Author: tfwee
July 2009
NOTE : For StarHill Global and FCOT, please refer to “NOTES” at the bottom of the table on the impact to DPU and Yield due to their rights issues.
Results Announcement
- 17 Jul 09 : AREIT (Tables Updated)
- 20 Jul 09 : K-REIT (Tables Updated)
- 21 Jul 09 (AM) : FSL (Table Updated) – Q309 Guidance DPU US1.5ct (50% Payout)
- 22 Jul 09 (AM) : CCT (Tables Updated)
- 23 Jul 09 (AM) : FirstREIT (Tables Updated)
- 23 Jul 09 (AM) : ART (Tables Updated)
- 23 Jul 09 (AM) : CRCT (Tables Updated)
- 23 Jul 09 : PST (Table Updated)
- 23 Jul 09 : Cambridge (Tables Updated)
- 23 Jul 09 : MapleTree (Tables Updated)
- 23 Jul 09 : FCT (Tables Updated)
- 24 Jul 09 (AM) : CMT (Tables Updated)
- 28 Jul 09 : Fortune (Tables Updated)
- 29 Jul 09 (Noon) : FCOT (Tables Updated)
- 29 Jul 09 : StarHill Gbl (Tables Updated)
- 30 Jul 09 : Suntec (Tables Updated)
- 30 Jul 09 : a-iTrust (Table Updated)
- 30 Jul 09 : CDL HTrust (Tables Updated)
- 6 Aug 09 : PLife
- 11 Aug 09 : CitySpring
Average Yield = 11.407% / 10.078% (Excl. Saizen)
|
REIT |
Period |
DPU ct |
Price |
Yield |
NAV |
Assets Type |
|
Saizen |
FY08 – IPO |
5.30 |
S$0.15 |
35.333% |
S$0.85 |
Residential (Japan) |
|
MI-REIT |
Q4 : Mar-09 |
1.875 |
S$0.40 |
18.750% |
S$1.09 |
Industrial |
|
FrasersComm |
1H : Jun-09 |
1.44 |
S$0.19 |
15.263% |
S$0.82 |
Malls + Office (S’pore + Aust) |
|
Starhill Gbl |
Q2 : Jun-09 |
1.90 |
S$0.545 |
13.982% |
S$1.28 |
Malls + Office |
|
Cambridge |
Q2 : Jun-09 |
1.345 |
S$0.42 |
12.845% |
S$0.62 |
Industrial |
|
LMIR |
Q1 : Mar-09 |
1.36 |
S$0.43 |
12.651% |
S$0.7273 |
Malls – Indonesia |
|
First REIT |
Q2 : Jun-09 |
1.92 |
S$0.695 |
11.022% |
S$0.9282 |
Hospitals + Hotel (Indonesia) |
|
Suntec |
Q2 : Jun-09 |
2.977 |
S$1.09 |
10.955% |
S$1.956 |
Malls + Office |
|
MapleTree |
Q2 : Jun-09 |
1.48 |
S$0.595 |
9.950% |
S$0.89 |
Industrial |
|
Fortune |
1H : Jun-09 |
19.60 |
HK$4.16 |
9.423% |
HK$7.89 |
Malls (HK) |
|
K-REIT |
1H : Jun-09 |
4.99 |
S$1.07 |
9.421% |
S$2.17 |
Office |
|
A-REIT |
Q1 : Jun-09 |
3.62 |
S$1.70 |
8.518% |
S$1.58 |
Industrial |
|
AscottREIT |
1H : Jun-09 |
3.55 |
S$0.88 |
8.068% |
S$1.36 |
Serviced Apts (Regional) |
|
CCT |
1H : Jun-09 |
3.33 |
S$0.855 |
7.860% |
S$1.50 |
Office |
|
FrasersCT |
Q3 : Jun-09 |
1.94 |
S$1.03 |
7.534% |
S$1.23 |
Malls |
|
PLife |
Q1 : Mar-09 |
1.89 |
S$1.02 |
7.412% |
S$1.32 |
Hospitals |
