Author: tfwee

 

February 2009

Result Announcement:

  • 3 Feb 09 (AM) : LMIR (Tables Updated)
  • 9 Feb 09 (AM) : MI-REIT (Tables Updated)
  • 9 Feb 09 : Rickmers (Table Updated)
  • 13 Feb 09 : CitySpring (Table Updated)
  • 13 Feb 09 : Saizen (Tables Updated)
  • 14 Feb 09 : IndiaBulls (Table Updated – NAV Only)
  • 20-Feb 09 : HWT (Table Updated)

Average Yield = 19.652% / 16.889% (Excl. Saizen, MI-REIT & LMIR)

REIT

Period

DPU ct

Price

Yield

NAV

Assets Type

Saizen

FY08 – IPO

5.30

S$0.10

53.000%

S$1.04

Residential (Japan)

MI-REIT

Q3 : Dec-08

2.35

S$0.215

43.721%

S$1.27

Industrial

FrasersComm

2H : Dec-08

2.36

S$0.16

29.500%

S$0.97

Malls + Office (S’pore and Aust)

AscottREIT

2H : Dec-08

4.28

S$0.36

23.778%

S$1.47

Serviced Apts (Regional)

Cambridge

Q4 : Dec-08

1.373

S$0.23

23.748%

S$0.74

Industrial

Suntec

Q1: Dec-08

2.858

S$0.575

19.720%

S$1.984

Malls + Office

K-REIT

2H : Dec-08

5.07

S$0.54

18.778%

S$2.19

Office

CDL HTrust

2H : Dec-08

4.73

S$0.51

18.549%

S$1.42

Hotels

First REIT

Q4 : Dec-08

1.94

S$0.445

17.439%

S$0.9321

Hospitals + Hotel (Indonesia)

Fortune

2H : Dec-08

18.51

HK$2.27

16.308%

HK$7.58

Malls (HK)

Starhill Gbl

Q4 : Dec-08

1.85

S$0.465

15.828%

S$1.42

Malls + Office

CCT

2H : Dec-08

5.81

S$0.755

15.311%

S$2.92

Office

MapleTree

Q4 : Dec-08

1.46

S$0.39

14.974%

S$0.87

Industrial

A-REIT

Q3 : Dec-08

4.05

S$1.26

12.857%

S$1.77

Industrial

CapitaRChina

2H : Dec-08

4.28

S$0.67

12.776%

S$1.21

Malls (China)

FrasersCT

Q1 : Dec-08

1.67

S$0.61

10.951%

S$1.22

Malls

CMT

Q4 : Dec-08

3.65

S$1.43

10.154%

S$2.41

Malls + Office

PLife

Q4 : Dec-08

1.84

S$0.77

9.558%

S$1.32

Hospitals

LMIR

Q4 : Dec-08

0.3

S$0.185

6.432%

S$0.7113

Malls – Indonesia

NOTES :

  • Mkt Price is as on 27-Feb-09
  • Saizen : No Payout for 1H09 (Dec-08) ; Yield is Computed Using IPO Prospectus Figures of 5.3% @ $1 Which Excludes Bonus Div
  • LMIR : Annualised DPU = 1.19ct
  • Cambridge : Annualised DPU = 5.462ct
  • CDL HTrust : 90% Payout
  • StarHill Gbl : Annualised DPU = 7.36ct
  • PLife : Annualised DPU = 7.36ct
  • FrasersCT : 90% Payout
  • Suntec : Annualised DPU = 11.339ct
  • CMT : Annualised DPU = 14.52ct
  • FrasersComm : Q$08 DPU 1.26ct (Annualised 5.01ct) ; Above Yield Table Uses 2H08 DPU Payout
  • CRCT : Q408 DPU 2.27ct (Annualised 9.03ct) ; Above Yield Table Uses 2H08 DPU Payout
  • CCT : Annualised DPU = 11.56ct
  • 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-08

0.93

US$0.15

24.800%

$0.40

Shipping Trust

FSL Trust

Q4 : Dec-08

3.08

S$0.345

55.179%

$0.75

Shipping Trust

Rickmers

Q4 : Dec-08

2.25

S$0.345

40.310%

$0.82

Shipping Trust

NOTES :

  • All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.5452:US$1 fm Yahoo Finance)
  • FSL : Annualised DPU 12.32ct
  • FSL : SGX Annc (21-Jan-09) Quarterly DPU Forecast – Q109 US2.45ct (75-80% Payout)

Other Trusts (non-REITs)

