April 2008

Results Announcement

  • 4-Apr-08 : KREIT – xri 8-for-5 rights @ $1.39 ; FY08 DPU (Forecast) 7.53ct (Table updated)
  • 18-Apr-08 : AREIT (Tables Updated)
  • 21-Apr-08 : KREIT (Tables Not Updated, Using Rights Circular Data)
  • 22-Apr-08 (AM) : CMT (Tables Updated)
  • 22-Apr-08 (AM) : FirstREIT (Tables Updated)
  • 22-Apr-08 : PST (Tables Updated)
  • 23-Apr-08 (AM) : AscottREIT (Tables Updated)
  • 23-Apr-08 : FSL (Tables Updated)
  • 23-Apr-08 : FrasersCT (Tables Updated)
  • 24-Apr-08 (AM) : CRCT (Tables Updated)
  • 24-Apr-08 : MapleTree (Tables Updated)
  • 25-Apr-08 (AM) : Cambridge (Tables Updated)
  • 25-Apr-08 (AM) : CCT (Tables Updated)
  • 28-Apr-08 : LMIR (Tables Updated)
  • 29-Apr-08 : MMP (Tables Updated)
  • 30-Apr-08 (Lunch) : CDL HTrust (Tables Updated)
  • 30-Apr-08 : a-iTrust (Tables Updated)
  • 30-Apr-08 : Suntec (Tables Updated)
  • 5-May-08 : Rickmers
  • 6-May-08 : PLife
  • 8-May-08 : HWT
  • 12-May-08 : Saizen

Average Yield = 6.782%

REIT

Period

DPU ct

Price

Yield

NAV

Assets Type

LMIR

Q1 : Mar-08

2.20*

S$0.57

10.596%

S$0.958

 Malls – Indonesia

First REIT

Q1 : Mar-08

1.85

S$0.72

10.417%

S$0.924

 Hospitals + Hotel (Indonesia)

AllCo

2H : Dec-07

3.74

S$0.81

9.235%

S$1.45

 Malls + Office (S’pore and Aust)

Cambridge

Q1 : Mar-08

1.588

S$0.70

9.124%

S$0.76

 Industrial

MI-REIT

Q3 : Dec-07

1.92

S$0.95

8.021%

S$1.30

 Industrial

MapleTree

Q1 : Mar-08

1.90

S$1.03

7.379%

S$0.90

 Industrial

Saizen

FY08 – IPO

5.30

S$0.755

7.020%

S$1.05

 Residential (Japan)

AscottREIT

Q1 : Mar-08

2.33

S$1.33

7.008%

S$1.57

 Serviced Apts (Regional)

Fortune

2H : Dec-07

17.42

HK4.98

6.996%

HK$9.04

 Malls (HK)

Suntec

Q2: Mar-08

2.5185

S$1.51

6.708%

S$2.23

 Malls + Office

CDL HTrust

Q1 : Mar-08

2.86

S$1.92

5.990%

S$1.58

 Hotels

MMP

Q1 : Mar-08

1.76

S$1.23

5.756%

S$1.59

 Malls + Office

A-REIT

Q4 : Mar-08

3.69

S$2.57

5.743%

S$1.80

 Industrial

FrasersCT

Q2 : Mar-08

1.75

S$1.23

5.691%

S$1.17

 Malls

PLife

Q4 : Dec-07

2.27

S$1.24

5.097%

S$1.34

 Hospitals

K-REIT

FY08 – Rights

7.53

S$1.51

4.987%

S$2.29

 Office

CCT

Q1 : Mar-08

2.59

S$2.24

4.652%

S$2.79

 Office

CapitaRChina

Q1 : Mar-08

1.02*

S$1.51

4.411%

S$1.05

 Malls (China)

CMT

Q1 : Mar-08

3.48

S$3.48

4.023%

S$2.21

 Malls + Office

NOTES :