|
CDL HTrust |
1H : Jun-09 |
3.86 |
S$1.21 |
6.430% |
S$1.42 |
Hotels |
|
CapitaRChina |
1H : Jun-09 |
4.08 |
S$1.39 |
5.921% |
S$1.12 |
Malls (China) |
|
CMT |
Q2 : Jun-09 |
2.13 |
S$1.58 |
5.405% |
S$1.56 |
Malls + Office |
NOTES :
- Mkt Price is as on 31-Jul-09
- CDLHTrust : Annualised DPU = 7.78ct
- Suntec : Annualised DPU = 11.941ct
- StarHill Gbl : Annualised DPU = 7.62ct
- FrasersComm : Annualised DPU = 2.9ct
- CMT : Annualised DPU = 8.54ct
- Cambridge : Annualised DPU = 5.395ct
- CRCT : Annualised DPU = 8.23ct
- FirstREIT : Annualised DPU 7.66ct
- CCT : Annualised DPU = 6.72ct ; Q209 DPU 1.71ct (Annualised 6.86ct)
- KREIT : Annualised DPU = 10.08ct
- FCOT : Proposed 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%
- 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%
- 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 : No Payout since 1H09 (Dec-08) ; Yield is Computed Using IPO Prospectus Figures of 5.3% @ $1 Which Excludes Bonus Div
- PLife : Annualised DPU = 7.56ct
- LMIR : Annualised DPU = 5.44ct
- CCT : FY09 DPU (Projected) = 12.34ct – SGX Annc 9-Jun-08 (Pg 23)
- 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% @ $1 (Excl. Bonus Div) / 6.51% (Incl Bonus Div)
- PLife : IPO Forecast – 2H07 : 3.3ct ; FY08 : 6.25ct ; FY09 : 6.39ct
Shipping Trusts (non-REITs)
|
Trust |
Period |
DPU ct |
Price |
Yield |
NAV |
Assets Type |
|
PacShipTr US$ |
Q2 : Jun-09 |
0.99 |
US$0.25 |
15.840% |
$0.39 |
Shipping Trust |
|
FSL Trust |
Q3 : Sep-09 (Guidance) |
1.50 |
S$0.615 |
14.066% |
$0.71 |
Shipping Trust |
|
Rickmers |
Q1 : Mar-09 |
2.14 |
S$0.585 |
21.097% |
$0.84 |
Shipping Trust |
NOTES :
- All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.4418:US$1 fm Yahoo Finance)
- FSL : SGX Annc (21-Jul-09) Quarterly DPU Forecast – Q309 US1.5ct (50% Payout)
- FSL : Q209 DPU = US2.45ct ; Annualised DPU 9.8ct (73% Payout)
- Rickmers : 46% Payout
- PST : 90% Payout
Other Trusts (non-REITs)
|
Trust |
Period |
DPU ct |
Price |
Yield |
NAV |
Assets Type |
|
CitySpring |
Q4 : Mar-09 |
1.75 |
$0.74 |
9.459% |
$0.28* |
Infrastructure – Water, Gas |
|
AscendasIndT |
Q1 : Jun-09 |
2.06 |
$0.85 |
9.694% |
$0.86 |
India – Industrial Park |
|
HWT |
Q1 : Mar-09 |
1.15 |
$0.675 |
6.815% |
$0.841 |
China – Water Plant |
|
Indiabulls |
FY09 : Mar-09 |
— |
$0.28 |
— |
$0.7377 |
India – Office |
NOTES :
