Gearing – January 2012

New Data (Major Shareholders) for the Month

  • 25 Jan 12 : FCT – The Capital Group from 7.9731% to 6.9741% (19-Jan-12)
  • 25 Jan 12 : CCT – The Capital Group from 5.9569% to 6.1084% (19-Jan-12)
  • 27 Jan 12 : AIMSAMPReit – USS from 8.145% to 7.965% (26-Jan-12)

 

REIT

Assets

Debts

Gearing

Shares

Major Shareholders

A-REIT

S$6030M

S$2065M

34.3%

2,085,077,194

Ascendas 20.66%

AIMSAMPIReit

S$907M

S$278M

30.7%

443,852,000

AMP 14.66% ; Dragon Pacific 11.92% ; APG 9.37% ; USS 7.965% ; George Wang 7.15% ; Stitching 7.31% ; UBS 5.76% ; Lion 6.98%

AscottREIT

S$3023M

S$1205M

40.8%

1,129,871,000

Temasek 48.01%

Cambridge

S$1107M

S$357M

33.1%

1,189,198,368

MacKenzie 6.03% ; Templeton 7.04% ; Capital Grp 5.9153%

CapitaRChina

S$1536M

S$432M

28.0%

689,632,698

Capitaland 40.04% (CMT 20%) ; Capital Grp 8.4997% ; AIA 6.3986% ; PGGM 5.946%

CCT

S$6754M

S$2037M

30.2%

2,832,787,200

Temasek 31.97% ; Capital Group 6.1084% ; CBRE 5.73%

CDL HTrust

S$2118M

S$536M

25.3%

964,837,846

Hong Leong 35.19% ; BOA 5.05% ; Daiwa 5.45%

CLT

S$855M

S$249M

29.6%

638,867,066

CWT 11.92% ; JF Asset Mgmt 6.5% ; Capital Grp 6.0609% ; JPM 6.02%

CMT

S$9172M

S$3424M

38.4%

3,328,416,755

Temasek 29.65% ; NTUC 5.98% ; Capital Grp 7.9798%

First REIT

S$661M

S$99M

16.0%

629,104,828

Lippo 20.3% ; CIM 5.9%

Fortune

HK$17320M

HK$3214M

18.8%

1,684,017,665

Cheung Kong 32.35% ; Schroder 10.042% ; Temasek 6.02%

FrasersCT

S$1782M

S$549M

30.8%

822,003,088

F&N 51% ; AIA 6.0126% ; Capital Group 6.9741%

FrasersComm

S$2042M

S$748M

36.6%

634,337,998

F&N 24.4%

K-REIT

S$5857M

S$2495M

41.6%

2,547,574,969

Temasek 45.46% ; AIA 7.38%

LMIR

S$1229M

S$125M

10.2%

1,086,516,497

Lippo 29.5% ; Stitching 9.95% ; CPI-Capital 8.5% ; ABN AMRO 6.51% ; Sumitomo 5.03%

MCT

S$2998M

S$1125M

37.7%

1,864,134,195

Temasek 75.16%

MIT

S$2725M

S$1069M

39.1%

1,628,351,143

Temasek 31.63% ; Capital Grp 6.23% ; APG 5.10%

MLT

S$3917M

S$1616M

41.4%

2,426,317,966

Temasek 44.41% ; Capital Grp 7.14% ; BOA 6.84% ; Alliance Global Prop 6.32% ; Mellon Corp 5.02%

PLife

S$1429M

S$497M

34.8%

604,970,000

Newbridge 44.9% (Parkway + TPG Capital) ; Newton (Bank of New York) 10.25% ; Sunil 6.03%

Sabana

S$1082M

S$360M

34.1%

637,295,453

Kua Family 8.1124% ; Moore 6.38% ; Al Salam Bank 5.14%

Saizen

JPY40,044M

JPY12,855M

24.0%

1,229,375,481

V-Nee Yeh (ASM, HCL) 18.14%

Starhill Gbl

S$2839M

S$874M

30.8%

1,943,023,078

YTL 28.90% ; AIA 9.96%

Suntec

S$7517M

S$2822M

37.3%

2,231,446,413

Asean Inv 5.4439% ; 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 up-to-date. Pls chk SGX Annc to verify

新年快乐

Performance – December 2011

STI -17.04% : 2646.35 (Dec-11) vs 3190.04 (2010)