Trust

Period

DPU ct

Price

Yield

NAV

Assets Type

CitySpring

Q3 : Dec-08

1.75

$0.51

13.725%

$0.11*

Infrastructure – Water, Gas

AscendasIndT

Q3 : Dec-08

2.02

$0.52

15.538%

$0.94

India – Industrial Park

HWT

2H : Dec-08

1.91

$0.32

11.938%

$0.80

China – Water Plant

Indiabulls

FY09 – IPO

5.12

$0.18

28.444%

$1.1337

India – Office

NOTES :

  • HWT : Actual Payout DPU = 2.79ct Due to Sponsor Waiver
  • HWT : FY09 DPU Forecast = 5.42ct
  • CitySpring : The Group NAV per unit before hedging and translation reserves is S$0.60
  • a-iTrust : DPU Not Paid as Semi-Annual Payout Policy
  • 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)
  • HWT : IPO Forecast – 2.09ct (1H08) ; 4.88ct (FY08) / SGX Annc – Pg 12 (Distribution Statement)
  • HWT : Listing on 3-Dec-07 2PM
  • HWT : IPO Forecast – 4.46ct (FY08) – Sponsor (25% s/h) undertaken to waive entitlement to distributions, else DPU 3.34ct (Yield 4.282% @ $0.78) ; 5.06ct (FY09) – Yield 6.744% @ $0.78

Gearing – February 2009

New Data (Major Shareholders) for the Month

  • 26 Feb 09 : LMIR – Sumitomo Mitusi from 4.97% to 5.03% (23-Feb-09)
  • 23 Feb 09 : Saizen – Cube Capital from 5.09% to 6.01% (19-Feb-09)
  • 5 Feb 09 : Saizen – UBS from 5.79% to 6.02% (2-Feb-09)
  • 4 Feb 09 : StarHill Gbl – Morgan Stanley from 11.990% to 10.977% (30-Jan-09)
  • 3 Feb 09 : FrasersComm – Capital Group from 10.117% to 9.856% (29-Jan-09)

    REIT

    Assets

    Debts

    Gearing

    Shares

    Major Shareholders

    A-REIT

    S$4610M

    S$1915M

    42.2%

    1,331,763,013

    Ascendas 22.71% ; Capital Grp 5.82% ; FMR 5.54%

    AscottREIT

    S$1688M

    S$614M

    38.3%

    610,814,472

    Temasek 47.17%

    Cambridge

    S$978M

    S$369M

    37.8%

    796,405,934

    Yap Chin Kon – 6.341% ; CWT 8.746% ; Capital Grp 5.9153% ; Schroder 6.054% ; Hunter Hall Inv 5.20%

    CapitaRChina

    S$1326M

    S$415M

    32.8%

    620,477,985

    Capitaland 40.04% (CMT 20%) ; Capital Grp 12.9051% ; Stichting 7.75%

    CCT

    S$6871M

    S$2587M

    37.6%

    1,397,239,150

    Temasek 31.97% ; Stitching 10.67% ; Cohen 5.036%

    CDL HTrust

    S$1502M

    S$273M

    18.2%

    830,518,509

    Hong Leong 40.06%

    CMT

    S$7509M

    S$3157M

    43.2%

    1,668,568,961

    Temasek 29.65% ; NTUC 6.84%

    First REIT

    S$340M

    S$50.8M

    15.6%

    274,138,566

    Lippo 20.3% ; RZB 9.2% ; CIM 5.9%

    Fortune

    HK$8882M

    HK$2349M

    26.4%

    820,818,975

    Cheung Kong 32.35% ; Stitching 14.9% ; Temasek 6.93% ; Schroder 6.002%

    FrasersCT

    S$1129M

    S$322M

    28.5%

    622,911,992

    F&N 51% ; Stitching 6.04% ; AIA 6.0126%

    FrasersComm

    S$1758M

    S$957M

    54.4%

    736,046,964

    F&N 20.66% ; Capital Grp 9.856% ; Farallon 9.86%

    K-REIT

    S$2092M

    S$577M

    27.6%

    652,724,165

    Temasek 75.16%

    LMIR

    S$1006M

    S$125M

    12.4%

    1,067,525,766

    Lippo 27.1% ; MapleTree 12.0% ; Penta Investments 13.07% ; CPI-Capital 8.5% ; ABN AMRO 6.51% ; Sumitomo 5.03%

