February 2010

Results Announcement

• 5 Feb 10 : AIMSAMPIReit (Tables Updated)
  
• 8 Feb 10 : Rickmers (Table Updated)
  
• 9 Feb 10 : LMIR (Tables Updated)
  
• 11 Feb 10 (AM) : Saizen (Tables Updated)
  
• 11 Feb 10 : CitySpring (Table Updated)
  

 

REITs : Average Yield = 7.402% (Excl. Saizen)

REIT	Period	DPU ct	Price	Yield	NAV	Assets Type
Cambridge	Q4 : Dec-09	1.377	S$0.445	12.276%	S$0.60	Industrial
LMIR	Q4 : Dec-09	1.16	S$0.495	9.374%	S$0.8294	Malls – Indonesia
AIMSAMPIReit	Q3 : Dec-09	0.359*	S$0.21	8.775%	S$0.31	Industrial
First REIT	Q4 : Dec-09	1.92	S$0.815	9.350%	S$0.9839	Hospitals + Hotel (Indonesia)
Suntec	Q4 : Dec-09	2.886	S$1.27	9.016%	S$1.754	Malls + Office
MapleTree	Q4 : Dec-09	1.59*	S$0.775	7.639%	S$0.85	Industrial
Starhill Gbl	Q4 : Dec-09	0.97	S$0.54	7.130%	S$0.81	Malls + Office
CCT	2H : Dec-09	3.73	S$1.03	7.184%	S$1.37	Office
CapitaRChina	2H : Dec-09	4.06	S$1.14	7.123%	S$1.05	Malls (China)
A-REIT	Q3 : Dec-09	3.27	S$1.92	6.813%	S$1.58	Industrial
Fortune	2H : Dec-09	10.6	HK$2.99	7.090%	HK$5.33	Malls (HK)
AscottREIT	2H : Dec-09	3.77	S$1.16	6.500%	S$1.34	Serviced Apts (Regional)
FrasersComm	Q1 : Dec-09	0.24	S$0.145	6.552%	S$0.27	Malls + Office (S’pore + Aust)
PLife	Q4 : Dec-09	1.91	S$1.28	6.406%	S$1.37	Hospitals
FrasersCT	Q1 : Dec-09	1.91	S$1.30	5.877%	S$1.22	Malls
CMT	Q4 : Dec-09	2.40	S$1.80	5.289%	S$1.54	Malls + Office
K-REIT	Q4 : Dec-09	1.45	S$1.07	5.374%	S$1.20	Office
CDL HTrust	2H : Dec-09	4.71	S$1.72	5.477%	S$1.43	Hotels
Saizen	Q4 : Dec-09	—	S$0.16	—	S$0.40	Residential (Japan)

NOTES :

• Mkt Price is as on 11-Feb-10
  
• AIMSAMPIReit : Actual DPU Payout = 0.1868ct (24-Nov-09 to 31-Dec-10) ; Above Yield is Computed Using this DPU
  
• CRCT : Q409 DPU 2.04ct (Annualised 8.09ct)
  
• StarHill Gbl : Annualised DPU = 3.85ct
  
• Cambridge : Annualised DPU = 5.463ct
  
• FCT : Private Placement 137Mil New Units @ $1.33 ; SGX Annc (27-Jan-10) ; Listing on 4-Feb-10 2pm
  
• CDLHTrust : Q409 DPU = 2.67ct (Annualised = 10.59ct) ; Above Figures Uses Actual 2H09 DPU Payout to Compute Yield
  
• FrasersComm : Annualised DPU = 0.95ct ; No Payout as Semi-Annual Payout Policy
  
• Suntec : Annualised DPU = 11.45ct
  
• CMT : Annualised DPU = 9.52ct
  
• PLife : Annualised DPU = 8.2ct
  
• FirstREIT : Annualised DPU 7.62ct
  
• MapleTree : Actual Payout = 0.84ct (18-Nov-09 to 31-Dec-09) as 0.75ct Already Paid (1-Oct-09 to 17-Nov-09) ; DPU = 1.48ct is Used to Compute the Yield for Above Table as the Q4 DPU Includes a One-Off 0.11ct (See SGX Annc pg 2)
  