Rank – Capital Gains

REIT

Dec-11

Dec-10

Gain

PLife REIT

$1.790

$1.650

8.5%

First REIT

$0.760

$0.705

7.8%

MIT

$1.075

$1.090

-1.4%

CLT

$0.950

$0.965

-1.6%

MCT

$0.850

$0.880

-3.4%

FrasersCT

$1.440

$1.500

-4.0%

Fortune Reit HK$

$3.760

$4.000

-6.0%

CapitaRChina

$1.150

$1.240

-7.3%

StarHill

$0.565

$0.625

-9.6%

Sabana REIT

$0.875

$0.975

-10.3%

FCOT

$0.740

$0.825

-10.3%

Cambridge

$0.475

$0.530

-10.4%

Ascendasreit

$1.830

$2.070

-11.6%

MapletreeLog

$0.845

$0.965

-12.4%

CapitaMall

$1.700

$1.950

-12.8%

AIMSAMPIReit

$0.945

$1.100

-14.1%

SaizenREIT

$0.140

$0.165

-15.2%

AscottREIT

$0.990

$1.220

-18.9%

CDL Htrust

$1.545

$2.080

-25.7%

SuntecReit

$1.075

$1.500

-28.3%

CapitaComm

$1.055

$1.500

-29.7%

LippoMapleT

$0.350

$0.530

-34.0%

K-REIT

$0.830

$1.410

-41.1%

NOTES :

  • Not Adjusted for Rights or New Issues Which May Be at a Discount
  • AIMSAMPIReit : 5-to-1 Share Consolidation
  • MCT : Listed on 27-Apr-11 @ $0.88
  • FCOT : 5-to-1 Share Consolidation
  • Dec-11 : End Dec-11 Mkt Price
  • Dec-10 : End Dec-10 Mkt Price
  • Gain : Capital Gains = (Dec-11 Mkt Price – Dec-10 Mkt Price) / (Dec-10 Mkt Price)

December 2011

 

REITs : Average Yield = 7.814%

REIT

Period

DPU cts

Mkt

Yield

NAV

Gearing

Assets Type

AIMSAMPI Reit

Q2 – Sep11

2.5

$0.945

10.582%

$1.365

30.00%

Industrial

Sabana REIT

Q3 – Sep11

2.14

$0.875

9.703%

$1.050

23.80%

Industrial

SuntecReit

Q3 – Sep11

2.533

$1.075

9.348%

$1.761

39.86%

Retail + Office

LippoMalls

1H11 – Rights

1.63

$0.350

9.314%

$0.575

10.10%

Retail (Indonesia)

Cambridge

Q3 – Sep11

1.082

$0.475

9.038%

$0.617

33.10%

Industrial

AscottREIT

Q3 – Sep11

2.23

$0.990

9.010%

$1.280

41.10%

Serviced Apts (Regional)

First REIT

Q3 – Sep11

1.92

$0.760

8.934%

$0.779

16.40%

Hospitals + Hotel (Indonesia)

CACHE

Q3 – Sep11

2.095

$0.950

8.749%

$0.870

30.40%

Industrial

K-REIT

Proforma – FY10

6.72

$0.830

8.096%

$1.190

41.60%

Office

MapletreeLog

Q3 – Sep11

1.69

$0.845

8.000%

$0.850

41.30%

Industrial

Frasers Comm

2H – Sep11

2.893

$0.740

7.819%

$1.340

36.60%

Retail + Office

MapletreeInd

Q2 – Sep11

2.05

$1.075

7.628%

$0.950

39.20%

Industrial

Ascendasreit

Q2 – Sep11

3.38

$1.830

7.388%

$1.738

31.50%

Industrial

CapitaRChina

Q3 – Sep11

2.12

$1.150

7.313%

$1.110

31.40%

Retail (China)

SaizenREIT

2H – Jun11

0.5

$0.140

7.143%

$0.350

24.00%

Residential (Japan)

CDL Htrust

Q3 – Sep11

2.77

$1.545

7.113%

$1.500

26.50%

Hotels

Starhill Gbl

Q3 – Sep11

1

$0.565

7.027%

$0.920

30.10%

Retail + Office

CapitaComm

Q3 – Sep11

1.83

$1.055

6.938%

$1.520

27.40%

Office + Retail + Hotel

Fortune Reit HK$

1H – Jun11

12.8

$3.760

6.809%

$7.520

18.10%

Retail (HK)

