Author: tfwee
September 2008
|
REIT |
Period |
DPU ct |
Price |
Yield |
NAV |
Assets Type |
|---|---|---|---|---|---|---|
|
MI-REIT |
Q1 : Jun-08 |
2.35 |
S$0.49 |
19.184% |
S$1.30 |
Industrial |
|
Cambridge |
Q2 : Jun-08 |
1.561 |
S$0.435 |
14.432% |
S$0.79 |
Industrial |
|
CDL HTrust |
1H : Jun-08 |
5.89 |
S$0.86 |
13.767% |
S$1.61 |
Hotels |
|
AllCo |
1H : Jun-08 |
3.99 |
S$0.505 |
13.683% |
S$1.39 |
Malls + Office (S’pore and Aust) |
|
AscottREIT |
1H : Jun-08 |
4.52 |
S$0.705 |
12.823% |
S$1.57 |
Serviced Apts (Regional) |
|
First REIT |
Q2 : Jun-08 |
1.91 |
S$0.61 |
12.492% |
S$0.923 |
Hospitals + Hotel (Indonesia) |
|
Fortune |
1H : Jun-08 |
18.51 |
HK$3.01 |
12.299% |
HK$9.02 |
Malls (HK) |
|
LMIR |
Q2 : Jun-08 |
1.5 |
S$0.515 |
11.689% |
S$0.972 |
Malls – Indonesia |
|
Saizen |
FY08 – IPO |
5.30 |
S$0.47 |
11.277% |
S$1.05 |
Residential (Japan) |
|
Suntec |
Q3: Jun-08 |
2.793 |
S$1.16 |
9.684% |
S$2.24 |
Malls + Office |
|
CapitaRChina |
1H : Jun-08 |
2.72* |
S$0.72 |
9.431% |
S$1.07 |
Malls (China) |
|
FrasersCT |
Q3 : Jun-08 |
1.88 |
S$0.82 |
9.171% |
S$1.17 |
Malls |
|
MP REIT |
Q2 : Jun-08 |
1.78 |
S$0.825 |
8.679% |
S$1.60 |
Malls + Office |
|
A-REIT |
Q1 : Jun-08 |
3.89 |
S$1.87 |
8.321% |
S$1.85 |
Industrial |
|
K-REIT |
1H : Jun-08 |
3.94 |
S$0.96 |
8.229% |
S$2.22 |
Office |
|
MapleTree |
1H : Jun-08 (Rights – Proforma) |
2.93 |
S$0.73 |
8.027% |
S$0.83 |
Industrial |
|
CCT |
1H : Jun-08 |
5.19 |
S$1.31 |
7.969% |
S$3.12 |
Office |
|
PLife |
Q2 : Jun-08 |
1.66 |
S$0.975 |
6.821% |
S$1.34 |
Hospitals |
|
CMT |
Q2 : Jun-08 |
3.52 |
S$2.25 |
6.293% |
S$2.39 |
Malls + Office |
NOTES :
- Mkt Price is as on 30-Sep-08
- Saizen : Actual Payout 4.67ct as per IPO Forecast ; Yield is Computed Using IPO Prospectus Figures of 5.3% @ $1 Which Excludes Bonus Div
- MapleTree : Adjusted for 3-for-4 Rights @ $0.73 xri 23-Jul-08 Using 2H08 Proforma Figures ; Annualised DPU 5.86ct ; Rights Circular (28-Jul-08) – Refer to Pg A7-2 ; Expected Date of New Shares Issue is 22-Aug-08 & Trading Starts 25-Aug-08
- Suntec : Annualised DPU = 11.233ct
- MP REIT : Annualised DPU = 7.16ct
- CDL HTrust : Annualised DPU = 11.84ct
- CRCT : * For the Period 5-Feb-08 to 30-Jun-08 ; Annualised DPU 6.79ct ; Actual DPU for 1H08 = 3.25ct (Annualised 6.54ct)
- 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)
- Cambridge : Annualised DPU = 6.278ct
- LMIR : Annualised DPU = 6.02ct
- KREIT : Annualised DPU = 7.9ct ; Actual Payout = 1.39ct (8-May-08 to 30-Jun-08)
- PLife : Annualised DPU = 6.65ct
- CCT : Annualised DPU = 10.44ct
- First REIT : Annualised DPU = 7.62ct
- A-REIT : Annualised DPU = 15.56ct
- CMT : Annualised DPU = 14.16ct
- 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% @ $1 (Excl. Bonus Div) / 6.51% (Incl Bonus Div)
- PLife : IPO Forecast – 2H07 : 3.3ct ; FY08 : 6.25ct ; FY09 : 6.39ct
|
Trust |
Period |
DPU ct |
Price |
Yield |
NAV |
Assets Type |
|---|---|---|---|---|---|---|
|
PacShipTr US$ |
Q2 : Jun-08 |
1.09 |
US$0.34 |
12.824% |
$0.44 |
Shipping Trust |
|
FSL Trust |
Q2 : Jun-08 |
2.80 |
S$0.845 |
18.894% |
$0.88 |
Shipping Trust |
|
Rickmers |
Q2 : Jun-08 |
2.25 |
S$0.84 |
15.273% |
$0.99 |
Shipping Trust |
NOTES :