    MacCookIReit

    S$566M

    S$225M

    39.7%

    261,715,845

    MacCook 15.21% ; UBS 5.76% ; Lion 6.98% ; USS 8.95%

    MapleTree

    S$3046M

    S$1159M

    38.5%

    1,939,315,301

    Temasek 47.45% ; Capital Grp 7.14% ; BOA 7.05% ; Alliance Global Prop 5.01%

    PLife

    S$1081M

    S$251M

    23.3%

    602,750,000

    Newbridge 44.9% (Parkway + TPG Capital) ; Sunil 6.03%

    Saizen

    JPY57,992M

    JPY26,634M

    36.5%

    451,986,693

    Central Top 7.776% ; JHYP 23.511% ; UBS 6.02% ; Cube Capital 6.01%

    Starhill Gbl

    S$2163M

    S$671M

    31.0%

    960,680,104

    YTL 26.03% ; Morgan Stanley 10.977% ; AIA 11.11%

    Suntec

    S$5414M

    S$1877M

    34.3%

    1,716,766,520

    Perennial 6.27% ; 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

    January 2009

    Result Announcement:

    • 15 Jan 09 : A-Reit (Tables Updated)
    • 19 Jan 09 : K-REIT (Tables Updated)
    • 20 Jan 09 (AM) : CCT (Tables Updated)
    • 20 Jan 09 : PST (Tables Updated)
    • 21 Jan 09 (AM) : CRCT (Tables Updated)
    • 21 Jan 09 : Fortune (Tables Updated)
    • 21 Jan 09 (Noon) : FSL (Table Updated)
    • 22 Jan 09 (AM) : FCOT (Tables Updated)
    • 22 Jan 09 (AM) : FirstREIT (Tables Updated)
    • 22 Jan 09 (AM) : CMT (Tables Updated)
    • 22 Jan 09 : Mapletree (Tables Updated)
    • 23 Jan 09 (AM) : Suntec (Tables Updated)
    • 23 Jan 09 (AM) : ART (Tables Updated)
    • 23-Jan-09 : FrasersCT (Tables Updated)
    • 29 Jan 09 : PLife (Tables Updated)
    • 29 Jan 09 : a-iTrust (Table Updated)
    • 30 Jan 09 (AM) : StarHill Gbl (Tables Updated)
    • 30 Jan 09 : CDL HTrust (Tables Updated)
    • 31 Jan 09 : Cambridge (Tables Updated)
    • 9 Feb 09 : MI-REIT
    • 13 Feb 09 : CitySpring
    • 13 Feb 09 : Saizen

    Average Yield = 17.831% / 14.791% (Excl. Saizen & MI-REIT)

    REIT

    Period

    DPU ct

    Price

    Yield

    NAV

    Assets Type

    Saizen

    FY08 – IPO

    5.30

    S$0.105

    50.476%

    S$1.05

    Residential (Japan)

    MI-REIT

    Q2 : Sep-08

    2.35

    S$0.255

    36.863%

    S$1.30

    Industrial

    LMIR

    Q3 : Sep-08

    1.6

    S$0.285

    22.281%

    S$0.9598

    Malls – Indonesia

    FrasersComm

    2H : Dec-08

    2.36

    S$0.23

    20.522%

    S$0.97

    Malls + Office (S’pore and Aust)

    Cambridge

    Q4 : Dec-08

    1.373

    S$0.285

    19.165%

    S$0.74

    Industrial

    First REIT

    Q4 : Dec-08

    1.94

    S$0.45

    17.244%

    S$0.9321

    Hospitals + Hotel (Indonesia)

    Suntec

    Q1: Dec-08

    2.858

    S$0.66

    17.180%

    S$1.984

    Malls + Office

    Fortune

    2H : Dec-08

    18.51

    HK$2.25

    16.453%

    HK$7.58

    Malls (HK)

    K-REIT

    2H : Dec-08

    5.07

    S$0.625

    16.224%

    S$2.19

    Office

    AscottREIT

    2H : Dec-08

    4.28

    S$0.56

    15.286%

    S$1.47

    Serviced Apts (Regional)

    MapleTree

    Q4 : Dec-08

    1.46

    S$0.385

    15.169%

    S$0.87

    Industrial

    CDL HTrust

    2H : Dec-08

    4.73

    S$0.65

    14.554%

    S$1.42

    Hotels

    Starhill Gbl

    Q4 : Dec-08

    1.85

    S$0.515

    14.291%

    S$1.42

    Malls + Office

    CCT

    2H : Dec-08

    5.81

    S$0.955

    12.105%

    S$2.92

    Office

    CapitaRChina

    2H : Dec-08

    4.28

    S$0.725

    11.807%

    S$1.21

    Malls (China)

    A-REIT

    Q3 : Dec-08

    4.05

    S$1.46

    11.096%

    S$1.77

    Industrial

    FrasersCT

    Q1 : Dec-08

    1.67

    S$0.69

    9.681%

    S$1.22

    Malls

    PLife

    Q4 : Dec-08

    1.84

    S$0.79

    9.316%

    S$1.32

    Hospitals

    CMT

    Q4 : Dec-08

    3.65

    S$1.60

    9.075%

    S$2.41

    Malls + Office

    NOTES :

