Author: tfwee

 

Performance – October 2008

STI -48.48% : 1794.20 (Oct08) vs 3482.30 (2007)

Rank – Capital Gains

REIT

Oct-08

Dec-07

Gain

PLife

S$0.74

S$1.13

-34.5%

A-REIT

S$1.58

S$2.46

-35.8%

CMT

S$1.90

S$3.46

-45.1%

First REIT

S$0.405

S$0.77

-47.4%

MP REIT

S$0.52

S$1.10

-52.7%

FrasersCT

S$0.68

S$1.46

-53.4%

Suntec

S$0.695

S$1.71

-59.4%

CCT

S$0.98

S$2.44

-59.8%

LMIR

S$0.255

S$0.665

-61.7%

MapleTree

S$0.415

S$1.09

-61.9%

Fortune

HK$1.95

HK$5.21

-62.6%

MI-REIT

S$0.40

S$1.10

-63.6%

K-REIT

S$0.76

S$2.13

-64.3%

Cambridge

S$0.245

S$0.71

-65.5%

AscottREIT

S$0.47

S$1.45

-67.6%

CDL HTrust

S$0.66

S$2.35

-71.9%

FrasersComm

S$0.245

S$0.895

-72.6%

Saizen

S$0.24

S$0.89

-73.0%

CapitaRChina

S$0.54

S$2.15

-74.9%

NOTES :

  • Not Adjusted for Rights or New Issues Which May Be at a Discount
  • Oct-08 : End Oct-08 Mkt Price
  • Dec-07 : End Dec-07 Mkt Price
  • Gain : Capital Gains = (Oct-08 Mkt Price – Dec-07 Mkt Price) / (Dec-07 Mkt Price)

October 31, 2008 Performance No Comments »

October 2008

Result Announcement

  • 17 Oct 08 – AREIT (Tables Updated)
  • 20 Oct 08 – KREIT (Tables Updated)
  • 21 Oct 08 (AM) – CMT (Tables Updated)
  • 21 Oct 08 (AM) – FirstREIT (Tables Updated)
  • 21 Oct 08 (AM) – FSL (Table Updated)
  • 21 Oct 08 – Mapletree (Tables Updated)
  • 22 Oct 08 (AM) – ART (Tables Updated)
  • 22 Oct 08 – PST (Table Updated)
  • 23 Oct 08 (AM) – CCT (Table Updated)
  • 23 Oct 08 – FrasersCT (Table Updated)
  • 28 Oct 08 – LMIR (Tables Updated)
  • 29 Oct 08 (AM) – CRCT (Tables Updated)
  • 29 Oct 08 – CDLHTrust (Tables Updated)
  • 29 Oct 08 – MP REIT (Tables Updated)
  • 30 Oct 08 (AM) – Cambridge (Tables Updated)
  • 30 Oct 08 – a-iTrust (Table Updated)
  • 30 Oct 08 – Suntec (Tables Updated)
  • 31 Oct 08 – Rickmers (Table Updated)
  • 4 Nov 08 – PLife
  • 4 Nov 08 – Fortune
  • 7 Nov 08 – MI-REIT
  • 11 Nov 08 – Cityspring

Average Yield = 16.964%

REIT

Period

DPU ct

Price

Yield

NAV

Assets Type

FrasersComm

1H : Jun-08

3.99

S$0.245

28.204%

S$1.39

 Malls + Office (S’pore and Aust)

LMIR

Q3 : Sep-08

1.6

S$0.255

24.902%

S$0.9598

 Malls – Indonesia

Cambridge

Q3 : Sep-08

1.49

S$0.245

24.196%

S$0.76

 Industrial

MI-REIT

Q1 : Jun-08

2.35

S$0.40

23.500%

S$1.30

 Industrial

AscottREIT

Q3 : Sep-08

2.61

S$0.47

22.213%

S$1.58

 Serviced Apts (Regional)

Saizen

FY08 – IPO

5.30

S$0.24

22.083%

S$1.05

 Residential (Japan)

Fortune

1H : Jun-08

18.51

HK$1.95

18.985%

HK$9.02

 Malls (HK)

First REIT

Q3 : Sep-08

1.92

S$0.405

18.765%

S$0.9214

 Hospitals + Hotel (Indonesia)

CDL HTrust

Q3 : Sep-08

2.93

S$0.66

17.667%

S$1.56

 Hotels

Suntec

Q4: Sep-08

2.854

S$0.695

16.335%

S$2.232

 Malls + Office

CapitaRChina

Q3 : Sep-08

2.01

S$0.54

14.833%

S$1.16

 Malls (China)

MP REIT

Q3 : Sep-08

1.78

S$0.52

13.615%

S$1.59

 Malls + Office

MapleTree

Q3 : Sep-08

1.84

S$0.415

13.413%

S$0.84

 Industrial

CCT

Q3 : Sep-08

3.10

S$0.98

12.582%

S$3.11

 Office

K-REIT

Q3 : Sep-08

2.34

S$0.76

12.211%

S$2.19

 Office

FrasersCT

Q4 : Sep-08

2.05

S$0.68

12.059%

S$1.24

 Malls

A-REIT

Q2 : Sep-08

4.01

S$1.58

10.152%

S$1.81

 Industrial

PLife

Q2 : Jun-08

1.66

S$0.74

8.986%

S$1.34

 Hospitals

CMT

Q3 : Sep-08

3.64

S$1.90

7.621%

S$2.39

 Malls + Office

NOTES :

