Author: tfwee

 

UOBKH – 3 Jun 2008

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Link – Summary of Report

June 3, 2008 Analysts No Comments »

Performance – May 2008

STI -8.31% : 3192.62 (May -08) vs 3482.30 (2007)

Rank – Capital Gains

REIT

May-08

Dec-07

Gain

PLife

SGD$ 1.24

SGD$ 1.13

9.73%

MMP

SGD$ 1.20

SGD$ 1.10

9.09%

Cambridge

SGD$ 0.73

SGD$ 0.71

2.11%

A-REIT

SGD$ 2.45

SGD$ 2.46

-0.41%

Suntec

SGD$ 1.67

SGD$ 1.71

-2.34%

CMT

SGD$ 3.31

SGD$ 3.46

-4.34%

Fortune

HKD$ 4.98

HKD$ 5.21

-4.41%

First REIT

SGD$ 0.73

SGD$ 0.77

-5.84%

AllCo

SGD$ 0.84

SGD$ 0.90

-6.70%

CCT

SGD$ 2.25

SGD$ 2.44

-7.79%

MapleTree

SGD$ 1.00

SGD$ 1.09

-8.26%

FrasersCT

SGD$ 1.32

SGD$ 1.46

-9.59%

MI-REIT

SGD$ 0.96

SGD$ 1.10

-12.73%

AscottREIT

SGD$ 1.25

SGD$ 1.45

-13.79%

Saizen

SGD$ 0.75

SGD$ 0.89

-15.73%

LMIR

SGD$ 0.56

SGD$ 0.67

-16.54%

CDL HTrust

SGD$ 1.95

SGD$ 2.35

-17.02%

K-REIT

SGD$ 1.47

SGD$ 2.13

-30.99%

CapitaRChina

SGD$ 1.45

SGD$ 2.15

-32.56%

NOTES :

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

May 30, 2008 Performance No Comments »

May 2008

Results Announcement

  • 5-May-08 : Rickmers (Table Updated)
  • 6-May-08 : PLife (Tables Updated)
  • 6-May-08 : Fortune (Tables Updated)
  • 6-May-08 : AllCo (Tables Updated)
  • 8-May-08 : HWT (Table Updated)
  • 12-May-08 : Saizen (Tables Not Updated – No DPU data)
  • 21-May-08 : MI-REIT (Tables Updated)
  • 28-May-08 : CitySpring (Tables Updated)

Average Yield = 6.801%

REIT

Period

DPU ct

Price

Yield

NAV

Assets Type

LMIR

Q1 : Mar-08

2.20*

S$0.555

10.883%

S$0.958

 Malls – Indonesia

First REIT

Q1 : Mar-08

1.85

S$0.725

10.345%

S$0.924

 Hospitals + Hotel (Indonesia)

MI-REIT

Q4 : Mar-08

2.22

S$0.96

9.302%

S$1.29

 Industrial

Cambridge

Q1 : Mar-08

1.588

S$0.725

8.810%

S$0.76

 Industrial

AllCo

Q1 : Mar-08

1.60

S$0.835

7.689%

S$1.44

 Malls + Office (S’pore and Aust)

MapleTree

Q1 : Mar-08

1.90

S$1.00

7.600%

S$0.90

 Industrial

AscottREIT

Q1 : Mar-08

2.33

S$1.25

7.456%

S$1.57

 Serviced Apts (Regional)

Saizen

FY08 – IPO

5.30

S$0.75

7.067%

S$1.05

 Residential (Japan)

Fortune

Q1 : Mar-08

8.79

HK$4.98

7.060%

HK$8.91

 Malls (HK)

