Performance – Sep 09
STI +51.72% : 2672.39 (Sep-09) vs 1761.56 (2008)
Rank – Capital Gains
|
REIT |
Sep-09 |
Dec-08 |
Gain |
|
MapleTree |
S$0.77 |
S$0.35 |
120.0% |
|
CapitaRChina |
S$1.22 |
S$0.60 |
103.3% |
|
CDL HTrust |
S$1.44 |
S$0.73 |
97.3% |
|
FrasersCT |
S$1.15 |
S$0.63 |
82.5% |
|
K-REIT |
S$1.18 |
S$0.54 |
68.6% |
|
AscottREIT |
S$0.965 |
S$0.58 |
66.4% |
|
Cambridge |
S$0.455 |
S$0.275 |
65.5% |
|
First REIT |
S$0.67 |
S$0.405 |
65.4% |
|
PLife |
S$1.16 |
S$0.76 |
52.6% |
|
Suntec |
S$1.06 |
S$0.71 |
49.3% |
|
MI-REIT |
S$0.38 |
S$0.255 |
49.0% |
|
LMIR |
S$0.46 |
S$0.31 |
48.4% |
|
A-REIT |
S$1.93 |
S$1.37 |
40.9% |
|
Fortune |
HK$2.58 |
HK$1.99 |
29.6% |
|
CMT |
S$1.85 |
S$1.59 |
16.4% |
|
CCT |
S$1.04 |
S$0.855 |
16.2% |
|
StarHill Gbl |
S$0.60 |
S$0.52 |
15.4% |
|
Saizen |
S$0.145 |
S$0.13 |
11.5% |
|
FrasersComm |
S$0.16 |
S$0.235 |
-31.9% |
NOTES :
- Not Adjusted for Rights or New Issues Which May Be at a Discount
- Sep-09 : End Sep-09 Mkt Price
- Dec-08 : End Dec-08 Mkt Price
Gain : Capital Gains = (Sep-09 Mkt Price – Dec-08 Mkt Price) / (Dec-08 Mkt Price)
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