• AscottREIT : DPU (Q409) = 1.87ct
  
• KREIT : Annualised DPU = 5.75ct (Q409 DPU Used in Above Table as it Better Reflects the Impact of the Rights Issue) ; Actual DPU = 2.77ct (1-Jul-09 to 31-Dec-09)
  
• CCT : Annualised DPU = 7.40ct
  
• FCT : Proposed Acquisitions + New Shares Issue ; Circular (7-Jan-10)
  
• Suntec : Private Placement 128.5Mil New Units @ $1.19 ; SGX Annc (11-Dec-09) ; Gearing 31.5% ; Aggregate Leverage 33.4%
  
• MapleTree : Private Placement 115Mil New Units @ $0.69 ; SGX Annc (9-Nov-09) ; Proforma (3Q09) – Yield Accretive +1.5% ; DPU 0.74-0.76ct (Advanced Distribution for the Period 1-Oct-09 to 17-Nov-09) for Existing Shareholders ; Gearing ~38.5%
  
• AIMSAMPIReit : 2-for1 Rights @ $0.159 (xri 25-Nov-09) ; Circular (6-Nov-09) ; 1H10 (Proforma) – DPU 1.04ct (Yield 9.3% @ TERP $0.223 – Mkt $0.41) ; NAV $0.31 ; Gearing 29% ; Listing on 28-Dec-09 9am
  
• KREIT : 1-for1 Rights @ $0.93 (xri 23-Oct-09) ; Circular (3-Oct-09) ; FY08 (Proforma) – DPU 6.08ct (Yield 5.8% @ TERP $1.06 – Mkt $1.18) ; NAV $1.49 ; Gearing 9.1%
  
• 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 (xri 15-Sep-09) ; Circular (24-Aug-09) ; 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%
  
• 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)
  
• 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$	Q4 : Dec-09	0.827	US$0.27	12.252%	$0.40	Shipping Trust
FSL Trust	Q4 : Dec-09	1.50	S$0.58	14.607%	$0.64	Shipping Trust
Rickmers	Q4 : Dec-09	0.57	S$0.39	8.255%	$0.93	Shipping Trust

NOTES :

• All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.4120:US$1 fm Yahoo Finance)
• Rickmers : 14% Payout
• FSL : 56% Payout ; Q110 DPU Guidance = US1.5ct
• PST : 70% Payout

 
 

 
 

Other Trusts (non-REITs)

Trust	Period	DPU ct	Price	Yield	NAV	Assets Type
CitySpring	Q3 : Dec-09	1.05	$0.61	6.885%	$0.44*	Infrastructure – Water, Gas
AscendasIndT	Q3 : Dec-09	1.85	$0.97	7.629%	$0.85	India – Industrial Park
HWT	2H : Dec-09 (Forecast)	2.86	$0.69	8.290%	$0.76	China – Water Plant
Indiabulls	Q3 : Dec-09	—	$0.26	—	$0.5338	India – Office

NOTES :

• CitySpring : The Group NAV per unit before hedging and translation reserves is S$0.50
• a-iTrust : DPU Not Paid Out as Semi-Annual Payout Policy
• Indiabulls : No DPU Declared
• HWT : Q309 DPU = 1.16ct (Not Paid Out as Semi-Annual Payout Policy ; Excludes Sponsor Waiver) ; 2H09 DPU Forecast = 2.86ct (With Sponsor Waiver)
• 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
• HWT : DPU Forecast – 1H09 = 2.56ct ; 2H09 = 2.86ct
• Indiabulls : IPO Forecast – 5.12ct (FY09) 1,325.4Mil Units (2,371.7Mil Units Issued) Entitled to Div ; 9.82ct (FY10)

October 2009

NOTE : For K-REIT, Proforma data (from Rights Issue) are used for Yield computation. Please refer to “NOTES” at the bottom of the table for more info.