Suntec

Q2: Mar-08

2.5185

S$1.67

6.065%

S$2.23

 Malls + Office

A-REIT

Q4 : Mar-08

3.69

S$2.45

6.024%

S$1.80

 Industrial

MMP

Q1 : Mar-08

1.76

S$1.20

5.900%

S$1.59

 Malls + Office

CDL HTrust

Q1 : Mar-08

2.86

S$1.95

5.897%

S$1.58

 Hotels

FrasersCT

Q2 : Mar-08

1.75

S$1.32

5.303%

S$1.17

 Malls

PLife

Q1 : Mar-08

1.62

S$1.24

5.234%

S$1.34

 Hospitals

K-REIT

FY08 – Rights

7.53

S$1.47

5.122%

S$2.29

 Office

CCT

Q1 : Mar-08

2.59

S$2.25

4.631%

S$2.79

 Office

CapitaRChina

Q1 : Mar-08

1.02*

S$1.45

4.593%

S$1.05

 Malls (China)

CMT

Q1 : Mar-08

3.48

S$3.31

4.230%

S$2.21

 Malls + Office

NOTES :

  • Mkt Price is as on 30-May-08
  • MI-REIT : Annualised DPU = 8.93ct
  • AllCo : Annualised DPU = 6.42ct ; Div Not Paid Out as Semi-Annual Policy
  • Fortune : Div Not Paid Out as Semi-Annual Policy
  • PLife : Annualised DPU = 6.49ct
  • Suntec : Annualised DPU = 10.129ct
  • CDL HTrust : Annualised DPU = 11.5ct ; Div Not Paid Out as Semi-Annual Policy
  • MMP : Annualised DPU = 7.08ct
  • LMIR : Annualised DPU = 6.04ct ; For the Period 8-Aug-07 to 31-Mar-08
  • CCT : Annualised DPU = 10.42ct ; Div Not Paid Out as Semi-Annual Policy
  • Cambridge : Annualised DPU = 6.387ct
  • CRCT : * For the Period 5-Feb-08 to 31-Mar-08 ; Annualised DPU 6.66ct ; Div Not Paid Out as Semi-Annual Policy ; Actual DPU for Q108 = 1.55ct (Annualised 6.22ct)
  • AscottREIT : Div Not Paid Out as Semi-Annual Policy
  • First REIT : Annualised DPU = 7.5ct
  • CMT : Annualised DPU = 14ct
  • KREIT : FY08 DPU Forecast 7.53ct (8-for-5 Rights @ $1.39)
  • CapitaRChina : Annualised DPU = 7.02ct ; Actual Payout 4.04cts (1-Jul-07 to 4-Feb-08)
  • 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$

Q1 : Mar-08

0.97

$0.410

9.463%

$0.42

 Shipping Trust

FSL Trust

Q1 : Mar-08

2.59

S$1.20

11.791%

$0.88

 Shipping Trust

Rickmers

Q1 : Mar-08

2.14

S$1.12

10.439%

$0.96

 Shipping Trust

NOTES :

  • All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.3658:US$1 fm Yahoo Finance)
  • FSL : Annualised DPU 10.36ct
  • FSL : SGX Annc (12-May-08) Quarterly DPU Forecast – Q208 US2.77ct ; Q308 US3.05ct
  • Rickmers : Annualised DPU 8.56ct
  • 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

Q4 : Mar-08

1.60

$0.81

7.901%

$0.81

 Infrastructure – Water, Gas

AscendasIndT

2H : Mar-08

3.14

$1.10

5.709%

$1.08

 India – Industrial Park

HWT

Q1 : Mar-08

0.87

$0.73

4.767%

$0.74

 China – Water Plant

NOTES :

  • HWT : Div Not Paid Out as Semi-Annual Policy
  • 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
May 30, 2008 Yield No Comments »

