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Asia Pacific Equity Research | Singapore

WEEKLY S-REITS TRACKER

Wong Teck Ching (Andy), CFA (65) 6531 9817 andywong@ocbc-research.com

23 Feb 2015

RECENT DEVELOPMENTS

Lippo Malls Indonesia Retail Trusts (LMIRT) market

valuation of its properties (as at 31 Dec 2014) increased
marginally by 0.3% to IDR13,616.7b (excluding a mall acquired
in Dec 2014). If we include this mall, LMIRTs market valuation of
its properties stood at IDR17,257.3b. (18 Feb)

Cambridge Industrial Trust has proposed to acquire 160A Gul

Circle in Singapore for a purchase consideration of S$16.2m. This
would be funded by existing debt facilities and cash, and is
expected to be completed in 2Q15. (18 Feb)

CapitaCommercial Trust has issued JPY8b floating rate notes

due 17 Feb 2023 under its S$2b Multicurrency MTN Programme.
The notes will bear interest at a rate of 3-month JPY LIBOR +
0.3% per annum, payable quarterly in arrears. (17 Feb)

Frasers Centrepoint Trusts (FCT) Baa1 issuer rating has been

upgraded by Moodys Investors Service from stable to positive.
This is premised on FCTs enlarged asset portfolio which is
focused on the resilient suburban retail sector and its strong
financial position. (17 Feb)

Temasek and JTC have entered into an agreement to merge four

of their operating subsidiaries, one of which is Ascendas Pte Ltd,
the sponsor of Ascendas REIT, Ascendas Hospitality Trust
and Ascendas India Trust. The merger will not trigger any
general offer obligations for the listed entities. (16 Feb)

According to a report by Moodys Investors Service, out of the

three hospitality trusts it rates, Far East Hospitality Trust and
OUE Hospitality REIT are the most adversely affected by
weaker tourist arrivals in Singapore. (16 Feb)

Weekly top gainers (%)

Ascendas REIT

+2.5

Mapletree Industrial Trust

+2.3

CapitaMall Trust

+1.9

Weekly top laggers (%)

Keppel DC REIT

-1.9

Far East Hospitality Trust

-1.8

Lippo Malls Indo Retail Trust

-1.4

Weekly sector performance (%)

Industrial

+1.6

Retail

+1.2

Office

+0.5

Hospitality

-0.3

Healthcare

-0.4

Data Centre

-1.9

Residential

-2.9

Overall

+0.8

The FTSE ST REIT Index gained 0.7% WoW while

the STI gained 0.1% over the same period.
Source: Bloomberg, OIR
NOTE: The calculation of the % gains/losses is
based on last Fridays closing prices and the
preceding weeks Friday closing prices.

Sources: Reuters, Bloomberg, News agencies, Company announcements

Please refer to important disclosures at the back of this document.

MCI (P) 006/06/2014

OCBC Investment Research

Weekly S-REITs Tracker
Exhibit 1: Peer comparison

Singapore REITs
Price
($)

Mkt Cap
($ m)

Float
(%)

FYE
(mth)

DPU
(freq)

Curr DPU
(cents)

Fwd DPU
(cents)

Curr Yield
(%)

Fwd Yield
(%)

YTD Return
(%)

D/A
(%)

P/B
(x)

OFFICE (6)
CapitaCommercial Trust
Frasers Commercial Trust
IREIT Global ^
Keppel REIT
OUE Commercial REIT
Suntec REIT

SGD
SGD
SGD
SGD
SGD
SGD

1.785
1.485
0.840
1.220
0.800
1.930
Total:

5,259.8
1,008.5
352.2
3,875.8
697.9
4,837.5
16,031.9

64.7
72.4
23.5
54.7
25.6
92.7

Dec
Sep
Dec
Dec
Dec
Dec

Semi-Anl
Quarter
Semi-Anl
Quarter
Semi-Anl
Quarter

8.90
9.80
3.33
7.10
5.40
10.10

9.40
10.00
7.01
7.10
5.50
10.80
Average:

5.0
6.6
7.9
5.8
6.8
5.2
6.2

5.3
6.7
8.3
5.8
6.9
5.6
6.4

4.1
6.7
-5.6
0.2
2.9
-0.2
1.3

29.3
37.2
33.2
43.3
38.3
34.7
36.0

1.02
0.94
1.08
0.87
0.73
0.91
0.92

RETAIL (9)
CapitaMall Trust
CapitaRetail China Trust
Fortune REIT
Frasers Centrepoint Trust
Lippo Malls Indo Retail Trust
Mapletree Commercial Trust
Mapletree Greater China Com
SPH REIT
Starhill Global REIT

SGD
SGD
HKD
SGD
SGD
SGD
SGD
SGD
SGD

2.150
1.680
8.640
2.010
0.345
1.525
1.030
1.050
0.830
Total:

7,445.3
1,391.2
16,211.1
1,841.5
932.1
3,210.8
2,794.8
2,647.7
1,787.2
24,889.1

65.1
61.6
71.4
58.5
62.6
61.3
55.6
27.2
63.6

Dec
Dec
Dec
Sep
Dec
Mar
Mar
Aug
Jun

Quarter
Semi-Anl
Semi-Anl
Quarter
Quarter
Quarter
Semi-Anl
Quarter
Quarter

11.10
10.90
45.10
11.90
3.10
7.90
6.30
5.40
5.10

11.60
11.30
47.00
11.90
3.10
8.10
6.80
5.30
5.20
Average:

5.2
6.5
5.2
5.9
9.0
5.2
6.1
5.1
6.1
6.0

5.4
6.7
5.4
5.9
9.0
5.3
6.6
5.0
6.3
6.2

6.8
7.1
14.1
7.5
1.9
9.6
8.4
2.2
5.4
7.0

33.8
28.7
29.4
29.3
31.3
37.9
37.9
26.0
28.6
31.4

1.18
1.03
0.72
1.08
0.81
1.31
0.97
1.12
0.89
1.01

INDUSTRIAL (9)
AIMS AMP Capital Ind REIT
Ascendas REIT
Cache Logistics Trust
Cambridge Industrial Trust
Mapletree Industrial Trust
Mapletree Logistics Trust
Sabana REIT
Soilbuild Business Space
Viva Industrial Trust

SGD
SGD
SGD
SGD
SGD
SGD
SGD
SGD
SGD

1.450
2.460
1.170
0.680
1.575
1.220
0.915
0.805
0.805
Total:

908.2
5,918.0
914.7
864.6
2,728.9
3,011.9
664.3
656.7
500.6
16,167.9

74.7
82.9
92.4
67.0
67.0
59.2
80.6
65.5
22.2

Mar
Mar
Dec
Dec
Mar
Mar
Dec
Dec
Dec

Quarter
Semi-Anl
Quarter
Quarter
Quarter
Quarter
Quarter
Quarter
Quarter

11.00
14.90
8.80
5.20
10.00
7.70
7.80
6.30
N.A.

11.50
15.50
9.50
5.30
10.50
7.80
7.80
6.40
N.A.
Average:

7.6
6.1
7.5
7.6
6.3
6.3
8.5
7.8
N.A.
7.2

7.9
6.3
8.1
7.8
6.7
6.4
8.5
8.0
N.A.
7.5

4.5
3.4
2.7
1.8
7.9
4.5
-0.8
4.0
2.0
3.3

31.7
33.6
31.2
34.8
32.8
34.7
37.0
35.4
44.3
35.1

0.94
1.21
1.19
1.00
1.30
1.25
0.86
1.01
1.06
1.09

HOSPITALITY (5)
Ascott Residence Trust
CDL Hospitality Trusts
Far East Hospitality Trust
Frasers Hospitality Trust
OUE Hospitality Trust

SGD
SGD
SGD
SGD
SGD

1.265
1.750
0.815
0.890
0.930
Total:

1,945.2
1,718.9
1,449.1
1,061.4
1,231.5
7,406.1

54.1
64.0
45.4
28.4
56.1

Dec
Dec
Dec
Sep
Dec

Semi-Anl
Semi-Anl
Quarter
Semi-Anl
Quarter

8.70
11.40
5.10
6.00
6.70

8.80
11.70
5.30
6.10
6.90
Average:

6.9
6.5
6.3
6.7
7.2
6.7

7.0
6.7
6.5
6.9
7.4
6.9

2.9
3.9
1.6
0.0
4.8
2.6

38.5
31.7
31.4
40.0
32.7
34.9

0.92
1.06
0.84
1.03
1.03
0.98

HEALTHCARE (2)
First REIT
ParkwayLife REIT

SGD
SGD

1.330
2.430
Total:

981.6
1,470.2
2,451.8

65.0
57.4

Dec
Dec

Quarter
Quarter

8.50
12.80

8.80
12.20
Average:

6.4
5.3
5.8

6.6
5.0
5.8

7.6
3.3
5.5

32.5
35.2
33.8

1.37
1.42
1.40

RESIDENTIAL (1)
Saizen REIT

SGD

0.845
Total:

239.7
239.7

93.5

Jun

Semi-Anl

5.68

6.42
Average:

6.7
6.7

7.6
7.6

1.8
1.8

36.3
36.3

0.74
0.74

DATA CENTRE (1)

Keppel DC REIT^

SGD

1.03
Total:

909.4
909.4

56.7

Dec

Semi-Anl

6.36

6.65
Average:

6.2
6.2

6.5
6.5

5.6
5.6

27.8
27.8

1.19
1.19

AVERAGE:

6.5

6.7

4.0

34.0

1.03

33 S-REITS

GRAND TOTAL:

68,095.9

Business Trusts
REAL ESTATE (5)
Accordia Golf Trust ^
Ascendas Hospitality Trust
Ascendas India Trust
Croesus Retail Trust
Indiabulls Properties Invt

SGD
SGD
SGD
SGD
SGD

0.765
0.690
0.900
0.935
0.100
Total:

840.8
768.4
829.3
480.0
377.0
3,295.5

71.1
64.4
76.6
95.6
10.0

Mar
Mar
Mar
Jun
Mar

Semi-Anl
Semi-Anl
Semi-Anl
Semi-Anl
Semi-Anl

8.80
5.40
4.80
7.37
N.A.

N.A.
6.00
5.20
7.73
N.A.
Average:

11.5
7.8
5.3
7.9
N.A.
8.1

N.A.
8.7
5.8
8.3
N.A.
7.6

2.0
1.5
9.8
3.8
-5.7
2.3

23.6
38.9
23.5
50.9
22.0
31.8

0.88
1.00
1.50
1.10
0.30
0.96

INFRASTRUCTURE (3)
Asian Pay Television Trust
CitySpring Infra Trust
Keppel Infrastructure Trust

SGD
SGD
SGD

0.910
0.540
1.080
Total:

1,307.5
820.2
680.2
2,807.9

99.9
25.1
50.7

Dec
Mar
Dec

Quarter
Quarter
Semi-Anl

8.20
N.A.
N.A.

7.40
N.A.
N.A.
Average:

9.0
N.A.
N.A.
9.0

8.1
N.A.
N.A.
8.1

5.8
3.4
5.9
5.0

42.2
66.4
0.6
36.4

1.01
3.71
1.15
1.96

PORT AND SHIPPING (3)

First Ship Lease Trust
Hutchison Port Holdings
Rickmers Maritime

SGD
USD
SGD

0.137
0.695
0.290
Total:

89.7
6,054.2
245.7
8,560.1

75.5
31.3
66.7

Dec
Dec
Dec

Irreg
Semi-Anl
Quarter

N.A.
4.76
N.A.

N.A.
5.01
N.A.
Average:

N.A.
6.8
N.A.
6.8

N.A.
7.2
N.A.
7.2

34.3
5.0
3.6
14.3

55.0
29.0
47.0
43.7

0.25
1.06
0.37
0.56

HEALTHCARE (1)
Religare Health Trust

SGD

1.040
Total:

826.4
826.4

70.4

Mar

Semi-Anl

7.60

8.20
Average:

7.3
7.3

7.9
7.9

4.0
4.0

12.5
12.5

1.21
1.21

AVERAGE:

8.0

7.7

6.1

34.3

1.13

12 BUSINESS TRUSTS

GRAND TOTAL:

15,489.9

Source: Managers, Bloomberg, OIR estimates (23 Feb 2015)

NOTES:
1) SGD/JPY = 0.0114; SGD/USD = 1.3585; SGD/HKD = 0.1751; USD/HKD = 0.1289
2) Curr/Fwd DPU and yield are based on Bloomberg consensus forecasts for the current/next financial year
3) D/A (Debt-to-Asset) and P/B (Price-to-Book) are based on figures reported in latest available financial results
4) ^ DPU and other financial figures are based on projections in prospectus
5) YTD return includes dividends distributed

OCBC Investment Research

Weekly S-REITs Tracker
Exhibit 2: OIR coverage
BBRG Ticker
AREIT SP
ART SP
CACHE SP
CCT SP
CT SP
CRCT SP
CDREIT SP
FEHT SP
FIRT SP
FRT SP
FCT SP
FCOT SP
LMRT SP
MAGIC SP
MINT SP
MLT SP
OUECT SP
OUEHT SP
SBREIT SP
SPHREIT SP
SGREIT SP
SUN SP

Ascendas REIT
Ascott Residence Trust
Cache Logistics Trust
CapitaCommercial Trust
CapitaMall Trust
CapitaRetail China Trust
CDL Hospitality Trusts
Far East Hospitality Trust
First REIT
Fortune REIT
Frasers Centrepoint Trust
Frasers Commercial Trust
Lippo Malls Indo Retail Trust
Mapletree Greater China Com
Mapletree Industrial Trust
Mapletree Logistics Trust
OUE Commercial REIT
OUE Hospitality Trust
Soilbuild REIT
SPH REIT
Starhill Global REIT
Suntec REIT

SGD
SGD
SGD
SGD
SGD
SGD
SGD
SGD
SGD
HKD
SGD
SGD
SGD
SGD
SGD
SGD
SGD
SGD
SGD
SGD
SGD
SGD

Price
2.460
1.265
1.170
1.785
2.150
1.680
1.750
0.815
1.330
8.640
2.010
1.485
0.345
1.030
1.575
1.220
0.800
0.930
0.805
1.050
0.830
1.930

Fair Value
2.42
1.49
1.15
1.67
2.21
1.64
1.76
0.82
1.40
8.05
2.27
1.65
0.35
1.01
1.43
1.12
0.88
0.85
0.93
0.99
0.93
1.86

Rating
HOLD
BUY
HOLD
SELL
HOLD
HOLD
HOLD
HOLD
BUY
HOLD
BUY
BUY
HOLD
HOLD
HOLD
HOLD
BUY
HOLD
BUY
HOLD
BUY
HOLD

Analyst
Andy Wong
Andy Wong
Andy Wong
Eli Lee
Andy Wong
Andy Wong
Andy Wong
Andy Wong
Andy Wong
Andy Wong
Andy Wong
Andy Wong
Andy Wong
Andy Wong
Andy Wong
Andy Wong
Eli Lee
Andy Wong
Andy Wong
Andy Wong
Andy Wong
Andy Wong

Source: Bloomberg, OIR estimates (23 Feb 2015)

Exhibit 3: Distribution details

First REIT
Cambridge Industrial Trust
Mapletree Logistics Trust
Keppel REIT#
Mapletree Industrial Trust
CapitaCommercial Trust
Mapletree Commercial Trust
Sabana REIT
Soilbuild Business Space
Fortune REIT *
Ascott Residence Trust
Frasers Commercial Trust
Suntec REIT
CapitaMall Trust
Frasers Centrepoint Trust
OUE Commercial REIT
Viva Industrial Trust+
Cache Logistics Trust
Starhill Global REIT
OUE Hospitality Trust
Parkway Life REIT
CDL Hospitality Trusts
CapitaRetail China Trust
AIMS AMP Capital Ind REIT
Saizen REIT
Far East Hospitality Trust
Lippo Malls Indo Retail Trust**

DPU (S cents)
2.040
1.252
1.870
0.260
2.670
4.240
2.080
1.780
1.585
20.800
4.264
2.461
2.577
2.860
2.750
2.840
0.606
2.146
1.290
1.780
2.900
5.740
4.830
2.830
3.100
1.280
0.140