- a-iTrust : DPU Not Paid Out as Semi-Annual Div Payout PolicyIndiabulls : No DPU Declared
- CitySpring : The Group NAV per unit before hedging and translation reserves is S$0.58
- CitySpring : DPU Forecast – FY10 (Mar) = 7ct
- HWT : DPU – Without Sponsor Waiver ; DPU Not Paid Out as Semi-Annual Div Payout Policy
- HWT : DPU Forecast – 1H09 = 2.56ct ; 2H09 = 2.86ct
- Indiabulls : Listing on 11-Jun-08 2PM
- Indiabulls : IPO Forecast – 5.12ct (FY09) 1,325.4Mil Units (2,371.7Mil Units Issued) Entitled to Div ; 9.82ct (FY10)
Gearing – Jul 2009
New Data (Major Shareholders) for the Month
- 30-Jul-09 : A-REIT – FMR from 5.07% to 4.97% (28-Jul-09)
- 30 Jul 09 : Cambridge – Yap Chin Kok from 7.25% to 7.21% (24-Jul-09)
- 22 Jul 09 : Fortune – Schroder from 9.985% to 10.007% (17-Jul-09)
- 15 Jul 09 : CDLHTrust – CS (Aberdeen) from 6.9628% to 7.0798% (13-Jul-09)
- 15 Jul 09 : MI-REIT – From MacCook to AIMS : 15.67% (14-Jul-09)
- 9 Jul 09 : CDLHTrust – BOA from 4.97% to 5.05% (1-Jul-09)
- 7 Jul 09 : Cambridge – CWT from 5.65% to 4.90% (6-Jul-09)
- 6 Jul 09 : CDLHTrust – Aberdeen 6.4109% (2-Jul-09)
- 3 Jul 09 : CCT – Stichting from from 6.5% to 4.25% (2-Jul-09)
| REIT |
Assets
|
Debts
|
Gearing
|
Shares
|
Major Shareholders
|
| A-REIT |
S$4599M
|
S$1609M
|
35.5%
|
1,684,920,057
|
Ascendas 22.71% ; Capital Grp 5.82%
|
| AscottREIT |
S$1647M
|
S$631M
|
40.7%
|
615,042,000
|
Temasek 48.0%
|
| Cambridge |
S$890M
|
S$372M
|
43.8%
|
796,405,934
|
Yap Chin Kon – 7.21% ; Capital Grp 5.9153% ; Schroder 5.99% ; Hunter Hall Inv 5.20%
|
| CapitaRChina |
S$1240M
|
S$398M
|
33.6%
|
622,255,361
|
Capitaland 40.04% (CMT 20%) ; Capital Grp 9.8582% ; Stichting 7.75%
|
| CCT |
S$6240M
|
S$1979M
|
31.0%
|
2,807,782,012
|
Temasek 31.97% ; Cohen 5.036%
|
| CDL HTrust |
S$1521M
|
S$293M
|
19.3%
|
835,563,459
|
Hong Leong 40.06% ; CS 7.0798% ; BOA 5.05%
|
| CMT |
S$7791M
|
S$2527M
|
33.4%
|
3,176,808,560
|
Temasek 29.65% ; NTUC 5.98% ; Capital Grp 5.5533%
|
| First REIT |
S$339M
|
S$50.8M
|
15.6%
|
275,133,627
|
Lippo 20.3% ; RZB 9.2% ; CIM 5.9%
|
| Fortune |
HK$9247M
|
HK$2379M
|
25.7%
|
824,879,427
|
Cheung Kong 32.35% ; Stitching 14.9% ; Temasek 6.93% ; Schroder 10.007%
|
| FrasersCT |
S$1199M
|
S$333M
|
32.7%
|
625,800,221
|
F&N 51% ; Stitching 6.04% ; AIA 6.0126%
|
| FrasersComm |
S$1661M
|
S$939M
|
56.5%
|
763,474,691
|
F&N 23.51% ; Farallon 6.22%
|
| K-REIT |
S$2080M
|
S$578M
|
27.6%
|