Gearing – May 2008

New Data (Major Shareholders) for the Month

  • 28-May-08 : CMT – Capital Group from 4.8031% to 5.2722% (23-May-08)
  • 26-May-08 : MMP – AIA from 10.96% to 11.11% (21-May-08)
  • 22-May-08 : MI-REIT – UBS from 12.2% to 11.99% (20-May-08)
  • 13-May-08 : Fortune – Cohen from 6.007% to 5.857% (6-May-08)
  • 10-May-08 : K-REIT – Temasek from 73.09% to 75.16% (8-May-08)
  • 7-May-08 : MI-REIT – UBS from 13.18% to 12.86% (2-May-08)
  • 6-May-08 : K-REIT – Temasek from 72.86% to 73.09% (30-Apr-08)
  • 2-May-08 : K-REIT – Temasek from 73.04% to 72.86% (28-Apr-08)
  • 2-May-08 : MI-REIT – UBS from 12.88% to 13.19% (29-Apr-08)

    REIT

    Assets

    Debts

    Gearing

    Shares

    Major Shareholders

    A-REIT

    S$4205M

    S$1562M

    38.2%

    1,325,560,491

    Ascendas 26.77% ; Capital Grp 5.82%

    AllCo

    S$2046M

    S$917M

    44.8%

    709,598,320

    AllCo 17.28% ; Capital Grp 9.8707% ; Farallon 9.86%

    AscottREIT

    S$1675M

    S$527M

    33.0%

    606,796,000

    Temasek 47.17%

    Cambridge

    S$971M

    S$358M

    36.9%

    795,255,329

    Yap Chin Kon – 6.341% ; CWT 8.746% ; Capital Grp 7.06% ; Schroder 6.043%

    CapitaRChina

    S$1148M

    S$348M

    30.9%

    617,517,873

    Capitaland 40.04% (CMT 20%) ; Capital Grp 13.3277% ; Stichting 7.75%

    CCT

    S$5455M

    S$1466M

    26.9%

    1,385,415,169

    Temasek 31.97% ; Stitching 10.67% ; Cohen 5.036%

    CDL HTrust

    S$1657M

    S$304M

    19.5%

    825,074,177

    Hong Leong 39.60% ; Istithmar Hotels 9.7%

    CMT

    S$6028M

    S$1911M

    35.3%

    1,663,931,632

    Temasek 29.65% ; NTUC 6.84% ; Capital Group 5.2722%

    First REIT

    S$342M

    S$50.8M

    15.6%

    272,565,915

    Lippo 20.3% ; RZB 9.2%

    Fortune

    HK$9942M

    HK$2349M

    23.6%

    813,690,240

    Cheung Kong 32.35% ; Stitching 14.9% ; Temasek 6.93% ; Capital Grp 6.8% ; Cohen 5.857% ; Schroder 5.014%

    FrasersCT

    S$1060M

    S$307.5M

    29.0%

    619,319,175

    F&N 51% ; Stitching 6.04% ; AIA 5.04%

    K-REIT

    S$2083M

    S$581M

    27.7%

    651,491,000

    Temasek 75.16%

    LMIR

    S$1314M

    S$125M

    10.2%

    1,061,518,901

    Lippo 27.1% ; MapleTree 12.0% ; CPI-Capital 8.5% ; Penta Investments 8.0% ; ABN AMRO 6.51%

    MacCookIReit

    S$569M

    S$222M

    40.0%

    260,962,730

    MacCook 13.16% ; UBS 11.99% ; Lion 8.54% ; USS 8.45% ; Indus 5.76%

    MapleTree

    S$2499M

    S$1360M

    54.7%

    1,108,180,172

    Temasek 31.96% ; Capital Grp 7.14%

    MMP

    S$2293M

    S$664M

    29.0%

    953,847,716

    MacQuarie 26.3% ; Morgan Stanley 10.345% ; AIA 11.11%

    PLife

    S$855M

    S$34M

    3.98%

    601,886,000

    Newbridge 44.9% (Parkway + TPG Capital) ; Sunil 6.03% ; Matthews Int’l Capital 5.09%

