x

Asia Pacific Equity Research | Singapore

WEEKLY S-REITS TRACKER

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

11 May 2015

KEY TAKEAWAYS

OUE Hospitality Trust (OUEHT) reported its 1Q15 results

which came in below our expectations. DPU slipped 4.2% YoY to
1.61 S cents despite a 2.1% increase in revenue to S$29.3m.
Looking ahead, we expect near-term headwinds to continue
plaguing the Singapore hospitality sector. We lower our fair value
estimate from S$0.94 to S$0.92. Maintain HOLD. (8 May)

OUE Commercial REIT reported 1Q15 DPU of 1.44 S cents,

which was 2.9% higher than its IPO prospectus forecast. The
S$20.4m topline for the quarter also beat the IPO forecast by
7.0%, due to healthy positive rental reversions and stronger than
anticipated occupancy rates at OUE Bayfront and Lippo Plaza.
Overall, we judge this set of results to be broadly in line with our
expectations. Maintain BUY with an unchanged fair value
estimate of S$0.88. (7 May)

Weekly top gainers (%)

Cambridge Industrial Trust

+2.1

SPH REIT

+1.4

Lippo Malls Indo Retail Trust

+1.4

Weekly top laggers (%)

Frasers Hospitality Trust

-4.4

CapitaCommercial Trust

-4.1

ParkwayLife REIT

-3.3

Weekly sector performance (%)

Data Centre

+1.0

Residential

+0.6

Industrial

-0.4

Retail

-1.2

Healthcare

-1.9

Hospitality

-2.0

Office

-2.5

Overall

-1.4

RECENT DEVELOPMENTS

Ascendas Hospitality Trust reported a 3.3% YoY growth for its

distribution per stapled security to 1.25 S cents on the back of a
1.6% increase in gross revenue to S$54.5m for its 4QFY15
results. (8 May)

Fortune REIT registered YoY revenue growth of 13.6% to

HK$458.8m due to strong rental reversions across its portfolio
and additional income contribution from Laguna Plaza, which was
acquired in Jan 2015. DPU rose 12.0% YoY to 11.63 HK cents. (8
May)

Lippo Malls Indonesia Retail Trusts 1Q15 gross revenue and

DPU grew 24.7% and 16.2% YoY to S$42.0m and 0.79 S cents,
respectively. This was driven largely by positive rental reversions
and the acquisition of Lippo Mall Kemang in Dec 2014. (7 May)

IREIT Globals 1Q15 gross revenue of EUR5.6m was 1.1%

below its IPO prospectus forecast. Although DPU of 1.04 EUR
cents was similar with its projection, in SGD terms, DPU of 1.61 S
cents came in 8% below its forecast. (7 May)

The FTSE ST REIT Index lost 1.7% WoW while the

STI lost 1.0% 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

1.625
1.510
0.825
1.200
0.815
1.730
Total:

4,791.3
1,029.1
346.9
3,824.7
711.0
4,343.7
15,046.7

64.7
72.4
23.2
53.8
25.6
92.8

Dec
Sep
Dec
Dec
Dec
Dec

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

8.90
9.80
6.11
7.00
5.50
10.00

9.40
10.00
6.11
7.10
5.50
10.60
Average:

5.5
6.5
7.4
5.8
6.7
5.8
6.3

5.8
6.6
7.4
5.9
6.7
6.1
6.4

-5.3
10.2
-4.4
-0.1
4.8
-9.5
-0.7

29.9
37.2
31.8
42.4
38.6
34.8
35.8

0.94
0.96
1.17
0.85
0.74
0.82
0.91

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

2.130
1.720
7.940
2.060
0.365
1.520
1.035
1.065
0.860
Total:

7,377.5
1,443.4
14,922.6
1,888.0
991.5
3,212.4
2,816.3
2,689.7
1,851.8
24,831.2

65.1
61.4
71.3
58.5
62.1
61.3
55.5
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
11.00
45.10
11.90
3.10
8.10
7.00
5.30
5.10

11.60
11.30
46.90
11.90
3.10
8.50
7.10
5.60
5.40
Average:

5.2
6.4
5.7
5.8
8.5
5.3
6.8
5.0
5.9
6.1

5.4
6.6
5.9
5.8
8.5
5.6
6.9
5.3
6.3
6.2

7.1
9.6
4.9
11.8
7.8
10.7
12.5
5.1
10.8
8.9

33.8
28.6
33.2
28.6
31.6
36.4
36.2
26.0
28.7
31.5

1.17
1.04
0.67
1.11
0.88
1.23
0.86
1.14
0.92
1.00

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

SGD
SGD
SGD
SGD
SGD
SGD
SGD
SGD
SGD

1.490
2.460
1.160
0.715
1.600
1.200
0.840
0.830
0.820
Total:

937.1
5,919.1
908.2
915.1
2,795.7
2,968.9
612.1
771.7
511.3
16,339.2

76.1
82.9
93.4
66.8
67.3
59.3
80.5
68.7
22.1

Mar
Mar
Dec
Dec
Mar
Mar
Dec
Dec
Dec

Quarter
Semi-Anl
Quarter
Quarter
Quarter
Quarter
Quarter
Quarter
Quarter

12.00
15.40
8.80
5.20
10.40
7.70
7.80
6.30
N.A.