663,283,153
|
Temasek 75.16%
|
| LMIR |
S$1008M
|
S$125M
|
12.3%
|
1,071,229,413
|
Lippo 27.1% ; MapleTree 12.0% ; Penta Investments 15.01% ; CPI-Capital 8.5% ; ABN AMRO 6.51% ; Sumitomo 5.03%
|
| MacCookIReit |
S$544M
|
S$224M
|
41.2%
|
266,385,094
|
AIMS 15.67% ; UBS 5.76% ; Lion 6.98% ; USS 8.95%
|
| MapleTree |
S$3048M
|
S$1173M
|
37.8%
|
1,939,315,301
|
Temasek 47.45% ; Capital Grp 7.14% ; BOA 7.05% ; Alliance Global Prop 5.01%
|
| PLife |
S$1074M
|
S$248M
|
23.0%
|
603,130,000
|
Newbridge 44.9% (Parkway + TPG Capital) ; Sunil 6.03%
|
| Saizen |
JPY49,075M
|
JPY22,733M
|
36.5%
|
451,986,693
|
V-Nee Yeh (ASM, HCL) 20.201% ; Cube Capital 5.537%
|
| Starhill Gbl |
S$2012M
|
S$669M
|
31.1%
|
965,826,059
|
YTL 26.03% ; Morgan Stanley 5.748% ; AIA 11.11%
|
| Suntec |
S$5389M
|
S$1877M
|
33.9%
|
1,732,275,949
|
Asean Inv 5.6801% ; Perennial 5.61% ; 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 uptodate. Pls chk SGX Annc to verify
- CMT – Gearing = 29.2% post-rights (9-for-10) Assuming Proceeds fm Rights Issue Are Used to Pay Down Debts When they are Due
Performance – Jun 2009
STI +32.45% : 2333.14 (Jun-09) vs 1761.56 (2008)
|
REIT |
Jun-09 |
Dec-08 |
Gain |
|---|---|---|---|
|
Fortune |
HK$3.74 |
HK$1.99 |
87.9% |
|
CapitaRChina |
S$1.07 |
S$0.60 |
78.3% |
|
MapleTree |
S$0.555 |
S$0.35 |
58.6% |
|
First REIT |
S$0.63 |
S$0.405 |
55.6% |
|
K-REIT |
S$0.975 |
S$0.54 |
39.3% |
|
FrasersCT |
S$0.865 |
S$0.63 |
37.3% |
|
MI-REIT |
S$0.33 |
S$0.255 |
29.4% |
|
Cambridge |
S$0.35 |
S$0.275 |
27.3% |
|
StarHill Gbl |
S$0.635 |
S$0.52 |
22.1% |
|
PLife |
S$0.925 |
S$0.76 |
21.7% |
|
Suntec |
S$0.86 |
S$0.71 |
21.1% |
|
AscottREIT |
S$0.68 |
S$0.58 |
17.2% |
|
A-REIT |
S$1.59 |
S$1.37 |
16.1% |
|
LMIR |
S$0.355 |
S$0.31 |
14.5% |
|
CDL HTrust |
S$0.83 |
S$0.73 |
13.7% |
|
FrasersComm |
S$0.24 |
S$0.235 |
2.1% |
|
Saizen |
S$0.13 |
S$0.13 |
0.0% |
|
CCT |
S$0.82 |
S$0.855 |
-8.4% |
|
CMT |
S$1.40 |
S$1.59 |
-11.9% |
NOTES :
- Not Adjusted for Rights or New Issues Which May Be at a Discount
- Jun-09 : End Jun-09 Mkt Price
- Dec-08 : End Dec-08 Mkt Price
- Gain : Capital Gains = (Jun-09 Mkt Price – Dec-08 Mkt Price) / (Dec-08 Mkt Price)
June 2009
|
REIT |
Period |
DPU ct |
Price |
Yield |
NAV |
Assets Type |
|---|---|---|---|---|---|---|
|
Saizen |
FY08 – IPO |
5.30 |
S$0.13 |
40.769% |
S$0.85 |
Residential (Japan) |
|
MI-REIT |
