Author: tfwee
September 2009
NOTE : For Fortune, Proforma data (from Rights Issue) are used for Yield computation. Please refer to “NOTES” at the bottom of the table for more info.
REITs : Average Yield = 8.428% (Excl. Saizen)
| REIT |
Period
|
DPU ct |
Price
|
Yield
|
NAV
|
Assets Type
|
| MI-REIT |
Q1 : Jun-09
|
1.51
|
S$0.38
|
15.895%
|
S$1.07
|
Industrial |
| Cambridge |
Q2 : Jun-09
|
1.345
|
S$0.455
|
11.857%
|
S$0.62
|
Industrial |
| First REIT |
Q2 : Jun-09
|
1.92
|
S$0.67
|
11.433%
|
S$0.9282
|
Hospitals + Hotel (Indonesia) |
| LMIR |
Q2 : Jun-09
|
1.3
|
S$0.46
|
11.304%
|
S$0.7393
|
Malls – Indonesia |
| Suntec |
Q2 : Jun-09
|
2.977
|
S$1.06
|
11.265%
|
S$1.956
|
Malls + Office |
| Fortune |
1H09 (Proforma – Rights)
|
12.03
|
HK$2.58
|
9.326%
|
HK$4.98
|
Malls (HK) |
| K-REIT |
1H : Jun-09
|
4.99
|
S$1.18
|
8.542%
|
S$2.17
|
Office |
| MapleTree |
Q2 : Jun-09
|
1.48
|
S$0.77
|
7.688%
|
S$0.89
|
Industrial |
| A-REIT |
Q1 : Jun-09
|
3.62
|
S$1.93
|
7.503%
|
S$1.58
|
Industrial |
| AscottREIT |
1H : Jun-09
|
3.55
|
S$0.965
|
7.358%
|
S$1.36
|
Serviced Apts (Regional) |
| FrasersCT |
Q3 : Jun-09
|
1.94
|
S$1.15
|
6.748%
|
S$1.23
|
Malls |
| CapitaRChina |
1H : Jun-09
|
4.08
|
S$1.22
|
6.746%
|
S$1.12
|
Malls (China) |
| FrasersComm |
Q1 : Mar09 (Proforma – Rights)
|
1.06
|
S$0.16
|
6.625%
|
S$0.26
|
Malls + Office (S’pore + Aust) |
| PLife |
Q2 : Jun-09
|
1.89
|
S$1.16
|
6.509%
|
S$1.32
|
Hospitals |
| CCT |
1H : Jun-09
|
3.33
|
S$1.04
|
6.462%
|
S$1.50
|
Office |
| Starhill Gbl |
FY08 (Proforma – Rights)
|
3.85
|
S$0.60
|
6.417%
|
S$0.802
|
Malls + Office |
| CDL HTrust |
1H : Jun-09
|
3.86
|
S$1.44
|
5.403%
|
S$1.42
|
Hotels |
| CMT |
Q2 : Jun-09
|
2.13
|
S$1.85
|
4.616%
|
S$1.56
|
Malls + Office |
| Saizen |
2H : Jun-09
|
—
|
S$0.145
|
—
|
S$0.40
|
Residential (Japan) |
NOTES :
- Mkt Price is as on 30-Sep-09
- Saizen : No Payout since 1H09 (Dec-08) ; SGX Annc Pg21 : The Board expects Saizen REIT will start accumulating cash for distribution from the last quarter of FY2010 or first quarter of FY2011
- Fortune : Proposed 1-for-1 Rights @ HK$2.29 ; 1H09 (Proforma) – DPU HK12.03ct (Yield 7.52% @ TERP HK$3.20) ; NAV HK$4.98
- Cambridge : Private Placement – 71.14Mil Shares @ $0.392 ; Listing on 13-Aug-09 9am
- AREIT : Private Placement – 185Mil Shares @ $1.63 ; Listing on 20-Aug-09 2pm ; Gearing 29.3%
- PLife : Annualised DPU = 7.55ct
- CDLHTrust : Annualised DPU = 7.78ct
- Suntec : Annualised DPU = 11.941ct
- StarHill Gbl : Annualised DPU = 7.62ct
- FrasersComm : Annualised DPU = 2.9ct
- CMT : Annualised DPU = 8.54ct
- Cambridge : Annualised DPU = 5.395ct
- CRCT : Annualised DPU = 8.23ct
- FirstREIT : Annualised DPU 7.66ct
- CCT : Annualised DPU = 6.72ct ; Q209 DPU 1.71ct (Annualised 6.86ct)
- KREIT : Annualised DPU = 10.08ct
