Author: tfwee

 

Performance – January 2008

STI -14.37% : 2981.75 (Jan-08) vs 3482.30 (2007)

Rank – Capital Gains

REIT

Jan-08

Dec-07

Gain

Fortune

HK$5.50

HK$5.21

5.6%

PLife

S$1.12

S$1.13

-0.9%

MMP

S$1.06

S$1.10

-3.6%

First REIT

S$0.73

S$0.77

-5.2%

Saizen

S$0.82

S$0.89

-7.9%

LMIR

S$0.60

S$0.665

-9.8%

Cambridge

S$0.635

S$0.71

-10.6%

CDL HTrust

S$2.09

S$2.35

-11.1%

A-REIT

S$2.17

S$2.46

-11.8%

Suntec

S$1.49

S$1.71

-12.9%

AscottREIT

S$1.26

S$1.45

-13.1%

CMT

S$2.96

S$3.46

-14.5%

CCT

S$2.08

S$2.44

-14.8%

MapleTree

S$0.92

S$1.09

-15.6%

FrasersCT

S$1.21

S$1.46

-17.1%

MI-REIT

S$0.90

S$1.10

-18.2%

AllCo

S$0.67

S$0.895

-25.1%

CapitaRChina

S$1.53

S$2.15

-28.8%

K-REIT

S$1.50

S$2.13

-29.6%

NOTES :

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

January 31, 2008 Performance No Comments »

January 2008

Results Announcement Dates

  • 16 Jan 08 (AM) – CRCT (Tables Updated)
  • 16 Jan 08 – FSL (Tables Updated)
  • 18 Jan 08 – AREIT (Tables Updated)
  • 22 Jan 08 (AM) – CMT (Tables Updated)
  • 22 Jan 08 (Noon) – FirstREIT (Tables Updated)
  • 22 Jan 08 – PST (Tables Updated)
  • 23 Jan 08 (AM) – AscottREIT (Tables Updated)
  • 23 Jan 08 – KREIT (Tables Updated)
  • 23 Jan 08 – FrasersCT (Tables Updated)
  • 23 Jan 08 – MapleTree (Tables Updated)
  • 23 Jan 08 – a-iTrust (Tables Updated)
  • 24 Jan 08 (AM) – CCT (Tables Updated)
  • 29 Jan 08 (AM) – Cambridge (Tables Updated)
  • 29 Jan 08 – Fortune (Tables Updated)
  • 30 Jan 08 (AM) – MMP (Tables Updated)
  • 30 Jan 08 – CDL HTrust (Tables Updated)
  • 30 Jan 08 – Suntec (Tables Updated)
  • 12 Feb 08 – Saizen
  • 13 Feb 08 – CitySpring

Average Yield = 6.801%

REIT

Period

DPU ct

Price

Yield

NAV

Assets Type

LMIR

FY08 – IPO

5.84

S$0.60

9.733%

S$0.91

 Malls – Indonesia

Cambridge

Q4 : Dec-07

1.258

S$0.635

9.641%

S$0.76

 Industrial

First REIT

Q4 : Dec-07

1.76

S$0.73

9.562%

S$0.924

 Hospitals + Hotel (Indonesia)

AllCo

Q3 : Sep-07

1.59

S$0.67

9.388%

S$1.34

 Malls + Office (S’pore and Aust)

MI-REIT

Q2 : Sep-07

1.86

S$0.90

8.200%

S$1.28

 Industrial

MapleTree

Q4 : Dec-07

1.78

S$0.92

7.739%

S$0.92

 Industrial

K-REIT

2H : Dec-07

4.99

S$1.50

6.653%

S$3.73

 Office

A-REIT

Q3 : Dec-07

3.56

S$2.17

6.562%

S$1.45

 Industrial

AscottREIT

2H : Dec-07

4.10

S$1.26

6.508%

S$1.60

 Serviced Apts (Regional)

Saizen

FY08 – IPO

5.30

S$0.82

6.463%

S$1.05

 Residential (Japan)

Fortune

2H : Dec-07

17.42

HK$5.50

6.335%

HK$9.04

 Malls (HK)

MMP

Q4 : Dec-07

1.68

S$1.06

6.292%

S$1.61

 Malls + Office

Suntec

Q1: Dec-07

2.2786

S$1.49

6.067%

S$2.24

 Malls + Office

PLife

2H07 : IPO

3.03

S$1.12

5.419%

S$1.25

 Hospitals

FrasersCT

Q1 : Dec-07

1.61

S$1.21

5.322%

S$1.16

 Malls

CMT

Q4 : Dec-07

2.34

S$2.96

5.247%

S$2.21

 Malls + Office

CDL HTrust

Q4 : Dec-07

2.76

S$2.09

5.239%

S$1.61

 Hotels

CapitaRChina

2H : Dec-07

3.51

S$1.53

4.588%

S$0.98

 Malls (China)

CCT

2H : Dec-07

4.47

S$2.08

4.264%

S$2.80

 Office

NOTES :

