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The management
Friday, December 14, 2007
Monday, July 30, 2007
K-REIT to acquire One Raffles Quay
K-REIT Asia proposed to acquire Keppel Land’s one-third stake in One Raffles Quay (ORQ) for about $941.5 mil
- Significant maiden acquisition
- Asset size more than doubles from $677 mil to $1.62 bn
- Net lettable area grows from 786,603 sf to 1.23 mil sf
- Expected to be yield-accretive
Strategically located in new downtown at Marina Bay with direct underground access to Raffles Place MRT station.One of the largest office developments in Singapore with about 1.3 million sf of NLA and 100% committed occupancy. Close to Marina Bay Sands Integrated Resort and Formula 1 night race circuit.
K-REIT is on course to become a Pan-Asian commercial REIT
- Closing in on target Assets Under Management
(AUM) of $2 bn
- Growing the portfolio by identifying and pursuing quality assets in Singapore and other Asian growth cities
- Building on new expanded portfolio to grow asset value
Last done price: $2.84 SGD
- Significant maiden acquisition
- Asset size more than doubles from $677 mil to $1.62 bn
- Net lettable area grows from 786,603 sf to 1.23 mil sf
- Expected to be yield-accretive
Strategically located in new downtown at Marina Bay with direct underground access to Raffles Place MRT station.One of the largest office developments in Singapore with about 1.3 million sf of NLA and 100% committed occupancy. Close to Marina Bay Sands Integrated Resort and Formula 1 night race circuit.
K-REIT is on course to become a Pan-Asian commercial REIT
- Closing in on target Assets Under Management
(AUM) of $2 bn
- Growing the portfolio by identifying and pursuing quality assets in Singapore and other Asian growth cities
- Building on new expanded portfolio to grow asset value
Last done price: $2.84 SGD
Allco REIT 1st Half 2007 DPU of 2.99c
Key Highlights
Amount available for distribution of S$20.85 million for 1H2007
exceeds forecast by 42.1%
Net Property Income of S$25.35 million for 1H2007 exceeds
forecast by 28.7%
Annualised distribution yield of 5.20% based on unit closing price
of $1.16 as at 26 July 2007
Unitholders funds increased by 66.3% during 1H2007
For 1H2007, the total amount available for distribution to Unitholders rose by 42.1% to S$20.85 million against the forecast of S$14.67 million. The increase was attributed to higher rental income growth from the Central Park (Perth) property, additional rental contribution from the 55 Market Street property, and an additional distribution from the Allco Wholesale Property Fund (“AWPF”) arising from the sale proceeds of 222 Exhibition Street(Melbourne). Gross revenue for 1H2007 was $29.75 million, a 30.0% increase in comparison to the forecast of S$22.88 million. Net property income was up 28.7% against the forecast of S$19.70 million. DPU for 1H2007 is 2.99 cents per unit.Following completion of the successful Rights Issue and the 30 June 2007 revaluations, Allco REIT’s market capitalisation has increased to S$806.92 million1. In addition, Allco REIT’s unitholder’s funds have increased to S$963.37 million from S$579.42 million as at 31 December 2006.
Last done price: $1.13 SGD
Amount available for distribution of S$20.85 million for 1H2007
exceeds forecast by 42.1%
Net Property Income of S$25.35 million for 1H2007 exceeds
forecast by 28.7%
Annualised distribution yield of 5.20% based on unit closing price
of $1.16 as at 26 July 2007
Unitholders funds increased by 66.3% during 1H2007
For 1H2007, the total amount available for distribution to Unitholders rose by 42.1% to S$20.85 million against the forecast of S$14.67 million. The increase was attributed to higher rental income growth from the Central Park (Perth) property, additional rental contribution from the 55 Market Street property, and an additional distribution from the Allco Wholesale Property Fund (“AWPF”) arising from the sale proceeds of 222 Exhibition Street(Melbourne). Gross revenue for 1H2007 was $29.75 million, a 30.0% increase in comparison to the forecast of S$22.88 million. Net property income was up 28.7% against the forecast of S$19.70 million. DPU for 1H2007 is 2.99 cents per unit.Following completion of the successful Rights Issue and the 30 June 2007 revaluations, Allco REIT’s market capitalisation has increased to S$806.92 million1. In addition, Allco REIT’s unitholder’s funds have increased to S$963.37 million from S$579.42 million as at 31 December 2006.