- FCOT : 3-for-1 Rights @ $0.095 (xr 27-Jul-09) ; Circular (29-May-09) : Mar09 (Proforma) – DPU 1.77ct (Yield 7.251% @ $0.825 theoretical ex-rights price) ; NAV $1.51 ; Gearing 30.7% Circular (30-Jun-09) ; Mar09 (Proforma) – DPU 1.06ct Annualised (Yield 8% @ $0.131 theoretical ex-rights price) ; NAV $0.26 ; Gearing 38.5% ; New Shares Listing – 27 Aug 09
- StarHill Gbl : 1-for-1 Rights @ $0.35 (xr 17-Jul-09) ; Circular (22-Jun-09) : FY08 (Proforma) – DPU 3.85ct (Yield 7.8% @ $0.495 theoretical ex-rights price) ; NAV $0.802; Gearing 20.7% ; New Shares Listing – 19 Aug 09
- CCT : 1-for-1 Rights @ $0.59 (xr 3-Jun-09) ;
- Saizen : 11-for-10 Rights @ $0.09 with Attached Warrants (xr 4-May-09)
- CMT : 9-for-10 Rights @ $0.82 (xr 4-Mar-09)
- CCT : FY09 DPU (Projected) = 12.34ct – SGX Annc 9-Jun-08 (Pg 23)
- 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% @ $1 (Excl. Bonus Div) / 6.51% (Incl Bonus Div)
- PLife : IPO Forecast – 2H07 : 3.3ct ; FY08 : 6.25ct ; FY09 : 6.39ct
Shipping Trusts (non-REITs)
|
Trust
|
Period
|
DPU ct |
Price
|
Yield
|
NAV
|
Assets Type
|
|
PacShipTr US$
|
Q2 : Jun-09
|
0.99
|
US$0.265 |
14.943%
|
$0.39
|
Shipping Trust |
|
FSL Trust
|
Q3 : Sep-09 (Guidance)
|
1.50
|
S$0.605
|
13.962%
|
$0.71
|
Shipping Trust |
|
Rickmers
|
Q2 : Jun-09
|
0.6
|
S$0.38
|
8.891%
|
$0.87
|
Shipping Trust |
NOTES :
- All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.4078:US$1 fm Yahoo Finance)
- Rickmers : 13% Payout
- FSL : SGX Annc (21-Jul-09) Quarterly DPU Forecast – Q309 US1.5ct (50% Payout)
- FSL : Q209 DPU = US2.45ct ; Annualised DPU 9.8ct (73% Payout)
- PST : 90% Payout
Other Trusts (non-REITs)
|
Trust
|
Period
|
DPU ct |
Price
|
Yield
|
NAV
|
Assets Type
|
|
CitySpring
|
Q1 : Jun-09 (Proforma – Rights)
|
1.0
|
$0.575
|
6.957%
|
$0.43*
|
Infrastructure – Water, Gas |
|
AscendasIndT
|
Q1 : Jun-09
|
2.06
|
$0.87
|
9.471%
|
$0.86
|
India – Industrial Park |
|
HWT
|
1H : Jun-09
|
2.56
|
$0.69
|
7.420%
|
$0.80
|
China – Water Plant |
|
Indiabulls
|
Q1 : Jun-09
|
—
|
$0.37
|
—
|
$0.7461
|
India – Office |
NOTES :
- IndiaBulls : Proposed 53-for-100 Rights @ $0.16 (xr 2-Oct-09) ; Circular (10-Sep-09) ; TERP $0.258 (Mkt $0.31) ; NAV $0.54
- CitySpring : Proposed 1-for-1 Rights @ $0.48 (xr 25-Aug-09) ; Circular (21-Aug-09) ; DPU = 1ct (Proforma Q109) ; Yield 6.349% ; TERP $0.63 (Mkt $0.78) ; NAV $0.28
- HWT : DPU = 2.56ct (With Sponsor Waiver) ; Sponsor DPU = 1.77ct
- CitySpring : The Group NAV per unit before hedging and translation reserves is S$0.61
- a-iTrust : DPU Not Paid Out as Semi-Annual Div Payout Policy
- Indiabulls : No DPU Declared
- CitySpring : DPU Forecast – FY10 (Mar) = 7ct
- HWT : DPU Forecast – 1H09 = 2.56ct ; 2H09 = 2.86ct
- 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)
Gearing – September 2009
New Data (Major Shareholders) for the Month
- 25 Sep 09 : Saizen – Cube Capital From 4.755 % To 5.039 % (24-Sep-09)