FrasersCT

Q4 – Sep11

2.35

$1.440

6.528%

$1.400

31.30%

Retail

MapletreeCom

Q2 – Sep11

1.333

$0.850

6.235%

$0.915

38.50%

Retail + Office

CapitaMall

Q3 – Sep11

2.42

$1.700

5.647%

$1.550

38.40%

Retail + Office

PLife REIT

Q3 – Sep11

2.4

$1.790

5.363%

$1.380

36.60%

Hospitals

NOTES :

  • Mkt Price is as on 30-Dec-11
  • Saizen : No DPU Payout as Semi-Annual Payout Policy
  • LMIR : Q311 DPU = 1.06ct
  • PLife : Annualised DPU = 9.60ct
  • StarHill Global : Annualised DPU = 3.97ct
  • MCT : Annualised DPU = 5.3ct
  • CLT : Annualised DPU = 8.312ct
  • Suntec : Annualised DPU = 10.049ct
  • CDL H-Trust : Annualised DPU = 10.99ct ; No DPU Payout as Semi-Annual Payout Policy
  • FCOT : Q411 DPU = 1.52ct ; Annualised = 6.03ct ; Above Uses 2H11 DPU
  • FirstREIT : Annualised DPU = 6.79ct ; DPU Includes 0.34ct on Gain from Divestment of Asset
  • FCT : DPU = 2.07ct (1-Jul-11 to 22-Sep-11) Already Paid + 0.28ct (23-Sep-11 to 30-Sep-11)
  • MLT : DPU Includes 0.03ct on Gain from Divestment of Assets
  • ART : No DPU Payout as Semi-Annual Payout Policy
  • Sabana : Annualised DPU = 8.49ct
  • CMT : Annualised DPU = 9.60ct
  • K-REIT : Proposed 17-for-20 Rights Issue @ $0.85 (17-Oct-11)
  • K-REIT : Annualised DPU = 7.78ct ; No DPU Payout as Semi-Annual Payout Policy
  • CRCT : Annualised DPU = 8.41ct ; No DPU Payout as Semi-Annual Payout Policy
  • CCT : No DPU Payout as Semi-Annual Payout Policy
  • Cambridge : Annualised DPU = 4.293ct
  • AIMSAMPReit : 92.6% Payout
  • LMIR : Proposed Rights 1-for-1 @ $0.31 ; SGX Annc (3-Oct-11) ; 1H11 Proforma – DPU 1.63ct ; NAV $0.5753 ; TERP $0.458 (Mkt $0.605)
  • AIMSAMPI Reit : 5-to-1 Stocks Consolidation on 29-Sep-11
  • MCT : IPO Forecast DPU = 4.97ct (FY12) ; 5.42ct (FY13) ; Listing on 27-Apr-11 2pm
  • FCOT : 5-to-1 Stocks Consolidation on 8-Feb-11 ; Circular (30-Dec-10) : Proforma FY10 (Sep) – DPU 5.55ct ; NAV $1.38 ; Issued Shares 620,857,225
  • FirstREIT : Proposed Rights 5-for-4 @ $0.50 ; SGX Annc (10-Nov-10) ; FY11 Forecast – DPU 6.4ct ; NAV $0.76 ; Gearing 17.25% ; TERP $0.70 (Mkt $0.95)
  • Sabana : Forecast DPU FY11 = 8.63ct ; FY12 = 8.67ct ; Listed on 26 Nov 10 2pm @ $1.05
  • MIT (IPO) : IPO Forecast – 3.1ct (FY11 – Mar) ; 7.46ct (FY12 – Mar) ; Listing : 21-Oct-10 2pm ; IPO Prospectus
  • AIMSAMPReit : Proposed Rights 7-for-20 @ $0.155 ; SGX Annc (24-Aug-10) ; Proforma Q111 (Mar-10) Impact – DPU 0.52ct ; NAV $0.26 ; Gearing 34.8% ; TERP $0.211
  • StarHill Gbl : Proposed Acquisitions (Cash RM300M + MTN RM330M + CPU RM405M) ; SGX Annc (16-Apr-10) ; Proforma (FY09) Impact – DPU 4.36ct (4.34ct if CPUs converted) / NAV $0.91 ($0.81 if CPUs converted) / Gearing 29%
  • CLT (IPO) : IPO Forecast – 7.65ct (FY10) ; 7.78ct (FY11) ; IPO Close : 8-Apr-10 12pm ; Listing : 12-Apr-10 2pm ; IPO Prospectus
  • FCT : Private Placement 137Mil New Units @ $1.33 ; SGX Annc (27-Jan-10) ; Listing on 4-Feb-10 2pm
  • FCT : Proposed Acquisitions + New Shares Issue ; Circular (7-Jan-10)