 

Results Announcement

• 13 Oct 09 – K-REIT (Tables Updated)
  
• 19 Oct 09 – A-REIT (Tables Updated)
  
• 21 Oct 09 (AM) – CCT (Tables Updated)
  
• 22 Oct 09 (AM) – FirstREIT (Tables Updated)
  
• 22 Oct 09 (AM) – CMT (Tables Updated)
  
• 22 Oct 09 – a-iTrust (Table Updated)
  
• 22 Oct 09 – MapleTree (Tables Updated)
  
• 22 Oct 09 – FCT (Tables Updated)
  
• 22 Oct 09 – PST (Table Updated)
  
• 23 Oct 09 (AM) – CRCT (Tables Updated)
  
• 23 Oct 09 (AM) – FCOT (Tables Updated)
  
• 23 Oct 09 (AM) – FSL (Table Updated)
  
• 27 Oct 09 – Suntec (Tables Updated)
  
• 27 Oct 09 – Cambridge (Tables Updated)
  
• 28 Oct 09 (AM) – ART (Tables Updated)
  
• 28 Oct 09 – StarHill Gbl (Tables Updated)
  
• 30 Oct 09 – CDL H-Trust
  
• 4 Nov 09 – Fortune
  
• 5 Nov 09 – PLife
  
• 11 Nov 09 (AM) – Saizen
  
• 12 Nov 09 – CitySpring
  

 

REITs : Average Yield = 8.073% (Excl. Saizen)

REIT	Period	DPU ct	Price	Yield	NAV	Assets Type
MI-REIT	Q1 : Jun-09	1.51	S$0.41	14.732%	S$1.07	Industrial
Cambridge	Q3 : Sep-09	1.344	S$0.46	11.591%	S$0.60	Industrial
First REIT	Q3 : Sep-09	1.90	S$0.705	10.809%	S$0.9267	Hospitals + Hotel (Indonesia)
LMIR	Q2 : Jun-09	1.3	S$0.46	11.304%	S$0.7393	Malls – Indonesia
Suntec	Q3 : Sep-09	2.921	S$1.17	9.905%	S$1.946	Malls + Office
Fortune	1H09 (Proforma – Rights)	12.03	HK$2.77	8.686%	HK$4.98	Malls (HK)
K-REIT	FY08 (Proforma – Rights)	6.08	S$1.04	5.846%	S$1.49	Office
MapleTree	Q3 : Sep-09	1.48	S$0.74	8.000%	S$0.86	Industrial
A-REIT	Q2 : Sep-09	3.48*	S$1.81	7.574%	S$1.58	Industrial
AscottREIT	Q3 : Sep-09	1.92	S$1.08	7.111%	S$1.32	Serviced Apts (Regional)
FrasersCT	Q4 : Sep-09	2.04	S$1.18	6.915%	S$1.22	Malls
CapitaRChina	Q3 : Sep-09	2.02	S$1.13	7.088%	S$1.10	Malls (China)
FrasersComm	Q3 : Sep-09	0.2	S$0.15	5.333%	S$0.27	Malls + Office (S’pore + Aust)
PLife	Q2 : Jun-09	1.89	S$1.21	6.240%	S$1.32	Hospitals
CCT	Q3 : Sep-09	1.85	S$1.07	6.860%	S$1.49	Office
Starhill Gbl	Q3 : Sep-09	0.95	S$0.58	6.500%	S$0.80	Malls + Office
CDL HTrust	1H : Jun-09	3.86	S$1.56	4.987%	S$1.42	Hotels
CMT	Q3 : Sep-09	2.35	S$1.60	5.825%	S$1.54	Malls + Office
Saizen	2H : Jun-09	—	S$0.14	—	S$0.40	Residential (Japan)

NOTES :

• Mkt Price is as on 29-Oct-09
• StarHill Gbl : Annualised DPU = 3.77ct
• AscottREIT : DPU Not Paid as Semi-Annual Payout Policy
• Cambridge : Annualised DPU = 5.332ct ; Cambridge A DPU = 0.708ct (12-Aug-09 to 30-Sep-09)
• Suntec : Annualised DPU = 11.589ct
• FrasersComm : Annualised DPU = 0.8ct
• CRCT : Annualised DPU = 8.01ct ; DPU Not Paid as Semi-Annual Payout Policy
• FCT : DPU = 1.95ct if exclude Retained Income from Previous Quarters
  
• CMT : Annualised DPU = 9.32ct
• FirstREIT : Annualised DPU 7.62ct
• CCT : Annualised DPU = 7.34ct ; DPU Not Paid as Semi-Annual Payout Policy
• A-REIT : DPU = 1.94ct (1-Jul to 19-Aug ; Paid on 23-Sep) + 1.54ct (20-Aug to 30-Sep) ; * Above Yield is Calculated Using DPU = 1.54ct for the Period 20-Aug to 30-Sep.
  