  • Mkt Price is as on 31-Oct-08
  • Suntec : Annualised DPU = 11.353ct
  • Cambridge : Annualised DPU = 5.928ct
  • CDL HTrust : Annualised DPU = 11.66ct ; DPU Not Paid as Semi-Annual Payout Policy
  • MP REIT : Annualised DPU = 7.08ct
  • CRCT : Annualised DPU 8.01ct ; DPU Not Paid as Semi-Annual Payout Policy
  • LMIR : Annualised DPU = 6.35ct
  • FrasersCT : DPU = 1.59ct + 0.46ct (Income retained from previous quarters)
  • CCT : Annualised DPU = 12.33ct ; DPU Not Paid as Semi-Annual Payout Policy
  • AscottREIT : DPU Not Paid as Semi-Annual Payout Policy
  • MapleTree : Uses MLT-A DPU 0.61ct (Issued on 22-Aug-08) to Compute Annualised Yield in Above Table
  • First REIT : Annualised DPU = 7.60ct
  • CMT : Annualised DPU = 14.48ct
  • KREIT : Annualised DPU = 9.28ct ; DPU Not Paid as Semi-Annual Payout Policy
  • Saizen : Actual Payout 4.67ct as per IPO Forecast ; Yield is Computed Using IPO Prospectus Figures of 5.3% @ $1 Which Excludes Bonus Div
  • AllCo : Annualised DPU = 6.91ct (Computed based on the amount available for distribution less the one-off gains on derivative financial instruments of S$3.9 million realised in 2Q2008 – Pg 1 Foot Note 5)
  • PLife : Annualised DPU = 6.65ct
  • 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$

Q3 : Sep-08

1.0953

 US$0.20

21.906%

$0.40

 Shipping Trust

FSL Trust

Q3 : Sep-08

3.05

S$0.50

36.200%

$0.77

 Shipping Trust

Rickmers

Q3 : Sep-08

2.25

S$0.42

31.791%

$0.96

 Shipping Trust

NOTES :

  • All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.4836:US$1 fm Yahoo Finance)
  • FSL : Annualised DPU 12.2ct
  • FSL : SGX Annc (12-May-08) Quarterly DPU Forecast – Q208 US2.77ct ; Q308 US3.05ct
  • Rickmers : SGX Annc (5-May-08) Quarterly DPU Forecast (Pg 7) – US 2.25ct (Q308)

Other Trusts (non-REITs)

Trust

Period

DPU ct

Price

Yield

NAV

Assets Type

CitySpring

Q1 : Jun-08

1.75

$0.52

13.462%

$0.82

 Infrastructure – Water, Gas

AscendasIndT

1H : Sep-08

3.47

$0.48

14.458%

$0.99

 India – Industrial Park

HWT

1H : Jun-08

2.17

$0.345

12.580%

$0.75

 China – Water Plant

Indiabulls

FY09 – IPO

5.12

$0.14

36.571%

–

 India – Office

NOTES :

  • HWT : DPU = 1.49ct if No Sponsor waiver
  • 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
October 31, 2008 Yield No Comments »

Gearing – October 2008

New Data (Major Shareholders) for the Month

  • 29-Oct-08 : CRCT – Capital Group from 13.9622% to 12.9051% (21-Oct-08)
  • 27-Oct-08 : MP REIT – MacarthurCook from 14.73% to 15.21% (24-Oct-08)
  • 23-Oct-08 : Saizen – Central Top from 11.663% to 7.776% (21-Oct-08)
  • 23-Oct-08 : Saizen – JHYP from 35.267% to 23.511% (21-Oct-08)
  • 23-Oct-08 : Saizen – JHYP II from 8.602% to 5.735% (21-Oct-08)
  • 21-Oct-08 : MI-REIT – MacArthurCook from 13.16% to 14.73% (20-Oct-08)
  • 20-Oct-08 : Cambridge – Capital Grp from 7.0648% to 6.8167% (16-Oct-08)
  • 20-Oct-08 : CMT – Capital Grp from 6.0486% to 7.0226% (15-Oct-08)
  • 15-Oct-08 : Cambridge – Schroders from 6.075% to 5.988% (10-Oct-08)
  • 2-Oct-08 : Cambridge – UBS from 1.97% to 5.38% (29-Sep-08)
  • 2-Oct-08 : Saizen – Capital Group from 5.2462% to 4.9203% (30-Sep-08)

    REIT

    Assets

    Debts

    Gearing

    Shares

    Major Shareholders

    A-REIT

    S$4572M

    S$1866M

    41.4%

    1,329,618,440

    Ascendas 26.77% ; Capital Grp 5.82%

    AllCo

    S$1998M

    S$888M

    44.4%

    714,641,958

    Frasers 18.273% ; Capital Grp 10.117% ; Farallon 9.86%

    AscottREIT

    S$1707M

    S$567M

    34.9%

    608,411,063

    Temasek 47.17%

    Cambridge

    S$983M

    S$369M

    37.6%

    796,405,934

    Yap Chin Kon – 6.341% ; CWT 8.746% ; Capital Grp 6.8167% ; Schroder 5.988% ; UBS 5.38%