  
 

Shipping Trusts (non-REITs)

Trust

Period

DPU cts

Mkt

Yield

NAV

Assets Type

PacShipTr US$

Q3 – Sep11

0.73

$0.420

7.452%

$0.43

Shipping Trust

FSL Trust

Q3 – Sep 11

0.95

$0.285

17.309%

$0.52

Shipping Trust

Rickmers

Q3 – Sep11

0.6

$0.295

10.562%

$0.880

Shipping Trust

NOTES :

  • All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.2982:US$1 fm Yahoo Finance)
  • PST : Annualised DPU = US3.13ct
  • PST : Proposed Delisting (4-Oct-11) @ US$0.435
  • FSL : 43% Payout
  • PST : 70% Payout
  • Rickmers : 10% Payout (of Cash flow available for distribution before payment to debt capital providers)

   
 

Other Trusts (non-REITs)

Trust

Period

DPU cts

Mkt

Yield

NAV

Assets Type

CitySpring

Q2 – Sep11

0.82

$0.335

9.791%

$0.288

Infrastructure – Water + Gas + Power

K-Green

FY11 – IPO

7.82

$0.905

8.641%

$1.10

Energy (Incineration) + Water (NEWater)

AscendasIndT

1H – Sep11

3.04

$0.690

8.812%

$0.74

India – Industrial Park

Indiabulls

Q2 – Sep11

$0.140

$0.488

India – Office

HPH Trust US$

FY11 – IPO

5.9

$0.620

9.516%

HK$7.80

Ports – HK + China

TCT

1H – Jun11

5

$1.440

6.944%

$4.41

China – Retail + Office + Industrial

PerennialCRT

FY11 – IPO

2.37

$0.475

7.811%

$0.67

China Retail

NOTES :

  • CitySpring : Guidance for FY12 DPU = 0.82ct / Quarter (Post 11-for-20 Rights Issue)
  • TCT : No DPU Payout as Semi-Annual Payout Policy
  • Indiabulls : No DPU Declared
  • HPH Trust : DPU Payout = HK14.3ct (16-Mar-11 to 30-Jun-11) ; Above Table Uses IPO Forecast to Compute Yield
  • K-Green : Actual DPU Payout = 3.13ct ; Above Table Uses FY11 IPO Forecast DPU to Calculate Yield
  • CitySpring : Proposed 11-for-20 Rights Issue @ $0.39. TERP = $0.4835 @ $0.535 (Mkt Price) ; Annualised Yield (Profroma 2FY11) = 6.8% @ TERP (Before Rights = 8.4% @ $0.535)
  • PCRT : IPO DPU Forecast – FY11 = 2.37ct ; FY12 = 3.86ct ; Semi-Annual Dividend Payout with 1st Payout for Dec-11 ; Listing on 9-Jun-11 2pm
  • HPH Trust : IPO DPU Forecast – FY11 = US5.9ct (HK45.88ct) ; FY12 = US6.59ct (HK51.24ct)
  • K-Green : DPU – FY10 (6mths) = 3.91ct ; FY11 = 7.82ct ; Circular (31-May-10) ; Listing – 29-Jun-10 9am
  • 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
  • Indiabulls : IPO Forecast – 5.12ct (FY09) 1,325.4Mil Units (2,371.7Mil Units Issued) Entitled to Div ; 9.82ct (FY10)

 