• KREIT : Annualised DPU = 10.67ct ; DPU Not Paid as Semi-Annual Payout Policy
• KREIT : Proposed 1-for1 Rights @ $0.93 (xri 23-Oct-09) ; Circular (3-Oct-09) ; FY08 (Proforma) – DPU 6.08ct (Yield 5.8% @ TERP $1.06 – Mkt $1.18) ; NAV $1.49 ; Gearing 9.1%
  
• 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 (xri 15-Sep-09) ; Circular (24-Aug-09) ; 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
• 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)
• 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$	Q3 : Sep-09	0.818	US$0.265	12.347%	$0.40	Shipping Trust
FSL Trust	Q3 : Sep-09	1.50	S$0.60	13.997%	$0.63	Shipping Trust
Rickmers	Q2 : Jun-09	0.6	S$0.37	9.079%	$0.87	Shipping Trust

NOTES :

• All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.3997:US$1 fm Yahoo Finance)
• FSL : Q309 DPU = US1.5ct (50% Payout) ; US1.27ct (Stub Distribution) Already Paid Out ; Balance US0.23ct
• PST : 70% Payout
• Rickmers : 13% Payout
• FSL : SGX Annc (21-Jul-09) Quarterly DPU Forecast – Q309 US1.5ct (50% 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	1H : Sep-09	3.91	$0.92	8.500%	$0.84	India – Industrial Park
HWT	1H : Jun-09	2.56	$0.68	7.529%	$0.80	China – Water Plant
Indiabulls	Q1 : Jun-09	—	$0.27	—	$0.7461	India – Office

NOTES :

• a-iTrust : DPU = 1.85ct (Sep) + 2.06ct (Jun)
• 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
• 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 – October 2009

New Data (Major Shareholders) for the Month

• 20 Oct 09 : Fortune – Schroder From 11.694 % To 8.414 % (15-Oct-09)
  
• 20 Oct 09 : Fortune – DBS From 6.25 % To 5.88 % (15-Oct-09)
  
• 19 Oct 09 : CMT – Capital Group From 7.0486 % To 8.0182 % (14-Oct-09)
  
• 19 Oct 09 : Fortune – Stitching From 12.590 % To 4.925 % (16-Oct-09)
  
• 16 Oct 09 : FCT – Capital Group From 6.5836 % To 7.4585 % (14-Oct-09)
  
• 9 Oct 09 : Cambridge – Yap Chin Kok from 7.2126 % To 6.712 % (30-Sep-09)
  
• 9 Oct 09 : Cambridge – Schroder From 5.145 % To 4.905 % (7-Oct-09)
  
• 9 Oct 09 : CMT – Capital Grp From 6.1257 % To 7.0486 % (6-Oct-09)
  

 