    • Mkt Price is as on 30-Jan-09
    • Cambridge : Annualised DPU = 5.462ct
    • CDL HTrust : 90% Payout
    • StarHill Gbl : Annualised DPU = 7.36ct
    • PLife : Annualised DPU = 7.36ct
    • FrasersCT : 90% Payout
    • Suntec : Annualised DPU = 11.339ct
    • CMT : Annualised DPU = 14.52ct
    • FrasersComm : Q$08 DPU 1.26ct (Annualised 5.01ct) ; Above Yield Table Uses 2H08 DPU Payout
    • CRCT : Q408 DPU 2.27ct (Annualised 9.03ct) ; Above Yield Table Uses 2H08 DPU Payout
    • CCT : Annualised DPU = 11.56ct
    • LMIR : Annualised DPU = 6.35ct
    • Saizen : Actual Payout 4.67ct as per IPO Forecast ; Yield is Computed Using IPO Prospectus Figures of 5.3% @ $1 Which Excludes Bonus Div
    • KREIT : FY08 DPU Forecast 7.53ct (8-for-5 Rights @ $1.39)
    • 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-08

    0.93

    US$0.15

    24.800%

    $0.40

    Shipping Trust

    FSL Trust

    Q4 : Dec-08

    3.08

    S$0.43

    43.240%

    $0.75

    Shipping Trust

    Rickmers

    Q3 : Sep-08

    2.25

    S$0.37

    36.710%

    $0.96

    Shipping Trust

    NOTES :

    • All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.5092:US$1 fm Yahoo Finance)
    • FSL : Annualised DPU 12.32ct
    • FSL : SGX Annc (21-Jan-09) Quarterly DPU Forecast – Q109 US2.45ct (75-80% Payout)

    Other Trusts (non-REITs)

    Trust

    Period

    DPU ct

    Price

    Yield

    NAV

    Assets Type

    CitySpring

    Q2 : Sep-08

    1.75

    $0.52

    13.462%

    $0.52

    Infrastructure – Water, Gas

    AscendasIndT

    Q3 : Dec-08

    2.02

    $0.515

    15.689%

    $0.94

    India – Industrial Park

    HWT

    Q3 : Sep-08

    1.3

    $0.30

    17.333%

    $0.78

    China – Water Plant

    Indiabulls

    FY09 – IPO

    5.12

    $0.20

    25.600%

    $1.185

    India – Office

    NOTES :

    • a-iTrust : DPU Not Paid as Semi-Annual Payout Policy
    • HWT : DPU = 0.91ct if No Sponsor waiver ; DPU Not Paid Out as Semi-Annual Payout Policy
    • 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)
    • HWT : IPO Forecast – 2.09ct (1H08) ; 4.88ct (FY08) / SGX Annc – Pg 12 (Distribution Statement)
    • HWT : Listing on 3-Dec-07 2PM
    • HWT : IPO Forecast – 4.46ct (FY08) – Sponsor (25% s/h) undertaken to waive entitlement to distributions, else DPU 3.34ct (Yield 4.282% @ $0.78) ; 5.06ct (FY09) – Yield 6.744% @ $0.78

    Gearing – January 2009

    New Data (Major Shareholders) for the Month

    • 23-Jan-09 : AREIT – FMR from 3.91% to 5.54% (21-Jan-09)
    • 20-Jan-09 : CMT – Capital Group from 5.8260% to 4.8401% (14-Jan-09)
    • 8-Jan-09 : CMT – Capital Group from 6.8822% to 5.8260% (6-Jan-09)
    • 8-Jan-08 : CDLHTrust – Istithmar from 9.375% To 0% (5-Jan-09)
    • 6-Jan-09 : Saizen – JPMorgan from 5.31% to 4.42% (5-Jan-09)
    • 5-Jan-09 : Saizen – JPMorgan from 6.86% to 5.31% (2-Jan-09)

      REIT

      Assets

      Debts

      Gearing

      Shares

      Major Shareholders

      A-REIT

      S$4610M

      S$1915M

      42.2%

      1,331,763,013

      Ascendas 22.71% ; Capital Grp 5.82% ; FMR 5.54%

      AscottREIT

      S$1688M

      S$614M

      38.3%

      610,814,472

      Temasek 47.17%

      Cambridge

      S$978M

      S$369M

      37.8%

      796,405,934

      Yap Chin Kon – 6.341% ; CWT 8.746% ; Capital Grp 5.9153% ; Schroder 6.054% ; Hunter Hall Inv 5.20%