  • Mkt Price is as on 30-Apr-08
  • Suntec : Annualised DPU = 10.129ct
  • CDL HTrust : Annualised DPU = 11.5ct ; Div Not Paid Out as Semi-Annual Policy
  • MMP : Annualised DPU = 7.08ct
  • LMIR : Annualised DPU = 6.04ct ; For the Period 8-Aug-07 to 31-Mar-08
  • CCT : Annualised DPU = 10.42ct ; Div Not Paid Out as Semi-Annual Policy
  • Cambridge : Annualised DPU = 6.387ct
  • CRCT : * For the Period 5-Feb-08 to 31-Mar-08 ; Annualised DPU 6.66ct ; Div Not Paid Out as Semi-Annual Policy ; Actual DPU for Q108 = 1.55ct (Annualised 6.22ct)
  • AscottREIT : Div Not Paid Out as Semi-Annual Policy
  • First REIT : Annualised DPU = 7.5ct
  • CMT : Annualised DPU = 14ct
  • KREIT : FY08 DPU Forecast 7.53ct (8-for-5 Rights @ $1.39)
  • CapitaRChina : Annualised DPU = 7.02ct ; Actual Payout 4.04cts (1-Jul-07 to 4-Feb-08)
  • PLife : Annualised DPU = 6.32ct ; Actual Payout 2.27ct for the Period 23-Aug-07 to 31-Dec-07
  • MI-REIT : Annualised DPU = 7.62ct
  • AllCo : Q407 DPU 2.2ct ; Annualised = 8.77ct ; Annualised Yield = 13.090% @ $0.67 if this DPU is used
  • 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$

Q1 : Mar-08

0.97

$0.415

9.349%

$0.42

 Shipping Trust

FSL Trust

Q1 : Mar-08

2.59

S$1.05

13.430%

$0.88

 Shipping Trust

Rickmers

Q4 : Dec-07

2.14

S$1.06

10.992%

$1.07

 Shipping Trust

NOTES :

  • All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.3611:US$1 fm Yahoo Finance)
  • FSL : Annualised DPU 10.36ct
  • 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)
  • FSL : SGX Annc (21-Apr-08) Quarterly DPU Forecast – Q208 (+US0.16ct) ; Q308 (+US0.28ct)

Other Trusts (non-REITs)

Trust

Period

DPU ct

Price

Yield

NAV

Assets Type

CitySpring

Q3 : Dec-07

1.60

$0.785

8.153%

$0.81

 Infrastructure – Water, Gas

AscendasIndT

2H : Mar-08

3.14

$1.18

5.322%

$1.08

 India – Industrial Park

HWT

FY08 : IPO

4.46

$0.68

6.559%

$0.73

 China – Water Plant

NOTES :

  • 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
April 30, 2008 Yield No Comments »

Performance – April 2008

STI -9.61% : 3147.79 (Apr-08) vs 3482.30 (2007)

Rank – Capital Gains

REIT

Apr-08

Dec-07

Gain

MMP

S$1.23

S$1.10

11.8%

PLife

S$1.24

S$1.13

9.7%

A-REIT

S$2.57

S$2.46

4.5%

CMT

S$3.48

S$3.46

0.6%

Cambridge

S$0.70

S$0.71

-1.4%

Fortune

HK$4.98

HK$5.21

-4.4%

MapleTree

S$1.03

S$1.09

-5.5%

First REIT

S$0.72

S$0.77

-6.5%

CCT

S$2.24

S$2.44

-8.2%

AscottREIT

S$1.33

S$1.45

-8.3%

AllCo

S$0.81

S$0.895

-9.5%

Suntec

S$1.51

S$1.71

-11.7%

MI-REIT

S$0.95

S$1.10

-13.6%

LMIR

S$0.57

S$0.665

-14.3%

Saizen

S$0.755

S$0.89

-15.2%

FrasersCT

S$1.23

S$1.46

-15.8%

CDL HTrust

S$1.92

S$2.35

-18.3%

K-REIT

S$1.51

S$2.13

-29.1%

CapitaRChina

S$1.51

S$2.15

-29.8%

NOTES :

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

April 30, 2008 Performance No Comments »

Gearing – April 2008

New Data (Major Shareholders) for the Month

  • 29-Apr-08 : MI-REIT – UBS from 13.68% to 12.94% (25-Apr-08)
  • 25-Apr-08 : MI-REIT – UBS from 14.0% to 13.68% (24-Apr-08)
  • 24-Apr-08 : Suntec – Perennial from 5.94% to 6.09% (18-Apr-08)
  • 23-Apr-08 : Suntec – UBS from 5.18% to 4.93% (21-Apr-08)
  • 14-Apr-08 : Suntec – UBS from 7.03% to 6.78% (10-Apr-08)
  • 10-Apr-08 : LMIR – ABN AMRO From 5.10% to 6.51% (8-Apr-08)
  • 9-Apr-08 : Suntec – UBS from 6.73% to 7.07% (7-Apr-08)
  • 7-Apr-08 : MapleTree – UBS From 5.28% to 4.97% (3-Apr-08)
  • 1-Apr-08 : AREIT – Goodman from 6.28% to 0% (26-Mar-08)