REIT	Assets	Debts	Gearing	Shares	Major Shareholders
A-REIT	S$4695M	S$1407M	30.5%	1,869,920,057	Ascendas 20.66% ; Capital Grp 5.82% ; ING 5.12%
AscottREIT	S$1637M	S$639M	41.5%	616,107,000	Temasek 48.0%
Cambridge	S$917M	S$390M	42.6%	867,545,934	Yap Chin Kok – 6.712% ; Capital Grp 5.9153%
CapitaRChina	S$1228M	S$411M	34.4%	622,854,695	Capitaland 40.04% (CMT 20%) ; Capital Grp 9.8582% ; Stichting 7.75%
CCT	S$6339M	S$1979M	31.2%	2,811,072,381	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$7448M	S$2198M	30.4%	3,178,584,164	Temasek 29.65% ; NTUC 5.98% ; Capital Grp 8.0182%
First REIT	S$338M	S$50.8M	15.6%	275,474,366	Lippo 20.3% ; RZB 9.2% ; CIM 5.9%
Fortune	HK$9247M	HK$2379M	25.7%	824,879,427	Cheung Kong 32.35% ; DBS 5.88% ; Schroder 8.414%
FrasersCT	S$1165M	S$349M	29.9%	626,565,443	F&N 51% ; AIA 6.0126% ; Capital Group 7.4585%
FrasersComm	S$2063M	S$803M	38.9%	3,033,587,241	F&N 23% ; Farallon 6.22%
K-REIT	S$1970M	S$578M	29.5%	666,703,965	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$3035M	S$1175M	38.1%	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$2298M	S$625M	27.2%	1,932,468,170	YTL 28.90% ; Morgan Stanley 5.748% ; AIA 11.11%
Suntec	S$5397M	S$1877M	34.3%	1,737,800,826	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 up-to-date. Pls chk SGX Annc to verify

UBS – 26 Oct 09

Click on the table below for a bigger view,

DMG – 16 Oct 2009

Click on the table below for a bigger view,

Link – Report Summary

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)
  

Month End Prices – 2009

REIT

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

A-REIT

S$1.46

S$1.26

S$1.22

S$1.34

S$1.52

S$1.59

S$1.70

S$1.65

S$1.93

AscottREIT

S$0.56

S$0.36

S$0.41

S$0.50

S$0.665

S$0.68

S$0.88

S$0.87

S$0.965

Cambridge

S$0.285

S$0.23

S$0.25

S$0.295

S$0.365

S$0.35

S$0.42

S$0.43

S$0.455

CapitaRChina

S$0.725

S$0.67

S$0.735

S$0.80

S$1.18

S$1.07

S$1.39

S$1.25

S$1.22

CCT

S$0.955

S$0.755

S$0.88

S$0.855

S$1.13

S$0.82

S$0.855

S$0.89

S$1.04

CDL HTrust

S$0.65

S$0.51

S$0.52

S$0.58

S$0.79

S$0.83

S$1.21

S$1.41

S$1.44

CMT

S$1.60

S$1.43

S$1.32

S$1.25

S$1.33

S$1.40

S$1.58

S$1.63

S$1.85

First REIT

S$0.45

S$0.445

S$0.50

S$0.565

S$0.605

S$0.63

S$0.695

S$0.69

S$0.67

Fortune

HK$2.25

HK$2.27

HK$2.67

HK$3.10

HK$3.63

HK$3.74

HK$4.16

HK$3.72

HK$2.58

FrasersComm

S$0.23

S$0.16

S$0.14

S$0.17

S$0.24

S$0.24

S$0.19

S$0.16

S$0.16

FrasersCT

S$0.69

S$0.61

S$0.63

S$0.74

S$0.91

S$0.865

S$1.03

S$1.01

S$1.15

K-REIT

S$0.625

S$0.54

S$0.595

S$0.67

S$0.93

S$0.975

S$1.07

S$1.08

S$1.18

LMIR

S$0.285

S$0.185

S$0.22

S$0.29

S$0.33

S$0.355

S$0.43

S$0.48

S$0.46

MacCookIReit

S$0.255

S$0.215

S$0.23

S$0.285

S$0.38

S$0.33

S$0.40

S$0.37

S$0.38

MapleTree

S$0.385

S$0.39

S$0.375

S$0.43

S$0.605

S$0.555

S$0.595

S$0.66

S$0.77

PLife

S$0.79

S$0.77

S$0.76

S$0.76

S$0.94

S$0.925

S$1.02

S$1.06

S$1.16

Saizen

S$0.105

S$0.10

S$0.115

S$0.18

S$0.14

S$0.13

S$0.15

S$0.155

S$0.145

StarHill Gbl

S$0.515

S$0.465

S$0.455

S$0.48

S$0.705

S$0.635

S$0.545

S$0.545

S$0.60

Suntec

S$0.66

S$0.575

S$0.63

S$0.735

S$0.95

S$0.86

S$1.09

S$1.00

S$1.06

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
  

Daiwa – 23 Sep 09

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