Last done price: $1.13 SGD
CapitaMall Trust - DPU increased by 12.6%
Singapore, 27 July 2007 – CapitaMall Trust Management Limited, the manager of CapitaMall Trust (“CMT”),has announced a distributable income of S$48.8 million to unitholders of CMT (“Unitholders”) for Second Quarter2 2007. The distributable income for Second Quarter2 2007 is based on 100.0% of CMT’s taxable income available for distribution to Unitholders.Distribution Per Unit in CMT (“DPU”) for Second Quarter2 2007 is 3.12 cents (12.51 cents on an annualised basis), which is 9.5% higher than the forecast3 DPU of 2.85 cents for Second Quarter2 2007 (11.43 cents on an annualised basis).
When compared against the Second Quarter4 in 2006, the DPU registered an increase of 12.6% from 11.11 cents (on an annualised basis) to 12.51 cents (on an annualised basis). The Books Closure Date is on 6 August 2007, and Unitholders can expect to receive their Second Quarter2 2007 distribution of 3.12 cents per unit on 29 August 2007.
Last done price: $3.66 SGD
When compared against the Second Quarter4 in 2006, the DPU registered an increase of 12.6% from 11.11 cents (on an annualised basis) to 12.51 cents (on an annualised basis). The Books Closure Date is on 6 August 2007, and Unitholders can expect to receive their Second Quarter2 2007 distribution of 3.12 cents per unit on 29 August 2007.
Last done price: $3.66 SGD
Thursday, July 26, 2007
MMP REIT - Dividend Payment of 1.50c for 2Qtr 2007
HIGHLIGHTS
• 2Q 2007 DPU of 1.50 cents exceeds 2Q 2006 DPU of 1.44 cents by 4.2%
• Significant NAV uplift of 9.8% from revaluation of Singapore properties
• Affirmed Moody’s corporate rating of Baa1 reflects high quality of assets and provides operational and acquisition funding flexibility.
The DPU of 1.50 cents for the period 1 April to 30 June 2007 is 4.2% higher
compared to the 1.44 cents achieved for the previous corresponding period. It also beats MMP REIT’s previous record of 1.47 cents achieved for the past two consecutive quarters of 4Q 2006 and 1Q 2007. On an annualised basis, the latest distribution represents a yield of 4.81%.
Compared to 2Q 2006, gross revenue rose 5.5% to S$23.6 million, due mainly to higher-than-expected rents achieved for retail space in the basement of Wisma Atria, as well as for office space. Contributions from six newly acquired properties in Tokyo, Japan, were also booked for the first time. Net property income was higher at S$17.9 million, despite higher year-on-year expenses mainly attributed to higher commission paid for new and renewal leases, increased tenancy costs arising from re-positioning of tenant mix, and continued depreciation charges on the escalators that were installed at Wisma Atria’s basement in end 2006.
NAV per unit was S$1.27 as at 30 June 2007, an increase of 9.5% from NAV per unit of S$1.16 as at 31 March 2007. The valuation of MMP REIT’s two prime Orchard Road properties increased by 7.3% from S$1.498 billion in December 2006 to S$1.608 billion as at 30 June 2007, resulting in a revaluation surplus of S$110 million.
Last done price: $1.25 SGD
Recent broker call: DBS Vickers - TP $1.48 SGD
Dated 24-07-2007
Price Target : 12-Month S$ 1.48 (Prev S$ 1.34)
Reason for Report : Potential catalyst
Potential Catalyst: Renewal of Toshin lease, positive office rental reversions
REPORTING ANALYST
Cheng Wee Tan +6563987962
chengwee@dbsvickers.com
• 2Q 2007 DPU of 1.50 cents exceeds 2Q 2006 DPU of 1.44 cents by 4.2%
• Significant NAV uplift of 9.8% from revaluation of Singapore properties
• Affirmed Moody’s corporate rating of Baa1 reflects high quality of assets and provides operational and acquisition funding flexibility.
The DPU of 1.50 cents for the period 1 April to 30 June 2007 is 4.2% higher
compared to the 1.44 cents achieved for the previous corresponding period. It also beats MMP REIT’s previous record of 1.47 cents achieved for the past two consecutive quarters of 4Q 2006 and 1Q 2007. On an annualised basis, the latest distribution represents a yield of 4.81%.