Date announced
15 Jan 2015
16 Jan 2015
19 Jan 2015
19 Jan 2015
20 Jan 2015
21 Jan 2015
21 Jan 2015
21 Jan 2015
21 Jan 2015
21 Jan 2015
22 Jan 2015
22 Jan 2015
22 Jan 2015
23 Jan 2015
23 Jan 2015
26 Jan 2015
26 Jan 2015
27 Jan 2015
27 Jan 2015
27 Jan 2015
27 Jan 2015
28 Jan 2015
28 Jan 2015
29 Jan 2015
10 Feb 2015
11 Feb 2015
12 Feb 2015

Ex-date
22 Jan 2015
22 Jan 2015
23 Jan 2015
23 Jan 2015
26 Jan 2015
27 Jan 2015
27 Jan 2015
27 Jan 2015
27 Jan 2015
03 Feb 2015
28 Jan 2015
28 Jan 2015
28 Jan 2015
29 Jan 2015
29 Jan 2015
30 Jan 2015
30 Jan 2015
02 Feb 2015
02 Feb 2015
02 Feb 2015
02 Feb 2015
03 Feb 2015
04 Feb 2015
04 Feb 2015
17 Feb 2015
17 Feb 2015
18 Feb 2015

Record date
26 Jan 2015
26 Jan 2015
27 Jan 2015
27 Jan 2015
28 Jan 2015
29 Jan 2015
29 Jan 2015
29 Jan 2015
29 Jan 2015
05 Feb 2015
30 Jan 2015
30 Jan 2015
30 Jan 2015
02 Feb 2015
02 Feb 2015
03 Feb 2015
03 Feb 2015
04 Feb 2015
04 Feb 2015
04 Feb 2015
04 Feb 2015
05 Feb 2015
06 Feb 2015
06 Feb 2015
23 Feb 2015
23 Feb 2015
24 Feb 2015

Pay date
27 Feb 2015
27 Feb 2015
27 Feb 2015
27 Feb 2015
05 Mar 2015
25 Feb 2015
05 Mar 2015
27 Feb 2015
23 Feb 2015
27 Feb 2015
27 Feb 2015
27 Feb 2015
25 Feb 2015
27 Feb 2015
27 Feb 2015
27 Feb 2015
27 Feb 2015
27 Feb 2015
27 Feb 2015
27 Feb 2015
27 Feb 2015
27 Feb 2015
26 Mar 2015
26 Mar 2015
27 Mar 2015
18 Mar 2015
13 Mar 2015

Annualised yield (%)

6.1
7.3
6.1
4.9
6.7
4.7
5.4
7.7
7.8
4.8
6.7
6.6
5.3
5.3
5.4
6.9
8.4
7.3
6.2
7.6
4.7
6.5
5.7
7.7
7.3
6.2
8.2

Source: Managers, Bloomberg, OIR estimates (23 Feb 2015)

NOTES:
1) * DPU is in HK cents; + DPU is in US cents
2) # Keppel REIT paid out an advanced distribution of 1.25 S cents on 21 Jan 2015. Annualised yield includes advanced distribution of 1.25 S cents for period from 1 Oct to 15 Dec 2014.
3) + Viva Industrial Trust paid out an advanced distribution of 1.095 S cents on 23 Dec 2014. Annualised yield includes advanced distribution of 1.095 S cents for period from 1 Oct to
1 Dec 2014.
4) ** Lippo Malls Indonesia Retail Trust's advanced distribution of 0.57 S cents traded ex-div on 12 Dec 2014. Annualised yield includes this advanced distribution.

Exhibit 4: Results release dates

IREIT Global

Financial quarter

Release date

Remarks

FY14*

27 Feb 2015

After market close

Source: Managers
NOTES:
1) * Period from 1 Nov 2013 (date of constitution) to 31 Dec 2014

OCBC Investment Research

Weekly S-REITs Tracker

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Co.Reg.no.: 198301152E
Carmen Lee
Head of Research
For OCBC Investment Research Pte Ltd

Published by OCBC Investment Research Pte Ltd

Important disclosures