |
1.377 |
S$0.46 |
11.876% |
S$0.60 |
Industrial |
|
LMIR |
Q3 : Sep-09 |
1.22 |
S$0.49 |
9.959% |
S$0.7443 |
Malls – Indonesia |
|
AIMSAMPIReit |
1H10 (Proforma – Rights) |
1.04 |
S$0.215 |
9.674% |
S$0.31 |
Industrial |
|
First REIT |
Q4 : Dec-09 |
1.92 |
S$0.825 |
9.236% |
S$0.9839 |
Hospitals + Hotel (Indonesia) |
|
Suntec |
Q4 : Dec-09 |
2.886 |
S$1.30 |
8.808% |
S$1.754 |
Malls + Office |
|
MapleTree |
Q4 : Dec-09 |
1.59 * |
S$0.78 |
7.590% |
S$0.85 |
Industrial |
|
Starhill Gbl |
Q4 : Dec-09 |
0.97 |
S$0.535 |
7.196% |
S$0.81 |
Malls + Office |
|
CCT |
2H : Dec-09 |
3.73 |
S$1.06 |
6.981% |
S$1.37 |
Office |
|
CapitaRChina |
2H : Dec-09 |
4.06 |
S$1.20 |
6.767% |
S$1.05 |
Malls (China) |
|
A-REIT |
Q3 : Dec-09 |
3.27 |
S$1.94 |
6.742% |
S$1.58 |
Industrial |
|
Fortune |
2H : Dec-09 |
10.6 |
HK$3.15 |
6.730% |
HK$5.33 |
Malls (HK) |
|
AscottREIT |
2H : Dec-09 |
3.77 |
S$1.16 |
6.500% |
S$1.34 |
Serviced Apts (Regional) |
|
FrasersComm |
Q1 : Dec-09 |
0.24 |
S$0.15 |
6.333% |
S$0.27 |
Malls + Office (S’pore + Aust) |
|
PLife |
Q4 : Dec-09 |
1.91 |
S$1.30 |
6.308% |
S$1.37 |
Hospitals |
|
FrasersCT |
Q1 : Dec-09 |
1.91 |
S$1.34 |
5.701% |
S$1.22 |
Malls |
|
CMT |
Q4 : Dec-09 |
2.40 |
S$1.69 |
5.633% |
S$1.54 |
Malls + Office |
|
K-REIT |
Q4 : Dec-09 |
1.45 |
S$1.06 |
5.425% |
S$1.20 |
Office |
|
CDL HTrust |
2H : Dec-09 |
4.71 |
S$1.80 |
5.233% |
S$1.43 |
Hotels |
|
Saizen |
Q3 : Sep-09 |
— |
S$0.155 |
— |
S$0.41 |
Residential (Japan) |
NOTES :
- Mkt Price is as on 29-Jan-10
- CRCT : Q409 DPU 2.04ct (Annualised 8.09ct)
- StarHill Gbl : Annualised DPU = 3.85ct
- Cambridge : Annualised DPU = 5.463ct
- FCT : Private Placement 137Mil New Units @ $1.33 ; SGX Annc (27-Jan-10) ; Listing on 4-Feb-10 2pm
- CDLHTrust : Q409 DPU = 2.67ct (Annualised = 10.59ct) ; Above Figures Uses Actual 2H09 DPU Payout to Compute Yield
- FrasersComm : Annualised DPU = 0.95ct ; No Payout as Semi-Annual Payout Policy
- Suntec : Annualised DPU = 11.45ct
- CMT : Annualised DPU = 9.52ct
- PLife : Annualised DPU = 8.2ct
- FirstREIT : Annualised DPU 7.62ct
- MapleTree : Actual Payout = 0.84ct (18-Nov-09 to 31-Dec-09) as 0.75ct Already Paid (1-Oct-09 to 17-Nov-09) ; DPU = 1.48ct is Used to Compute the Yield for Above Table as the Q4 DPU Includes a One-Off 0.11ct (See SGX Annc pg 2)
- AscottREIT : DPU (Q409) = 1.87ct
- KREIT : Annualised DPU = 5.75ct (Q409 DPU Used in Above Table as it Better Reflects the Impact of the Rights Issue) ; Actual DPU = 2.77ct (1-Jul-09 to 31-Dec-09)
- CCT : Annualised DPU = 7.40ct
- 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%
- MI-REIT : 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%
- Saizen : No Payout since 1H09 (Dec-08) ; SGX Annc Pg21 : The Board expects Saizen REIT will start accumulating cash for distribution from the last quarter of FY2010 or first quarter of FY2011
- 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)
- LMIR : IPO Forecast – FY07 (Dec07) : 2.74ct (Annualised for 1-Jul-07 to 31-Dec-07) ; FY08 : 5.84ct ; FY09 : 6.27ct
- Saizen : IPO Forecast – FY09 (Jun09) : 5.65ct ; FY08 (Jun08) : 4.67ct (Incl. Bonus Div) / Annualised Yield 5.3% @ $1 (Excl. Bonus Div) / 6.51% (Incl Bonus Div)
- PLife : IPO Forecast – 2H07 : 3.3ct ; FY08 : 6.25ct ; FY09 : 6.39ct
Shipping Trusts (non-REITs)
|
Trust |
Period |
DPU ct |
Price |
Yield |
NAV |
Assets Type |
|
PacShipTr US$ |
Q4 : Dec-09 |
0.827 |
US$0.265 |
12.483% |
$0.40 |
Shipping Trust |
|
FSL Trust |
Q4 : Dec-09 |
1.50 |
S$0.585 |
14.404% |
$0.64 |
Shipping Trust |
|
Rickmers |
Q3 : Sep-09 |
0.6 |
S$0.38 |
8.870% |
$0.88 |
Shipping Trust |
NOTES :
- All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.4044:US$1 fm Yahoo Finance)
- FSL : 56% Payout ; Q110 DPU Guidance = US1.5ct
- PST : 70% Payout
- Rickmers : 13% Payout
Other Trusts (non-REITs)
|
Trust |
Period |
DPU ct |
Price |
Yield |
NAV |
Assets Type |
|
CitySpring |
Q2 : Sep-09 |
1.05 |
$0.615 |
6.829% |
$0.43* |
Infrastructure – Water, Gas |
|
AscendasIndT |
Q3 : Dec-09 |
1.85 |
$0.975 |
7.590% |
$0.85 |
India – Industrial Park |
|
HWT |
2H : Dec-09 (Forecast) |
2.86 |
$0.685 |
8.350% |
$0.76 |
China – Water Plant |
|
Indiabulls |
Q3 : Dec-09 |
— |
$0.27 |
— |
$0.5338 |
India – Office |
NOTES :
- a-iTrust : DPU Not Paid Out as Semi-Annual Payout Policy
- Indiabulls : No DPU Declared
- CitySpring : The Group NAV per unit before hedging and translation reserves is S$0.52
- HWT : Q309 DPU = 1.16ct (Not Paid Out as Semi-Annual Payout Policy ; Excludes Sponsor Waiver) ; 2H09 DPU Forecast = 2.86ct (With Sponsor Waiver)
- 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
- HWT : DPU = 2.56ct (With Sponsor Waiver) ; Sponsor DPU = 1.77ct
- HWT : DPU Forecast – 1H09 = 2.56ct ; 2H09 = 2.86ct
- Indiabulls : IPO Forecast – 5.12ct (FY09) 1,325.4Mil Units (2,371.7Mil Units Issued) Entitled to Div ; 9.82ct (FY10)