Compared to 2Q 2006, gross revenue rose 5.5% to S$23.6 million, due mainly to higher-than-expected rents achieved for retail space in the basement of Wisma Atria, as well as for office space. Contributions from six newly acquired properties in Tokyo, Japan, were also booked for the first time. Net property income was higher at S$17.9 million, despite higher year-on-year expenses mainly attributed to higher commission paid for new and renewal leases, increased tenancy costs arising from re-positioning of tenant mix, and continued depreciation charges on the escalators that were installed at Wisma Atria’s basement in end 2006.
NAV per unit was S$1.27 as at 30 June 2007, an increase of 9.5% from NAV per unit of S$1.16 as at 31 March 2007. The valuation of MMP REIT’s two prime Orchard Road properties increased by 7.3% from S$1.498 billion in December 2006 to S$1.608 billion as at 30 June 2007, resulting in a revaluation surplus of S$110 million.
Last done price: $1.25 SGD
Recent broker call: DBS Vickers - TP $1.48 SGD
Dated 24-07-2007
Price Target : 12-Month S$ 1.48 (Prev S$ 1.34)
Reason for Report : Potential catalyst
Potential Catalyst: Renewal of Toshin lease, positive office rental reversions
REPORTING ANALYST
Cheng Wee Tan +6563987962
chengwee@dbsvickers.com
MAPLETREE LOGISTICS TRUST - Dividend Payment
MapletreeLog has announced a distribution of 1.59 cents per unit in MapletreeLog for the period from 1 April 2007 to 30 June 2007, comprising a taxable income component of 1.18 cents per unit, a tax-exempt income component of 0.23 cents per unit and a capital component of 0.18 cents per unit.
Transfer Books and Register of Unitholders of Mapletree Logistics Trust(“MapletreeLog”) will be closed at 5.00 pm on Friday 3 August 2007 for the purpose of determining unitholders’ entitlements to MapletreeLog’s distribution.
Last done price: $1.33 SGD
Transfer Books and Register of Unitholders of Mapletree Logistics Trust(“MapletreeLog”) will be closed at 5.00 pm on Friday 3 August 2007 for the purpose of determining unitholders’ entitlements to MapletreeLog’s distribution.
Last done price: $1.33 SGD
MacarthurCook Industrial REIT - 1st Dividend Payment of SGD1.52c
MacarthurCook Industrial REIT (“MI-REIT”) announced a distributable income of 1.52 cents per unit in MI-REIT (“Unit”) for the period of 19 April 2007 to 30 June 2007 (the “Distribution”).
Financial Highlights for 1QFY2008
1QFY2008 net income available for distribution of S$3.9 million exceeds forecast by 2.9%.Net income of S$3.2 million is 3.9% or S$0.12 million above forecast.
– Property expenses of S$0.91 million was 48.6% less than forecast
– Non-Property expenses of 10.9% lower than forecast
Distribution per unit (“DPU”) of 1.52 cents exceeds forecast by 3.4%
Annualised yield of 6.18%3 at IPO
Books closure date on Friday, 3 August 2007, at 5.00 p.m to determine Unitholders’
entitlements to MI-REIT’s distributable income of 1.52 cents per unit in MI-REIT
(“Unit”) for the period of 19 April 2007 to 30 June 2007 (the “Distribution”).
Last done price: $1.31 SGD
Financial Highlights for 1QFY2008
1QFY2008 net income available for distribution of S$3.9 million exceeds forecast by 2.9%.Net income of S$3.2 million is 3.9% or S$0.12 million above forecast.
– Property expenses of S$0.91 million was 48.6% less than forecast
– Non-Property expenses of 10.9% lower than forecast
Distribution per unit (“DPU”) of 1.52 cents exceeds forecast by 3.4%
Annualised yield of 6.18%3 at IPO
Books closure date on Friday, 3 August 2007, at 5.00 p.m to determine Unitholders’
entitlements to MI-REIT’s distributable income of 1.52 cents per unit in MI-REIT
(“Unit”) for the period of 19 April 2007 to 30 June 2007 (the “Distribution”).
Last done price: $1.31 SGD
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