    CapitaRChina

    S$1227M

    S$344M

    31.0%

    619,045,885

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

    CCT

    S$7013M

    S$2544M

    36.3%

    1,393,357,852

    Temasek 31.97% ; Stitching 10.67% ; Cohen 5.036%

    CDL HTrust

    S$1637M

    S$297M

    19.3%

    828,108,487

    Hong Leong 39.60% ; Istithmar Hotels 9.7%

    CMT

    S$7378M

    S$2500M

    43.3%

    1,666,310,130

    Temasek 29.65% ; NTUC 6.84% ; Capital Group 7.0226%

    First REIT

    S$341M

    S$50.8M

    15.6%

    273,671,344

    Lippo 20.3% ; RZB 9.2% ; CIM 5.9%

    Fortune

    HK$10042M

    HK$2341M

    23.4%

    815,301,841

    Cheung Kong 32.35% ; Stitching 14.9% ; Temasek 6.93% ; Capital Grp 6.8% ; Schroder 6.002%

    FrasersCT

    S$1127M

    S$317.5M

    28.1%

    621,376,519

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

    K-REIT

    S$2069M

    S$577M

    27.6%

    649,452,305

    Temasek 75.16%

    LMIR

    S$1322M

    S$125M

    9.5%

    1,065,959,234

    Lippo 27.1% ; MapleTree 12.0% ; Penta Investments 11.11% ; CPI-Capital 8.5% ; ABN AMRO 6.51%

    MacCookIReit

    S$570M

    S$220M

    39.6%

    261,189,282

    MacCook 15.21% ; UBS 9.51% ; Lion 7.30% ; USS 8.95% ; Indus 5.76%

    MapleTree

    S$2797M

    S$1023M

    36.9%

    1,939,315,301

    Temasek 47.45% ; Capital Grp 7.14% ; BOA 5.34% ; Alliance Global Prop 5.01%

    MP REIT

    S$2293M

    S$663M

    28.9%

    957,083,544

    MacQuarie 26.3% ; Morgan Stanley 14.413% ; AIA 11.11%

    PLife

    S$917M

    S$94M

    10.25%

    602,086 ,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% ; JHYP II 5.735% ; JPMorgan 8.00%

    Suntec

    S$5833M

    S$1860M

    31.9%

    1,709,199,474

    Perennial 5.08% ; Shaw 5.81% ; Cheng YT 5.81%

    Notes :

    • MapleTree : Not Adjusted for 3-for-4 Rights @ $0.73. New Shares Expected to be Issue on 22-Aug-08 and Starts Trading on 25-Aug-08 ; Proforma Figures – Debts $1062M / Gearing 36.8%
    • 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
    October 30, 2008 Gearing No Comments »

    OCBC – 9 Oct 2008

    Click on the table below for a bigger view,

    Link – Report Summary

    October 9, 2008 Analysts No Comments »

    Performance – September 2008

    STI -32.26% : 2358.91 (Sep08) vs 3482.30 (2007)

    Rank – Capital Gains

    REIT

    Sep-08

    Dec-07

    Gain

    PLife

    S$0.975

    S$1.13

    -13.7%

    First REIT

    S$0.61

    S$0.77

    -20.8%

    LMIR

    S$0.515

    S$0.665

    -22.6%

    A-REIT

    S$1.87

    S$2.46

    -24.0%

    MP REIT

    S$0.825

    S$1.10

    -25.0%

    Suntec

    S$1.16

    S$1.71

    -32.2%

    MapleTree

    S$0.73

    S$1.09

    -33.0%

    CMT

    S$2.25

    S$3.46

    -35.0%

    Cambridge

    S$0.435

    S$0.71

    -38.7%

    Fortune

    HK$3.01

    HK$5.21

    -42.2%

    AllCo

    S$0.505

    S$0.895

    -43.6%

    FrasersCT

    S$0.82

    S$1.46

    -43.8%

    CCT

    S$1.31

    S$2.44

    -46.3%

    Saizen

    S$0.47

    S$0.89

    -47.2%

    AscottREIT

    S$0.705

    S$1.45

    -51.4%

    K-REIT

    S$0.96

    S$2.13

    -54.9%

    MI-REIT

    S$0.49

    S$1.10

    -55.5%

    CDL HTrust

    S$0.86

    S$2.35

    -63.4%

    CapitaRChina

    S$0.72

    S$2.15

    -66.5%

    NOTES :

    • Not Adjusted for Rights or New Issues Which May Be at a Discount
    • Sep-08 : End Sep-08 Mkt Price
    • Dec-07 : End Dec-07 Mkt Price
    • Gain : Capital Gains = (Sep-08 Mkt Price – Dec-07 Mkt Price) / (Dec-07 Mkt Price)

    September 30, 2008 Performance No Comments »