Author: tfwee
Gearing – August 2009
New Data (Major Shareholders) for the Month
- 31 Aug 09 : FCT – Stitching From 5.891 % To 4.918 % (28-Aug-09)
- 24 Aug 09 : A-REIT – Ascendas From 22.71 % To 20.66 % (20-Aug-09)
- 20 Aug 09 : StarHill Gbl – YTL From 26.50 % To 28.90 % (18-Aug-09)
- 18 Aug 09 : PLife – Invesco from 4.987% to 5.02% (5-Aug-09)
- 18 Aug 09 : CMT – Capital group From 5.5533 % To 6.1257 % (12-Aug-09)
- 7 Aug 09 : Fortune – Schroder From 10.429 % To 11.197 % (5-Aug-09)
- 7 Aug 09 : Suntec – Perennial From 5.07 % To 4.59 % (25-May-09)
- 7 Aug 09 : FCT – Stitching From 6.415 % To 5.891 % (5-Aug-09)
- 6 Aug 09 : Fortune – Stitching from 13.791% to 12.590% (5-Aug-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%
|
| 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% ; Hunter Hall Inv 5.20%
|
| 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 7.0798% ; 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%
|
| 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 5.537%
|
| 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
Performance – Aug 09
STI +47.90% : 2605.39 (Aug-09) vs 1761.56 (2008)
Rank – Capital Gains
|
REIT |
Aug-09 |
Dec-08 |
Gain |
|
CapitaRChina |
S$1.25 |
S$0.60 |
108.3% |
|
CDL HTrust |
S$1.41 |
S$0.73 |
93.2% |
|
MapleTree |
S$0.66 |
S$0.35 |
88.6% |
|
Fortune |
HK$3.72 |
HK$1.99 |
86.9% |
|
First REIT |
S$0.69 |
S$0.405 |
70.4% |
|
FrasersCT |
S$1.01 |
S$0.63 |
60.3% |
|
Cambridge |
S$0.43 |
S$0.275 |
56.4% |
|
LMIR |
S$0.48 |
S$0.31 |
54.8% |
|
K-REIT |
S$1.08 |
S$0.54 |
54.3% |
|
AscottREIT |
S$0.87 |
S$0.58 |
50.0% |
|
MI-REIT |
S$0.37 |
S$0.255 |
45.1% |
|
Suntec |
S$1.00 |
S$0.71 |
40.8% |
|
PLife |
S$1.06 |
S$0.76 |
39.5% |
|
A-REIT |
S$1.65 |
S$1.37 |
20.4% |
|
Saizen |
S$0.155 |
S$0.13 |
19.2% |
|
StarHill Gbl |
S$0.545 |
S$0.52 |
4.8% |
|
CMT |
S$1.63 |
S$1.59 |
2.5% |
|
CCT |
S$0.89 |
S$0.855 |
-0.6% |
|
FrasersComm |
S$0.16 |
S$0.235 |
-31.9% |
NOTES :
- Not Adjusted for Rights or New Issues Which May Be at a Discount
- Aug-09 : End Aug-09 Mkt Price
- Dec-08 : End Dec-08 Mkt Price
Gain : Capital Gains = (Aug-09 Mkt Price – Dec-08 Mkt Price) / (Dec-08 Mkt Price)
August 2009
NOTE : For CitySpring, StarHill Global and FCOT, please refer to “NOTES” at the bottom of their tables on the impact to DPU and Yield due to their rights issues.
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 = 10.018% (Excl. Saizen)
|
REIT |
Period |
DPU ct |
Price |
Yield |
NAV |
Assets Type |
|
FrasersComm |
1H : Jun-09 |
1.44 |
S$0.16 |
18.125% |
S$0.82 |
Malls + Office (S’pore + Aust) |
|
MI-REIT |
Q1 : Jun-09 |
1.51 |
S$0.37 |
16.324% |
S$1.07 |
Industrial |
|
Starhill Gbl |
Q2 : Jun-09 |
1.90 |
S$0.545 |
13.982% |
S$1.28 |
Malls + Office |
|
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 |
|
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 |
1.75 |
$0.61 |
11.475% |
$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)
MREIT Blog
Dear All,
Some of you may have noticed that one of our blogs, http://mreit.blogspot.com/ (on Malaysia REITs) had been removed by blogger (the service provider) as of yesterday. We do not know the reasons behind this and have appealed to them. We have yet to receive any reply.
In the meantime, we have created a temporary replacement at http://m-reit.blogspot.com/ but currently, there’s only one entry (July 2009).
This sudden action by blogger has made us realized how vulnerable we are, of losing all our data. We will be considering the possibilities of creating a mirror site with another blog service provider or to start our own website (so that we won’t be at the mercy of any provider). So, watch this space as we will keep you updated of our alternative actions.
Thank You!
Performance – Jul 09
STI +50.96% : 2659.20 (Jul-09) vs 1761.56 (2008)
|
REIT |
Jul-09 |
Dec-08 |
Gain |
|---|---|---|---|
|
CapitaRChina |
S$1.39 |
S$0.60 |
131.7% |
|
Fortune |
HK$4.16 |
HK$1.99 |
109.0% |
|
First REIT |
S$0.695 |
S$0.405 |
71.6% |
|
MapleTree |
S$0.595 |
S$0.35 |
70.0% |
|
CDL HTrust |
S$1.21 |
S$0.73 |
65.8% |
|
FrasersCT |
S$1.03 |
S$0.63 |
63.5% |
|
MI-REIT |
S$0.40 |
S$0.255 |
56.9% |
|
Suntec |
S$1.09 |
S$0.71 |
53.5% |
|
K-REIT |
S$1.07 |
S$0.54 |
52.9% |
|
Cambridge |
S$0.42 |
S$0.275 |
52.7% |
|
AscottREIT |
S$0.88 |
S$0.58 |
51.7% |
|
LMIR |
S$0.43 |
S$0.31 |
38.7% |
|
PLife |
S$1.02 |
S$0.76 |
34.2% |
|
A-REIT |
S$1.70 |
S$1.37 |
24.1% |
|
Saizen |
S$0.15 |
S$0.13 |
15.4% |
|
StarHill Gbl |
S$0.545 |
S$0.52 |
4.8% |
|
CMT |
S$1.58 |
S$1.59 |
-0.6% |
|
CCT |
S$0.855 |
S$0.855 |
-4.5% |
|
FrasersComm |
S$0.19 |
S$0.235 |
-19.1% |
NOTES :
- Not Adjusted for Rights or New Issues Which May Be at a Discount
- Jul-09 : End Jul-09 Mkt Price
- Dec-08 : End Dec-08 Mkt Price
- Gain : Capital Gains = (Jul-09 Mkt Price – Dec-08 Mkt Price) / (Dec-08 Mkt Price)