Month End Prices – 2011

REIT

Jul

Aug

Sep

Oct

Nov

Dec

A-REIT

S$2.040

S$2.120

S$2.030

S$2.050

S$2.040

S$1.830

AIMSAMPIReit

S$0.225

S$0.205

S$0.995

S$0.990

S$0.965

S$0.945

AscottREIT

S$1.185

S$1.115

S$1.010

S$1.050

S$0.955

S$0.990

Cambridge

S$0.505

S$0.480

S$0.460

S$0.465

S$0.470

S$0.475

CapitaRChina

S$1.240

S$1.220

S$1.165

S$1.175

S$1.170

S$1.150

CCT

S$1.410

S$1.195

S$1.010

S$1.130

S$1.065

S$1.055

CDL HTrust

S$2.080

S$1.815

S$1.510

S$1.630

S$1.480

S$1.545

CLT

S$0.990

S$0.965

S$0.960

S$0.985

S$0.945

S$0.950

CMT

S$1.885

S$1.870

S$1.830

S$1.875

S$1.745

S$1.700

First REIT

S$0.820

S$0.785

S$0.760

S$0.795

S$0.780

S$0.760

Fortune

HK$4.120

HK$3.780

HK$3.390

HK$3.620

HK$3.190

HK$3.760

FrasersComm

S$0.870

S$0.840

S$0.800

S$0.790

S$0.770

S$0.740

FrasersCT

S$1.540

S$1.430

S$1.440

S$1.480

S$1.440

S$1.440

K-REIT

S$1.320

S$1.155

S$1.005

S$0.985

S$0.865

S$0.830

LMIR

S$0.645

S$0.585

S$0.540

S$0.520

S$0.375

S$0.350

MCT

S$0.900

S$0.840

S$0.815

S$0.870

S$0.875

S$0.850

MIT

S$1.225

S$1.180

S$1.085

S$1.160

S$1.065

S$1.075

MLT

S$0.920

S$0.890

S$0.850

S$0.855

S$0.830

S$0.845

PLife

S$1.860

S$1.885

S$1.830

S$1.795

S$1.815

S$1.790

Sabana

S$0.955

S$0.900

S$0.860

S$0.890

S$0.875

S$0.875

Saizen

S$0.161

S$0.150

S$0.149

S$0.147

S$0.140

S$0.140

StarHill Gbl

S$0.650

S$0.620

S$0.580

S$0.600

S$0.575

S$0.565

Suntec

S$1.535

S$1.350

S$1.150

S$1.240

S$1.130

S$1.075

 

REIT

Jan

Feb

Mar

Apr

May

Jun

A-REIT

S$2.090

S$2.000

S$2.040

S$2.030

S$2.060

S$2.040

AIMSAMPIReit

S$0.210

S$0.205

S$0.205

S$0.205

S$0.215

S$0.220

AscottREIT

S$1.190

S$1.170

S$1.200

S$1.190

S$1.170

S$1.180

Cambridge

S$0.520

S$0.510

S$0.490

S$0.500

S$0.500

S$0.495

CapitaRChina

S$1.260

S$1.290

S$1.250

S$1.260

S$1.260

S$1.220

CCT

S$1.430

S$1.380

S$1.390

S$1.440

S$1.470

S$1.450

CDL HTrust

S$2.100

S$1.940

S$2.010

S$2.020

S$2.080

S$2.060

CLT

S$0.990

S$0.940

S$0.940

S$0.955

S$0.930

S$0.970

CMT

S$1.900

S$1.810

S$1.880

S$1.890

S$2.000

S$1.870

First REIT

S$0.755

S$0.730

S$0.740

S$0.735

S$0.790

S$0.790

Fortune

HK$4.090

HK$3.940

HK$3.840

HK$3.870

HK$3.750

HK$3.820

FrasersComm

S$0.170

S$0.815

S$0.795

S$0.800

S$0.820

S$0.810

FrasersCT

S$1.510

S$1.510

S$1.520

S$1.480

S$1.490

S$1.530

K-REIT

S$1.390

S$1.280

S$1.290

S$1.310

S$1.290

S$1.330

LMIR

S$0.555

S$0.530

S$0.540

S$0.560

S$0.565

S$0.605

MCT

SS$0.88

S$0.880

S$0.865

MIT

S$1.070

S$1.030

S$1.050

S$1.080

S$1.170

S$1.170

MLT

S$0.935

S$0.900

S$0.905

S$0.905

S$0.915

S$0.920

PLife

S$1.790

S$1.740

S$1.710

S$1.730

S$1.830

S$1.840

Sabana

S$0.975

S$0.960

S$0.930

S$0.945

S$0.940

S$0.940

Saizen

S$0.170

S$0.160

S$0.140

S$0.150

S$0.150

S$0.155

StarHill Gbl

S$0.640

S$0.635

S$0.620

S$0.635

S$0.635

S$0.650

Suntec

S$1.550

S$1.480

S$1.540

S$1.520

S$1.510

S$1.500