- 24 Sep 09 : A-REIT – ING from 4.746% to 5.12% (18-Sep-09)
- 23 Sep 09 : Cambridge – Hunter Hall From 5.28 % To 4.91 % (17-Sep-09)
- 15 Sep 09 : CDL H-Trust – Credit Suisse From 7.1669 % To 6.8682 % (11-Sep-09)
- 14 Sep 09 : FCT – Capital Group From 5.3372 % To 6.5836 % (11-Sep-09)
- 11 Sep 09 : FCT – Capital Group from 4.8578 % to 5.3372 % (9-Sep-09)
| REIT |
Assets
|
Debts
|
Gearing
|
Shares
|
Major Shareholders
|
| A-REIT |
S$4599M
|
S$1609M
|
35.5%
|
1,684,920,057
|
Ascendas 20.66% ; Capital Grp 5.82% ; ING 5.12%
|
| AscottREIT |
S$1647M
|
S$631M
|
40.7%
|
615,042,000
|
Temasek 48.0%
|
| Cambridge |
S$890M
|
S$372M
|
43.8%
|
796,405,934
|
Yap Chin Kon – 7.21% ; Capital Grp 5.9153% ; Schroder 5.99%
|
| CapitaRChina |
S$1240M
|
S$398M
|
33.6%
|
622,255,361
|
Capitaland 40.04% (CMT 20%) ; Capital Grp 9.8582% ; Stichting 7.75%
|
| CCT |
S$6240M
|
S$1979M
|
31.0%
|
2,807,782,012
|
Temasek 31.97% ; Cohen 5.036%
|
| CDL HTrust |
S$1521M
|
S$293M
|
19.3%
|
835,563,459
|
Hong Leong 40.06% ; CS 6.8682% ; BOA 5.05%
|
| CMT |
S$7791M
|
S$2527M
|
33.4%
|
3,176,808,560
|
Temasek 29.65% ; NTUC 5.98% ; Capital Grp 6.1257%
|
| First REIT |
S$339M
|
S$50.8M
|
15.6%
|
275,133,627
|
Lippo 20.3% ; RZB 9.2% ; CIM 5.9%
|
| Fortune |
HK$9247M
|
HK$2379M
|
25.7%
|
824,879,427
|
Cheung Kong 32.35% ; Stitching 12.59% ; Temasek 6.93% ; Schroder 11.197%
|
| FrasersCT |
S$1199M
|
S$333M
|
32.7%
|
625,800,221
|
F&N 51% ; AIA 6.0126% ; Capital Group 6.5836%
|
| FrasersComm |
S$1661M
|
S$939M
|
56.5%
|
763,474,691
|
F&N 23.51% ; Farallon 6.22%
|
| K-REIT |
S$2080M
|
S$578M
|
27.6%
|
663,283,153
|
Temasek 75.16%
|
| LMIR |
S$1034M
|
S$125M
|
12.1%
|
1,073,155,253
|
Lippo 27.1% ; MapleTree 13.04% ; Penta Investments 15.01% ; CPI-Capital 8.5% ; ABN AMRO 6.51% ; Sumitomo 5.03%
|
| MacCookIReit |
S$539M
|
S$225M
|
41.8%
|
266,385,094
|
AIMS 15.67% ; UBS 5.76% ; Lion 6.98% ; USS 8.95%
|
| MapleTree |
S$3048M
|
S$1173M
|
37.8%
|
1,939,315,301
|
Temasek 47.45% ; Capital Grp 7.14% ; BOA 7.05% ; Alliance Global Prop 5.01%
|
| PLife |
S$1067M
|
S$242M
|
22.7%
|
603,464,000
|
Newbridge 44.9% (Parkway + TPG Capital) ; Sunil 6.03% ; Invesco 5.02%
|
| Saizen |
JPY50,188M
|
JPY21,823M
|
43.5%
|
949,194,055
|
V-Nee Yeh (ASM, HCL) 20.201% ; Cube Capital 5.039%
|
| Starhill Gbl |
S$2012M
|
S$669M
|
31.1%
|
965,826,059
|
YTL 28.90% ; Morgan Stanley 5.748% ; AIA 11.11%
|
| Suntec |
S$5389M
|
S$1877M
|
33.9%
|
1,732,275,949
|
Asean Inv 5.6801% ; 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
- CMT – Gearing = 29.2% post-rights (9-for-10) Assuming Proceeds fm Rights Issue Are Used to Pay Down Debts When they are Due
August 2009
NOTE : For CitySpring, StarHill Global and FCOT, Proforma data (from Rights Issue) are used for Yield computation. Please refer to “NOTES” at the bottom of their tables for more info.