  • Mkt Price is as on 31-Jan-08
  • Suntec : Annualised DPU = 9.04ct ; Actual Payout 1.5738ct for the Period 31-Oct-07 to 31-Dec-07 (0.7048ct Already Paid for 1-Oct-07 to 30-Oct-07)
  • CDL HTrust : Annualised DPU (Q407) = 10.95ct ; Actual Payout = 4.61ct for Period 19-Jul-07 to 31-Dec-07
  • MMP : Annualised DPU = 6.67ct
  • Cambridge : Annualised DPU = 6.122ct for Period 18-Oct-07 to 31-Dec-07
  • CCT : Annualised DPU = 8.87ct
  • First REIT : Annualised DPU = 6.98ct
  • CMT : Annualised DPU = 15.53ct for Period 7-Nov-07 to 31-Dec-07
  • CapitaRChina : Annualised DPU = 7.02ct
  • 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)
  • Cambridge : Q307 – DPU 1.7ct ; Annualised DPU = 6.745ct ; Actual DPU Payout 2.01ct (for the period 1-Jul-07 to 17-Oct-07)
  • AllCo : Annualised DPU = 6.29ct ; No Div Payout (Semi-Annual Policy)
  • MI-REIT : Annualised DPU = 7.38ct
  • 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-07

1.10

$0.405

10.864%

$0.43

 Shipping Trust

FSL Trust

Q4 : Dec-07

2.42

S$1.02

13.446%

$0.92

 Shipping Trust

Rickmers

Q3 : Sep-07

2.14

S$1.06

11.441%

$1.01

 Shipping Trust

NOTES :

  • All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.4168:US$1 fm Yahoo Finance)
  • FSL : Annualised DPU 9.68ct
  • 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)

Other Trusts (non-REITs)

Trust

Period

DPU ct

Price

Yield

NAV

Assets Type

CitySpring

Q2 : Sep-07

1.60

$0.775

8.258%

$0.80

 Infrastructure – Water, Gas

AscendasIndT

Q3 : Dec-07

1.50

$1.07

5.607%

$1.14

 India – Industrial Park

HWT

FY08 : IPO

4.46

$0.73

6.110%

$0.73

 China – Water Plant

NOTES :

  • a-iTrust : No Div Payout (Semi-Annual Policy)
  • 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
January 31, 2008 Yield No Comments »

Gearing – January 2008

New data for the month,

  • 31-Jan-08 : CRCT – Capital Group from 11.1875% to 12.3678% (29-Jan-08)
  • 28-Jan-08 : LMIR – Penta from 7.87% to 8.00% (24-Jan-08)
  • 28-Jan-08 : MI-REIT – UBS from 20.51% to 19.62% (24-Jan-08)
  • 26- Jan-08 : MMP – Morgan Stanley from 10.899% to 9.963% (23-Jan-08)
  • 21-Jan-08 : AllCo – Capital Group from 10.8693% to 11.1221% (18-Jan-08)
  • 18-Jan-08 : Suntec – Morgan Stanley from 6.672% to 5.935% (15-Jan-08)
  • 17-Jan-08 : CRCT – Capital Group from 10.1021% to 11.1875% (15-Jan-08)
  • 14-Jan-08 : Suntec – UBS from 10.04% to 9.87% (10-Jan-07)
  • 8-Jan-08 : MI-REIT – UBS 19.53% (4-Jan-08)

REIT

Assets

Debts

Gearing

Shares

Major Shareholders

A-REIT

S$3420M

S$1285M

38.9%

1,325,560,491

Ascendas 20.8% ; MGM 6.5% ; Capital Grp 5.82%

AllCo

S$1527M

S$509M

33.3%

700,731,701

AllCo 16.054% ; Capital Grp 11.1221% ; Farallon 9.86% ; Enso 5.997%

AscottREIT

S$1689M

S$529M

33.3%

606,227,000

Temasek 47.17%

Cambridge

S$961M

S$337M

35.1%

794,007,861

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

CapitaRChina

S$810M

S$232M

29.7%

476,371,133

Capitaland 40.04% (CMT 20%) ; PGGM 10% ; Capital Grp 11.1875%

CCT

S$5279M

S$1262M

23.9%

1,384,692,369

Temasek 31.97% ; Stitching 10.67% ; Cohen 5.036%

CDL HTrust

S$1657M

S$292M

18.7%

824,131,917

Hong Leong 39.49% ; Istithmar Hotels 9.7%

CMT

S$5957M

S$1893M

34.7%

1,662,974,378

Temasek 29.65% ; NTUC 6.84%

First REIT

S$340.9M

S$50.7M

15.5%

272,307,220

Lippo 20.3% ; RZB 9.2%

Fortune

HK$9992M

HK$2349M

23.5%

812,266,047

Cheung Kong 32.35% ; Stitching 14.9% ; Temasek 6.93% ; Capital Grp 6.8% ; Cohen 7.047%

FrasersCT

S$1053M

S$307.5M

29.2%

618,502,846

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

K-REIT

S$2088M

S$1132M

53.9%

247,183,528

Temasek 73.04%

LMIR

S$1105M

S$0M

0%

1,060,414,000

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

MacCookIReit

S$362M

S$26M

7.8%

260,610,510

UBS 19.62% ; Lion 8.00% ; USS 8.45% ; Indus 5.76% ; MacCook 5%

MapleTree

S$2446M

S$1296M

53.4%

1,108,180,172

Temasek 31.96% ; Capital Grp 7.14% ; UBS 6.92%

MMP

S$2278M

S$661M

29.0%

952,517,317

MacQuarie 26.3% ; Morgan Stanley 9.963% ; AIA 10.998%

PLife

S$787M

S$34M

4.3%

601,418,000

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$5719M

S$1802M

31.4%

1,696,715,328

UBS 9.87% ; Morgan Stanley 5.935% ; Shaw 5.81% ; Cheng YT 5.81% ; Temasek 5.98% ; Perennial 5.24%

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 31, 2008 Gearing No Comments »

Phillip – 23 Jan 2008

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January 23, 2008 Analysts No Comments »

Lim and Tan – 18 Jan 2008

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January 18, 2008 Analysts No Comments »