Q4 : Mar-09 |
1.875 |
S$0.33 |
22.727% |
S$1.09 |
Industrial |
|
CCT |
Q1 : Mar-09 |
3.24 |
S$0.82 |
16.024% |
S$2.91 |
Office |
|
LMIR |
Q1 : Mar-09 |
1.36 |
S$0.355 |
15.324% |
S$0.7273 |
Malls – Indonesia |
|
Cambridge |
Q1 : Mar-09 |
1.291 |
S$0.35 |
14.960% |
S$0.73 |
Industrial |
|
Suntec |
Q2 : Mar-09 |
2.918 |
S$0.86 |
13.760% |
S$1.972 |
Malls + Office |
|
FrasersComm |
Q1 : Mar-09 |
0.72 |
S$0.24 |
12.167% |
S$0.79 |
Malls + Office (S’pore and Aust) |
|
First REIT |
Q1 : Mar-09 |
1.88 |
S$0.63 |
12.095% |
S$0.9297 |
Hospitals + Hotel (Indonesia) |
|
Starhill Gbl |
Q1 : Mar-09 |
1.87 |
S$0.635 |
11.937% |
S$1.41 |
Malls + Office |
|
Fortune |
Q1 : Mar-09 |
10.06 |
HK$3.74 |
10.759% |
HK$7.47 |
Malls (HK) |
|
MapleTree |
Q1 : Mar-09 |
1.47 |
S$0.555 |
10.595% |
S$0.88 |
Industrial |
|
AscottREIT |
Q1 : Mar-09 |
1.77 |
S$0.68 |
10.559% |
S$1.51 |
Serviced Apts (Regional) |
|
K-REIT |
Q1 : Mar-09 |
2.38 |
S$0.975 |
9.897% |
S$2.20 |
Office |
|
CDL HTrust |
Q1 : Mar-09 |
1.97 |
S$0.83 |
9.627% |
S$1.39 |
Hotels |
|
FrasersCT |
Q2 : Mar-09 |
1.86 |
S$0.865 |
8.601% |
S$1.23 |
Malls |
|
PLife |
Q1 : Mar-09 |
1.89 |
S$0.925 |
8.173% |
S$1.32 |
Hospitals |
|
A-REIT |
Q4 : Mar-09 |
3.23 |
S$1.59 |
8.126% |
S$1.58 |
Industrial |
|
CapitaRChina |
Q1 : Mar-09 |
2.14 |
S$1.07 |
8.112% |
S$1.22 |
Malls (China) |
|
CMT |
Q1 : Mar-09 |
1.97 |
S$1.40 |
5.707% |
S$1.65 |
Malls + Office |
NOTES :
- Mkt Price is as on 30-Jun-09
- FCOT : Proposed 3-for-1 Rights @ $0.095
- StarHill Gbl : 1-for-1 Rights @ $0.35 (xr 24-Jul-09)
- CCT : 1-for-1 Rights @ $0.59 (xr 3-Jun-09)
- 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 : No Payout since 1H09 (Dec-08) ; Yield is Computed Using IPO Prospectus Figures of 5.3% @ $1 Which Excludes Bonus Div
- PLife : Annualised DPU = 7.56ct
- Fortune : DPU Not Paid Out as Semi-Annual Div Payout Policy
- CDLHTrust : Annualised DPU = 7.99ct ; DPU Not Paid Out as Semi-Annual Div Payout Policy
- FrasersComm : Annualised DPU = 2.92ct ; DPU Not Paid Out as Semi-Annual Div Payout Policy
- CCT : Annualised DPU = 13.14ct ; DPU Not Paid Out as Semi-Annual Div Payout Policy
- Suntec : Annualised DPU = 11.834ct
- StarHill Gbl : Annualised DPU = 7.58ct
- Cambridge : Annualised DPU = 5.236ct
- LMIR : Annualised DPU = 5.44ct
- FrasersCT : 95% Payout
- FirstREIT – Annualised DPU 7.62ct