Results Announcement
- 3 Aug 09 : LMIR (Tables Updated)
- 6 Aug 09 : PLife (Tables Updated)
- 7 Aug 09 : MI-REIT (Tables Updated)
- 11 Aug 09 : CitySpring (Table Updated)
- 12 Aug 09 (noon) : HWT (Table Updated)
- 14 Aug 09 : Rickmers (Table Updated)
- 14 Aug 09 : IndiaBulls (Table Updated)
- 27 Aug 09 (AM) : Saizen (Tables Updated)
- 27 Aug 09 : A-REIT – Advance DPU 1.94ct (1-Jul-09 to 19-Aug-09)
REITs : Average Yield = 8.995% (Excl. Saizen)
|
REIT |
Period |
DPU ct |
Price |
Yield |
NAV |
Assets Type |
|
MI-REIT |
Q1 : Jun-09 |
1.51 |
S$0.37 |
16.324% |
S$1.07 |
Industrial |
|
Cambridge |
Q2 : Jun-09 |
1.345 |
S$0.43 |
12.547% |
S$0.62 |
Industrial |
|
Suntec |
Q2 : Jun-09 |
2.977 |
S$1.00 |
11.941% |
S$1.956 |
Malls + Office |
|
First REIT |
Q2 : Jun-09 |
1.92 |
S$0.69 |
11.101% |
S$0.9282 |
Hospitals + Hotel (Indonesia) |
|
LMIR |
Q2 : Jun-09 |
1.3 |
S$0.48 |
10.833% |
S$0.7393 |
Malls – Indonesia |
|
Fortune |
1H : Jun-09 |
19.60 |
HK$3.72 |
10.538% |
HK$7.89 |
Malls (HK) |
|
K-REIT |
1H : Jun-09 |
4.99 |
S$1.08 |
9.333% |
S$2.17 |
Office |
|
MapleTree |
Q2 : Jun-09 |
1.48 |
S$0.66 |
8.970% |
S$0.89 |
Industrial |
|
A-REIT |
Q1 : Jun-09 |
3.62 |
S$1.65 |
8.776% |
S$1.58 |
Industrial |
|
AscottREIT |
1H : Jun-09 |
3.55 |
S$0.87 |
8.161% |
S$1.36 |
Serviced Apts (Regional) |
|
FrasersCT |
Q3 : Jun-09 |
1.94 |
S$1.01 |
7.683% |
S$1.23 |
Malls |
|
CCT |
1H : Jun-09 |
3.33 |
S$0.89 |
7.551% |
S$1.50 |
Office |
|
PLife |
Q2 : Jun-09 |
1.89 |
S$1.06 |
7.123% |
S$1.32 |
Hospitals |
|
Starhill Gbl |
FY08 (Proforma – Rights) |
3.85 |
S$0.545 |
7.064% |
S$0.802 |
Malls + Office |
|
FrasersComm |
Q1 : Mar09 (Proforma – Rights) |
1.06 |
S$0.16 |
6.625% |
S$0.26 |
Malls + Office (S’pore + Aust) |
|
CapitaRChina |
1H : Jun-09 |
4.08 |
S$1.25 |
6.584% |
S$1.12 |
Malls (China) |
|
CDL HTrust |
1H : Jun-09 |
3.86 |
S$1.41 |
5.518% |
S$1.42 |
Hotels |
|
CMT |
Q2 : Jun-09 |
2.13 |
S$1.63 |
5.239% |
S$1.56 |
Malls + Office |
|
Saizen |
2H : Jun-09 |
— |
S$0.155 |
— |
S$0.40 |
Residential (Japan) |
NOTES :
- Mkt Price is as on 31-Aug-09
- Saizen : No Payout since 1H09 (Dec-08) ; SGX Annc Pg21 : The Board expects Saizen REIT will start accumulating cash for distribution from the last quarter of FY2010 or first quarter of FY2011
- Fortune : Proposed 1-for-1 Rights @ HK$2.29 ; 1H09 (Proforma) – DPU HK12.03ct (Yield 7.52% @ TERP HK$3.20) ; NAV HK$4.98
- Cambridge : Private Placement – 71.14Mil Shares @ $0.392 ; Listing on 13-Aug-09 9am
- AREIT : Private Placement – 185Mil Shares @ $1.63 ; Listing on 20-Aug-09 2pm ; Gearing 29.3%
- PLife : Annualised DPU = 7.55ct
- CDLHTrust : Annualised DPU = 7.78ct
- Suntec : Annualised DPU = 11.941ct
- StarHill Gbl : Annualised DPU = 7.62ct
- FrasersComm : Annualised DPU = 2.9ct
- CMT : Annualised DPU = 8.54ct