    REIT

    Assets

    Debts

    Gearing

    Shares

    Major Shareholders

    A-REIT

    S$4205M

    S$1562M

    38.2%

    1,325,560,491

    Ascendas 26.77% ; Capital Grp 5.82%

    AllCo

    S$2038M

    S$888M

    43.6%

    705,962,645

    AllCo 17.28% ; Capital Grp 9.8707% ; Farallon 9.86%

    AscottREIT

    S$1675M

    S$527M

    33.0%

    606,796,000

    Temasek 47.17%

    Cambridge

    S$971M

    S$358M

    36.9%

    795,255,329

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

    CapitaRChina

    S$1148M

    S$348M

    30.9%

    617,517,873

    Capitaland 40.04% (CMT 20%) ; Capital Grp 13.3277% ; Stichting 7.75%

    CCT

    S$5455M

    S$1466M

    26.9%

    1,385,415,169

    Temasek 31.97% ; Stitching 10.67% ; Cohen 5.036%

    CDL HTrust

    S$1657M

    S$304M

    19.5%

    825,074,177

    Hong Leong 39.60% ; Istithmar Hotels 9.7%

    CMT

    S$6028M

    S$1911M

    35.3%

    1,663,931,632

    Temasek 29.65% ; NTUC 6.84%

    First REIT

    S$342M

    S$50.8M

    15.6%

    272,565,915

    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 6.524% ; Schroder 5.014%

    FrasersCT

    S$1060M

    S$307.5M

    29.0%

    619,319,175

    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$1314M

    S$125M

    10.2%

    1,061,518,901

    Lippo 27.1% ; MapleTree 12.0% ; CPI-Capital 8.5% ; Penta Investments 8.0% ; ABN AMRO 6.51%

    MacCookIReit

    S$473M

    S$126M

    27.6%

    260,753,751

    MacCook 13.16% ; UBS 12.94% ; Lion 8.54% ; USS 8.45% ; Indus 5.76%

    MapleTree

    S$2499M

    S$1360M

    54.7%

    1,108,180,172

    Temasek 31.96% ; Capital Grp 7.14%

    MMP

    S$2293M

    S$664M

    29.0%

    953,847,716

    MacQuarie 26.3% ; Morgan Stanley 10.345% ; AIA 10.998%

    PLife

    S$858M

    S$34M

    3.96%

    601,691,000

    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$5835M

    S$1877M

    32.2%

    1,700,500,646

    Perennial 6.09% ; Temasek 5.98% ; 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
    April 30, 2008 Gearing No Comments »

    SREIT IPO/Placement

    S-REITS

    IPO /Placement Price

    IPO

    2nd Placement

    3rd Placement

    4th Placement

    5th Placement

    6th Placement

    7th Placement

    AllcoReit

    1.00

    1.14

    –

    –

    –

    –

    –

    AscendasIndT

    1.18

    –

    –

    –

    –

    –

    –

    Ascendasreit

    0.88

    1.16

    1.40

    1.55

    1.87

    2.13

    2.48

    AscottREIT

    0.68

    1.10

    1.90

    –

    –

    –

    –

    Cambridge

    0.68

    0.70

    –

    –

    –

    –

    –

    CapitaComm

    –

    1.38

    1.67

    1.68

    –

    –

    –

    CapitaMall

    0.96

    1.33

    1.62

    2.33

    2.35

    2.30

    3.63

    CapitaRChina

    1.13

    –

    –

    –

    –

    –

    –

    CDL Htrust

    0.83

    2.52

    –

    –

    –

    –

    –

    First REIT

    0.71

    –

    –

    –

    –

    –

    –

    Fortune Reit HK$

    4.75

    –

    –

    –

    FrasersCT

    1.03

    –

    –

    –

    –

    –

    –

    K-REIT

    0.98

    1.39

    –

    –

    –

    –

    –

    LMIR

    0.80

    –

    –

    –

    –

    –

    –

    MapletreeLog

    0.68

    0.96

    1.18

    –

    –

    –

    –

    MI-REIT

    1.20

    –

    –

    –

    –

    –

    –

    MMP Reit

    0.98

    –

    –

    –

    –

    –

    –

    Plife

    1.28

    –

    –

    –

    –

    –

    –

    Saizen

    1.00

    –

    –

    –

    –

    –

    –

    Suntec

    1.00

    1.50

    –

    –

    –

    –

    –

    Note:

    1) Corrected at 19 April 2008

    2) Recently updated is highlighted in Blue

    · KREIT – xri 8-for-5 rights @ $1.39

    April 19, 2008 IPO/PLACEMENT No Comments »

    Kim Eng – 3 April 2008

    Click on the table below to get a bigger view,

    April 3, 2008 Analysts No Comments »