    Saizen

    S$627M

    S$206M

    30.0%

    450,817,000

    Central Top 11.71% ; JHYP 35.42% ; JHYP II 8.64% ; JPMorgan 8.00% ; Capital Grp 5.2462%

    Suntec

    S$5835M

    S$1877M

    32.2%

    1,700,500,646

    Perennial 6.09% ; Temasek 5.98% ; 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
    May 28, 2008 Gearing No Comments »

    April 2008

    Results Announcement

    • 4-Apr-08 : KREIT – xri 8-for-5 rights @ $1.39 ; FY08 DPU (Forecast) 7.53ct (Table updated)
    • 18-Apr-08 : AREIT (Tables Updated)
    • 21-Apr-08 : KREIT (Tables Not Updated, Using Rights Circular Data)
    • 22-Apr-08 (AM) : CMT (Tables Updated)
    • 22-Apr-08 (AM) : FirstREIT (Tables Updated)
    • 22-Apr-08 : PST (Tables Updated)
    • 23-Apr-08 (AM) : AscottREIT (Tables Updated)
    • 23-Apr-08 : FSL (Tables Updated)
    • 23-Apr-08 : FrasersCT (Tables Updated)
    • 24-Apr-08 (AM) : CRCT (Tables Updated)
    • 24-Apr-08 : MapleTree (Tables Updated)
    • 25-Apr-08 (AM) : Cambridge (Tables Updated)
    • 25-Apr-08 (AM) : CCT (Tables Updated)
    • 28-Apr-08 : LMIR (Tables Updated)
    • 29-Apr-08 : MMP (Tables Updated)
    • 30-Apr-08 (Lunch) : CDL HTrust (Tables Updated)
    • 30-Apr-08 : a-iTrust (Tables Updated)
    • 30-Apr-08 : Suntec (Tables Updated)
    • 5-May-08 : Rickmers
    • 6-May-08 : PLife
    • 8-May-08 : HWT
    • 12-May-08 : Saizen

    Average Yield = 6.782%

    REIT

    Period

    DPU ct

    Price

    Yield

    NAV

    Assets Type

    LMIR

    Q1 : Mar-08

    2.20*

    S$0.57

    10.596%

    S$0.958

    		 Malls – Indonesia

    First REIT

    Q1 : Mar-08

    1.85

    S$0.72

    10.417%

    S$0.924

    		 Hospitals + Hotel (Indonesia)

    AllCo

    2H : Dec-07

    3.74

    S$0.81

    9.235%

    S$1.45

    		 Malls + Office (S’pore and Aust)

    Cambridge

    Q1 : Mar-08

    1.588

    S$0.70

    9.124%

    S$0.76

    		 Industrial

    MI-REIT

    Q3 : Dec-07

    1.92

    S$0.95

    8.021%

    S$1.30

    		 Industrial

    MapleTree

    Q1 : Mar-08

    1.90

    S$1.03

    7.379%

    S$0.90

    		 Industrial

    Saizen

    FY08 – IPO

    5.30

    S$0.755

    7.020%

    S$1.05

    		 Residential (Japan)

    AscottREIT

    Q1 : Mar-08

    2.33

    S$1.33

    7.008%

    S$1.57

    		 Serviced Apts (Regional)

    Fortune

    2H : Dec-07

    17.42

    HK4.98

    6.996%

    HK$9.04

    		 Malls (HK)

    Suntec

    Q2: Mar-08

    2.5185

    S$1.51

    6.708%

    S$2.23

    		 Malls + Office

    CDL HTrust

    Q1 : Mar-08

    2.86

    S$1.92

    5.990%

    S$1.58

    		 Hotels

    MMP

    Q1 : Mar-08

    1.76

    S$1.23

    5.756%

    S$1.59

    		 Malls + Office

    A-REIT

    Q4 : Mar-08

    3.69

    S$2.57

    5.743%

    S$1.80

    		 Industrial

    FrasersCT

    Q2 : Mar-08

    1.75

    S$1.23

    5.691%

    S$1.17

    		 Malls

    PLife

    Q4 : Dec-07

    2.27

    S$1.24

    5.097%

    S$1.34

    		 Hospitals

    K-REIT

    FY08 – Rights

    7.53

    S$1.51

    4.987%

    S$2.29

    		 Office

    CCT

    Q1 : Mar-08

    2.59

    S$2.24

    4.652%

    S$2.79

    		 Office

    CapitaRChina

    Q1 : Mar-08

    1.02*

    S$1.51

    4.411%

    S$1.05

    		 Malls (China)