      CapitaRChina

      S$1326M

      S$415M

      32.8%

      620,477,985

      Capitaland 40.04% (CMT 20%) ; Capital Grp 12.9051% ; Stichting 7.75%

      CCT

      S$6871M

      S$2587M

      37.6%

      1,397,239,150

      Temasek 31.97% ; Stitching 10.67% ; Cohen 5.036%

      CDL HTrust

      S$1502M

      S$273M

      18.2%

      830,518,509

      Hong Leong 39.60%

      CMT

      S$7509M

      S$3157M

      43.2%

      1,668,568,961

      Temasek 29.65% ; NTUC 6.84%

      First REIT

      S$340M

      S$50.8M

      15.6%

      274,138,566

      Lippo 20.3% ; RZB 9.2% ; CIM 5.9%

      Fortune

      HK$8882M

      HK$2349M

      26.4%

      820,818,975

      Cheung Kong 32.35% ; Stitching 14.9% ; Temasek 6.93% ; Schroder 6.002%

      FrasersCT

      S$1129M

      S$322M

      28.5%

      622,911,992

      F&N 51% ; Stitching 6.04% ; AIA 6.0126%

      FrasersComm

      S$1758M

      S$957M

      54.4%

      736,046,964

      F&N 20.66% ; Capital Grp 10.117% ; Farallon 9.86%

      K-REIT

      S$2092M

      S$577M

      27.6%

      652,724,165

      Temasek 75.16%

      LMIR

      S$1322M

      S$125M

      9.5%

      1,065,959,234

      Lippo 27.1% ; MapleTree 12.0% ; Penta Investments 13.07% ; CPI-Capital 8.5% ; ABN AMRO 6.51%

      MacCookIReit

      S$568M

      S$222M

      39.6%

      261,339,834

      MacCook 15.21% ; UBS 5.76% ; Lion 6.98% ; USS 8.95%

      MapleTree

      S$3046M

      S$1159M

      38.5%

      1,939,315,301

      Temasek 47.45% ; Capital Grp 7.14% ; BOA 7.05% ; Alliance Global Prop 5.01%

      PLife

      S$1081M

      S$251M

      23.3%

      602,750,000

      Newbridge 44.9% (Parkway + TPG Capital) ; Sunil 6.03%

      Saizen

      JPY57,459M

      JPY24,787M

      36.5%

      450,817,000

      Central Top 7.776% ; JHYP 23.511%

      Starhill Gbl

      S$2163M

      S$671M

      31.0%

      960,680,104

      YTL 26.03% ; Morgan Stanley 12.929% ; AIA 11.11%

      Suntec

      S$5414M

      S$1877M

      34.3%

      1,716,766,520

      Perennial 6.27% ; 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

      Performance – January 2009

      STI -0.86% : 1746.47 (Jan-09) vs 1761.56 (2008)

      Rank – Capital Gains

      REIT

      Jan-09

      Dec-08

      Gain

      CapitaRChina

      S$0.725

      S$0.60

      20.8%

      Fortune

      HK$2.25

      HK$1.99

      13.1%

      First REIT

      S$0.45

      S$0.405

      11.1%

      MapleTree

      S$0.385

      S$0.35

      10.0%

      FrasersCT

      S$0.69

      S$0.63

      9.5%

      CCT

      S$0.955

      S$0.895

      6.7%

      A-REIT

      S$1.46

      S$1.37

      6.6%

      PLife

      S$0.79

      S$0.76

      3.9%

      Cambridge

      S$0.285

      S$0.275

      3.6%

      CMT

      S$1.60

      S$1.59

      0.6%

      MI-REIT

      S$0.255

      S$0.255

      0.0%

      StarHill Gbl

      S$0.515

      S$0.52

      -1.0%

      FrasersComm

      S$0.23

      S$0.235

      -2.1%

      AscottREIT

      S$0.56

      S$0.58

      -3.4%

      Suntec

      S$0.66

      S$0.71

      -7.0%

      LMIR

      S$0.285

      S$0.31

      -8.1%

      K-REIT

      S$0.625

      S$0.70

      -10.7%

      CDL HTrust

      S$0.65

      S$0.73

      -11.0%

      Saizen

      S$0.105

      S$0.13

      -19.2%

      NOTES :

      • Not Adjusted for Rights or New Issues Which May Be at a Discount
      • Jan-09 : End Jan-09 Mkt Price
      • Dec-08 : End Dec-08 Mkt Price
      • Gain : Capital Gains = (Jan-09 Mkt Price – Dec-08 Mkt Price) / (Dec-08 Mkt Price)