- All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.4255:US$1 fm Yahoo Finance)
- FSL : Annualised DPU 11.2ct
- 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)
|
Trust |
Period |
DPU ct |
Price |
Yield |
NAV |
Assets Type |
|---|---|---|---|---|---|---|
|
CitySpring |
Q1 : Jun-08 |
1.75 |
$0.74 |
9.459% |
$0.82 |
Infrastructure – Water, Gas |
|
AscendasIndT |
Q1 : Jun-08 |
1.65 |
$0.525 |
12.571% |
$1.01 |
India – Industrial Park |
|
HWT |
1H : Jun-08 |
2.17 |
$0.505 |
8.594% |
$0.75 |
China – Water Plant |
|
Indiabulls |
FY09 – IPO |
5.12 |
$0.49 |
10.449% |
– |
India – Office |
NOTES :
- HWT : DPU = 1.49ct if No Sponsor waiver
- ai-Trust : Div Not Paid Out as Semi-Annual 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 – September 2008
New Data (Major Shareholders) for the Month
- 25-Sep-08 : MP REIT – Morgan Stanley from 15.109% to 14.413% (23-Sep-08)
- 24-Sep-08 : Suntec – Temasek from 5.98% to 4.86% (17-Sep-08)
- 24-Sep-08 : MP REIT – Morgan Stanley from 14.089% to 15.109% (22-Sep-08)
- 22-Sep-08 : Fortune – Cohen from 5.008% to 4.978% (17-Sep-08)
- 10-Sep-08 : Mapletree – Alliance Global Properties from 4.93% to 5.01%
- 9-Sep-08 : MP REIT – Morgan Stanley from 13.193% to 14.089% (5-Sep-08)
- 8-Sep-08 : PLife – Matthews Int’l from 5.09% to 4.96% (5-Sep-08)
- 5-Sep-08 : Fortune – Schroder from 5.970% to 6.002% (2-Sep-08)
- 4-Sep-08 : Mapletree – UBS from 7% to 3.99% (22-Aug-08)
- 4-Sep-08 : FirstREIT – CIM Investment from 5.01% to 5.90% (22-Aug-08)
- 2-Sep-08 : LMIR – Penta from 10.17% to 11.11% (29-Aug-08)
|
REIT |
Assets |
Debts |
Gearing |
Shares |
Major Shareholders |
|---|---|---|---|---|---|
|
A-REIT |
S$4545M |
S$1800M |
40.5% |
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$1694M |
S$555M |
34.5% |
607,530,000 |
Temasek 47.17% |
|
Cambridge |
S$1000M |
S$369M |
36.9% |
796,405,934 |
Yap Chin Kon – 6.341% ; CWT 8.746% ; Capital Grp 7.06% ; Schroder 6.043% |
|
CapitaRChina |
S$1156M |
S$317M |
30.0% |
618,025,910 |
Capitaland 40.04% (CMT 20%) ; Capital Grp 13.9622% ; Stichting 7.75% |
|
CCT |
S$6310M |
S$2487M |
35.7% |
1,386,296,578 |
Temasek 31.97% ; Stitching 10.67% ; Cohen 5.036% |
|
CDL HTrust |
S$1657M |
S$280M |
20.3% |
826,190,058 |
Hong Leong 39.60% ; Istithmar Hotels 9.7% |
|
CMT |
S$6722M |
S$2231M |
37.7% |
1,664,985,381 |
Temasek 29.65% ; NTUC 6.84% ; Capital Group 6.0486% |
|
First REIT |
S$342M |
S$50.8M |
15.6% |
273,080,266 |
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$1075M |
S$317.5M |
29.5% |
620,204,194 |
F&N 51% ; Stitching 6.04% ; AIA 6.0126% |
|
K-REIT |
S$2075M |
S$581M |
27.7% |
649,452,305 |
Temasek 75.16% |
|
LMIR |
S$1334M |
S$125M |
10.2% |
1,063,993,187 |
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 13.16% ; UBS 9.51% ; Lion 7.30% ; USS 8.95% ; Indus 5.76% |
|
MapleTree |
S$2611M |
S$1461M |
56.3% |
1,108,180,172 |
Temasek 47.45% ; Capital Grp 7.14% ; BOA 5.34% ; Alliance Global Prop 5.01% |
|
MP REIT |
S$2281M |
S$658M |
28.9% |
955,186,069 |
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 11.71% ; JHYP 35.42% ; JHYP II 8.64% ; JPMorgan 8.00% ; Capital Grp 5.2462% |
|
Suntec |
S$5778M |
S$1814M |
31.4% |
1,704,342,473 |
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