- Cambridge : Annualised DPU = 5.395ct
- CRCT : Annualised DPU = 8.23ct
- FirstREIT : Annualised DPU 7.66ct
- CCT : Annualised DPU = 6.72ct ; Q209 DPU 1.71ct (Annualised 6.86ct)
- KREIT : Annualised DPU = 10.08ct
- FCOT : 3-for-1 Rights @ $0.095 (xr 27-Jul-09) ; Circular (30-Jun-09) ; Mar09 (Proforma) – DPU 1.06ct Annualised (Yield 8% @ $0.131 theoretical ex-rights price) ; NAV $0.26 ; Gearing 38.5% ; New Shares Listing – 27 Aug 09
- StarHill Gbl : 1-for-1 Rights @ $0.35 (xr 17-Jul-09) ; Circular (22-Jun-09) : FY08 (Proforma) – DPU 3.85ct (Yield 7.8% @ $0.495 theoretical ex-rights price) ; NAV $0.802; Gearing 20.7% ; New Shares Listing – 19 Aug 09
- CCT : 1-for-1 Rights @ $0.59 (xr 3-Jun-09) ; Circular (29-May-09) : Mar09 (Proforma) – DPU 1.77ct (Yield 7.251% @ $0.825 theoretical ex-rights price) ; NAV $1.51 ; Gearing 30.7%
- Saizen : 11-for-10 Rights @ $0.09 with Attached Warrants (xr 4-May-09)
- CMT : 9-for-10 Rights @ $0.82 (xr 4-Mar-09)
- CCT : FY09 DPU (Projected) = 12.34ct – SGX Annc 9-Jun-08 (Pg 23)
- 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% @ $1 (Excl. Bonus Div) / 6.51% (Incl Bonus Div)
- PLife : IPO Forecast – 2H07 : 3.3ct ; FY08 : 6.25ct ; FY09 : 6.39ct
Shipping Trusts (non-REITs)
|
Trust |
Period |
DPU ct |
Price |
Yield |
NAV |
Assets Type |
|
PacShipTr US$ |
Q2 : Jun-09 |
0.99 |
US$0.255 |
15.529% |
$0.39 |
Shipping Trust |
|
FSL Trust |
Q3 : Sep-09 (Guidance) |
1.50 |
S$0.61 |
14.190% |
$0.71 |
Shipping Trust |
|
Rickmers |
Q2 : Jun-09 |
0.6 |
S$0.415 |
8.343% |
$0.87 |
Shipping Trust |
NOTES :
- All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.4427:US$1 fm Yahoo Finance)
- Rickmers : 13% Payout
- FSL : SGX Annc (21-Jul-09) Quarterly DPU Forecast – Q309 US1.5ct (50% Payout)
- FSL : Q209 DPU = US2.45ct ; Annualised DPU 9.8ct (73% Payout)
- PST : 90% Payout
Other Trusts (non-REITs)
|
Trust |
Period |
DPU ct |
Price |
Yield |
NAV |
Assets Type |
|
CitySpring |
Q1 : Jun-09 (Proforma – Rights) |
1.0 |
$0.61 |
6.557% |
$0.43* |
Infrastructure – Water, Gas |
|
AscendasIndT |
Q1 : Jun-09 |
2.06 |
$0.835 |
9.868% |
$0.86 |
India – Industrial Park |
|
HWT |
1H : Jun-09 |
2.56 |
$0.695 |
7.367% |
$0.80 |
China – Water Plant |
|
Indiabulls |
Q1 : Jun-09 |
— |
$0.305 |
— |
$0.7461 |
India – Office |
NOTES :
- CitySpring : Proposed 1-for-1 Rights @ $0.48 (xr 25-Aug-09) ; DPU = 1ct (Proforma Q109) ; Yield 6.349% % TERP $0.63 (Mkt $0.78)
- HWT : DPU = 2.56ct (With Sponsor Waiver) ; Sponsor DPU = 1.77ct
- CitySpring : The Group NAV per unit before hedging and translation reserves is S$0.61
- a-iTrust : DPU Not Paid Out as Semi-Annual Div Payout Policy
- Indiabulls : No DPU Declared
- CitySpring : DPU Forecast – FY10 (Mar) = 7ct
- HWT : DPU Forecast – 1H09 = 2.56ct ; 2H09 = 2.86ct
- 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)