- ART – Annualised DPU = 7.18ct ; DPU Not Paid Out as Semi-Annual Div Payout Policy
- KREIT : Annualised DPU = 9.65ct ; DPU Not Paid Out as Semi-Annual Div Payout Policy
- CRCT : Annualised DPU = 8.68ct ; DPU Not Paid Out as Semi-Annual Div Payout Policy
- AREIT : DPU = 2.5ct (21-Jan-09 to 31-Mar-09) + 0.73ct (1-Jan-09 to 20-Jan-09) Already Paid ; Performance Fees in Cash (Not in New Units) Else DPU = 3.8ct ; Preferential Offer 1-for-15 @ $1.16 + Private Placement (258M New Units) Right for DPU from 21-Jan-09 – Listed on 13-Feb-09
- CMT : Annualised DPU = 7.99ct ; NAV and DPU are Post-Rights Issue (9-for-10 @ $0.82) Right for Q1 DPU – Listed on 3-Apr-09
- CCT : FY09 DPU (Projected) = 12.34ct – SGX Annc 9-Jun-08 (Pg 23)
- 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% @ $1 (Excl. Bonus Div) / 6.51% (Incl Bonus Div)
- PLife : IPO Forecast – 2H07 : 3.3ct ; FY08 : 6.25ct ; FY09 : 6.39ct
|
Trust |
Period |
DPU ct |
Price |
Yield |
NAV |
Assets Type |
|---|---|---|---|---|---|---|
|
PacShipTr US$ |
Q1 : Mar-09 |
0.98 |
US$0.235 |
16.681% |
$0.38 |
Shipping Trust |
|
FSL Trust |
Q1 : Mar-09 |
2.45 |
S$0.61 |
23.244% |
$0.73 |
Shipping Trust |
|
Rickmers |
Q1 : Mar-09 |
2.14 |
S$0.525 |
23.590% |
$0.84 |
Shipping Trust |
NOTES :
- All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.4468:US$1 fm Yahoo Finance)
- Rickmers : 46% Payout
- PST : 90% Payout
- FSL : Annualised DPU 9.8ct (73% Payout)
- FSL : SGX Annc (21-Apr-09) Quarterly DPU Forecast – Q209 US2.45ct (75% Payout)
|
Trust |
Period |
DPU ct |
Price |
Yield |
NAV |
Assets Type |
|---|---|---|---|---|---|---|
|
CitySpring |
Q4 : Mar-09 |
1.75 |
$0.655 |
10.687% |
$0.28* |
Infrastructure – Water, Gas |
|
AscendasIndT |
2H : Mar-09 |
4.07 |
$0.69 |
11.797% |
$0.89 |
India – Industrial Park |
|
HWT |
Q1 : Mar-09 |
1.15 |
$0.53 |
8.679% |
$0.841 |
China – Water Plant |
|
Indiabulls |
FY09 : Mar-09 |
— |
$0.265 |
— |
$0.7377 |
India – Office |
NOTES :
- Indiabulls : No DPU Declared
- CitySpring : The Group NAV per unit before hedging and translation reserves is S$0.58
- CitySpring : DPU Forecast – FY10 (Mar) = 7ct
- HWT : DPU – Without Sponsor Waiver ; DPU Not Paid Out as Semi-Annual Div Payout Policy
- HWT : DPU Forecast – 1H09 = 2.56ct ; 2H09 = 2.86ct
- Indiabulls : Listing on 11-Jun-08 2PM
- Indiabulls : IPO Forecast – 5.12ct (FY09) 1,325.4Mil Units (2,371.7Mil Units Issued) Entitled to Div ; 9.82ct (FY10)