Author: tfwee
Suntec – SGX
Suntec REIT achieved Distribution Income of S$45.37m for 1Q FY10 Distribution per unit of 2.513 cents
Singapore, 27 April 2010 – ARA Trust Management (Suntec) Limited, the Manager of Suntec Real Estate Investment Trust (“Suntec REIT”), is pleased to announce a distribution income of S$45.37 million for the period 1 January to 31 March 2010 (“1Q FY10”), which is a marginal dip of 2.1% compared to the quarter ended 31 March 2009 (“1Q FY09”). The distribution per unit for the quarter amounted to 2.513 Singapore cents at an annualised yield of 7.6%
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FCOT – SGX
FCOT achieves an 82% increase in distributable income for 2Q DPU up 78%; total distributable income (including CPPU) up 167%
Singapore – 22 April 2010 – Frasers Centrepoint Asset Management (Commercial) Ltd (“FCAMCL” or the “Manager”), the manager of Frasers Commercial Trust (“FCOT”, SGX:FrasersComm) is pleased to announce the Trust’s financial results for the second quarter ended 31 March 2010.
Operationally, for the financial quarter, 1 January 2010 to 31 March 2010 (2Q FY09/10), gross revenue and net property income are respectively 24% and 26% above those of the same period last year.
Total distributable income was up by 167% year-on-year from S$5.42 million to S$14.48 million, of which S$4.65 million is available for distribution to Series A Convertible Perpetual Preferred Units (“CPPU”) holders.
Distributable income to Unitholders increased by 82% to S$9.84 million. This translates to distribution per Unit of 0.32 cents, up by 78% from a year earlier and by 33% when compared to the preceding quarter.
A total distribution of 0.56 cents per Unit and 2.74 cents per CPPU for the first half FY09/10 will be paid on 27 May 2010. Based on the last closing price of the Units of $0.14 on 22 April 2010, this translates to an annualised yield of 8.0%. CPPU holders who hold the CPPUs transferred to them as at books closure date will receive a pro-rata distribution of 0.3466 cents per CPPU for the period from 9 March to 31 March 2010(1). The distribution books closure date for both the Units and CPPUs is 3 May 2010.
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Cambridge – SGX
Singapore, 21 April 2010 – Cambridge Industrial Trust Management Limited (“CITM”), the Manager (“Manager”) of CIT, announced that CIT achieved gross revenue of S$18.6 million and a net property income (“NPI”) of S$16.3 million for its 1Q2010 financial results. “CIT has achieved a set of stable first quarter financial results for its Unitholders.
Unitholders will receive a DPU of 1.274 cents, which will be payable on Monday, 14 June 2010,” said Mr. Chris Calvert, Chief Executive Officer of CITM. “While the outlook for 2010 has improved, we remain cautiously optimistic of a full economic recovery. This further reinforces the need for management to maintain its disciplined strategy of prudent capital and risk management, pro-active asset management and the divestment of noncoreassets that do not meet the Trust’s investment criteria.”
1Q2010 NPI increased by 1.2% to S$16.3 million in comparison to 1Q2009. The increase is attributed to rental escalations and the improved occupancy in CIT’s two multi-tenanted properties. 1Q2010 NPI was marginally lower by 2.4% in comparison to 4Q2009, predominantly due to a reduction in rental revenue arising from asset disposals (i.e. 32 Urbanstrata units at 48 Toh Guan Road East, Enterprise Hub were divested during 1Q2010).
Total gross sale proceeds of S$21.5 million exceeded book value by S$1.6 million. “Divestment proceeds will be used to lower CIT’s gearing level where they cannot be reinvested into the Trust’s existing assets to create additional capital value. The Manager expects gearing level to be around the 38% mark by the end of 2010,” highlighted Mr. Calvert.
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CMT – BT
SINGAPORE – CapitaMall Trust (CMT) posted a net property income of $97.7 million for its first financial quarter ended March 31, 2010, up 5.7 per cent from a year ago.
As a result, distributable income to unitholders rose. It was $71.1 million, up 13.6 per cent.
Distribution per unit (DPU) in Q1 was 2.23 cents, 13.2 per more than the same period last year.
CMT said in a news release on Wednesday: 'the improved performance was mainly due to upside from an increase in gross revenue arising from full contribution from Sembawang Shopping Centre upon the completion of asset enhancement works, higher rental rates for new and renewed leases and lower operating and interest expenses.'
Book closure is on April 29,2010.
Singapore Retail REITS – Daiwa
The laggard stands out
Summary
- The recovery in retail sales has just started to gain pace, while the rental decline from 2Q08 might soon be over, but we believe expectations of a gradual retail-sector recovery have already been discounted fully.
- We have not changed our preference for using the Daiwa RNG valuation method (a finite-life Gordon Growth model) as our primary tool for valuing Singapore real-estate investment trusts (S-REITs), but we have modified this valuation approach slightly to improve the comparability of its results.
- In contrast to its peers, which we see as fully-valued, we believe Starhill Global is a standout on valuations and distribution-per-unit (DPU) yield, even if we ignore the proposed acquisitions in Malaysia. We maintain our 2 (Outperform) rating for Starhill Global, with an RNG valuation-derived six-month target price of S$0.65.
- We have downgraded our rating for Frasers Centrepoint Trust (FCT) to 3 (Hold) from 2 (Outperform), after lowering our RNG valuation-derived six-month target price to S$1.44 (from S$1.54).
- We maintain our 3 (Hold) rating for CapitaMall Trust (CapitaMall), which looks fully-valued (in our opinion) for a dominant market leader that faces low single-digit-percentage DPU growth (based on our revised DPU forecasts) for FY10 and FY11.