    CMT

    Q1 : Mar-08

    3.48

    S$3.48

    4.023%

    S$2.21

    		 Malls + Office

    NOTES :

    • Mkt Price is as on 30-Apr-08
    • Suntec : Annualised DPU = 10.129ct
    • CDL HTrust : Annualised DPU = 11.5ct ; Div Not Paid Out as Semi-Annual Policy
    • MMP : Annualised DPU = 7.08ct
    • LMIR : Annualised DPU = 6.04ct ; For the Period 8-Aug-07 to 31-Mar-08
    • CCT : Annualised DPU = 10.42ct ; Div Not Paid Out as Semi-Annual Policy
    • Cambridge : Annualised DPU = 6.387ct
    • CRCT : * For the Period 5-Feb-08 to 31-Mar-08 ; Annualised DPU 6.66ct ; Div Not Paid Out as Semi-Annual Policy ; Actual DPU for Q108 = 1.55ct (Annualised 6.22ct)
    • AscottREIT : Div Not Paid Out as Semi-Annual Policy
    • First REIT : Annualised DPU = 7.5ct
    • CMT : Annualised DPU = 14ct
    • KREIT : FY08 DPU Forecast 7.53ct (8-for-5 Rights @ $1.39)
    • CapitaRChina : Annualised DPU = 7.02ct ; Actual Payout 4.04cts (1-Jul-07 to 4-Feb-08)
    • PLife : Annualised DPU = 6.32ct ; Actual Payout 2.27ct for the Period 23-Aug-07 to 31-Dec-07
    • MI-REIT : Annualised DPU = 7.62ct
    • AllCo : Q407 DPU 2.2ct ; Annualised = 8.77ct ; Annualised Yield = 13.090% @ $0.67 if this DPU is used
    • 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$

    Q1 : Mar-08

    0.97

    $0.415

    9.349%

    $0.42

    		 Shipping Trust

    FSL Trust

    Q1 : Mar-08

    2.59

    S$1.05

    13.430%

    $0.88

    		 Shipping Trust

    Rickmers

    Q4 : Dec-07

    2.14

    S$1.06

    10.992%

    $1.07

    		 Shipping Trust

    NOTES :

    • All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.3611:US$1 fm Yahoo Finance)
    • FSL : Annualised DPU 10.36ct
    • Rickmers : Annualised DPU 8.56ct
    • FSL : SGX Annc (9-Nov-07) Quarterly DPU Forecast (Pg 16) – 2.418ct (Q407) ; 2.608ct (FY08) ; 2.608ct (1H09)
    • FSL : SGX Annc (21-Apr-08) Quarterly DPU Forecast – Q208 (+US0.16ct) ; Q308 (+US0.28ct)

    Other Trusts (non-REITs)

    Trust

    Period

    DPU ct

    Price

    Yield

    NAV

    Assets Type

    CitySpring

    Q3 : Dec-07

    1.60

    $0.785

    8.153%

    $0.81

    		 Infrastructure – Water, Gas

    AscendasIndT

    2H : Mar-08

    3.14

    $1.18

    5.322%

    $1.08

    		 India – Industrial Park

    HWT

    FY08 : IPO

    4.46

    $0.68

    6.559%

    $0.73

    		 China – Water Plant

    NOTES :

    • 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
    April 30, 2008 Yield No Comments »