12.00
15.80
9.50
5.30
10.80
7.90
N.A.
6.40
N.A.
Average:

8.1
6.3
7.6
7.3
6.5
6.4
9.3
7.6
N.A.
7.4

8.1
6.4
8.2
7.4
6.8
6.6
N.A.
7.7
N.A.
7.3

9.5
6.4
3.7
9.0
11.4
4.4
-7.1
10.1
6.3
6.0

31.4
33.5
36.6
34.8
30.6
34.3
38.0
38.5
43.4
35.7

0.98
1.18
1.18
1.05
1.21
1.17
0.79
1.04
1.06
1.07

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

SGD
SGD
SGD
SGD
SGD

1.260
1.690
0.805
0.875
0.945
Total:

1,937.5
1,662.4
1,433.9
1,054.0
1,253.9
7,341.8

53.9
63.9
45.3
29.1
56.0

Dec
Dec
Dec
Sep
Dec

Semi-Anl
Semi-Anl
Quarter
Semi-Anl
Quarter

8.70
11.20
5.10
6.00
7.10

8.80
11.60
5.20
6.10
7.20
Average:

6.9
6.6
6.3
6.9
7.5
6.8

7.0
6.9
6.5
7.0
7.6
7.0

2.5
0.3
1.6
2.4
6.4
2.7

38.7
32.3
31.5
38.4
42.1
36.6

0.93
1.05
0.83
1.01
1.05
0.97

HEALTHCARE (2)
First REIT
ParkwayLife REIT

SGD
SGD

1.450
2.370
Total:

1,076.1
1,433.9
2,509.9

65.0
57.4

Dec
Dec

Quarter
Quarter

8.50
12.60

8.90
12.30
Average:

5.9
5.3
5.6

6.1
5.2
5.7

19.0
2.1
10.6

32.6
34.4
33.5

1.42
1.39
1.40

RESIDENTIAL (1)
Saizen REIT

SGD

0.875
Total:

248.2
248.2

93.5

Jun

Semi-Anl

5.69

5.99
Average:

6.5
6.5

6.9
6.9

5.5
5.5

36.3
36.3

0.79
0.79

DATA CENTRE (1)

Keppel DC REIT^

SGD

1.04
Total:

918.2
918.2

56.7

Dec

Semi-Anl

6.36

6.65
Average:

6.1
6.1

6.4
6.4

6.7
6.7

26.7
26.7

1.20
1.20

AVERAGE:

6.5

6.6

5.3

34.3

1.02

33 S-REITS

GRAND TOTAL:

67,235.3

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

0.795
0.710
0.910
0.940
0.085
Total:

873.8
790.6
839.1
485.1
320.5
3,309.0

71.1
64.4
76.5
96.0
10.0

Mar
Mar
Mar
Jun
Mar

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

8.80
6.00
5.20
7.18
N.A.

N.A.
6.00
5.50
7.86
N.A.
Average:

11.1
8.5
5.7
7.6
N.A.
8.2

N.A.
8.5
6.0
8.4
N.A.
7.6

6.0
4.4
14.0
4.4
-19.8
1.8

23.6
37.2
25.1
50.9
22.0
31.8

0.93
0.96
1.34
1.14
0.25
0.92

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

SGD
SGD
SGD

0.895
0.585
1.165
Total:

1,285.9
888.6
733.7
2,908.2

99.9
25.1
50.7

Dec
Mar
Dec

Quarter
Quarter
Semi-Anl

8.20
N.A.
N.A.

8.20
N.A.
N.A.
Average:

9.2
N.A.
N.A.
9.2

9.2
N.A.
N.A.
9.2

6.6
12.1
14.2
11.0

43.2
64.6
0.6
36.1

1.01
4.75
1.30
2.35

PORT AND SHIPPING (3)

First Ship Lease Trust
Hutchison Port Holdings
Rickmers Maritime

SGD
USD
SGD

0.176
0.670
0.285
Total:

114.2
5,836.4
241.5
8,121.0

75.2
31.3
66.7

Dec
Dec
Dec

Irreg
Semi-Anl
Quarter

N.A.
4.57
N.A.

N.A.
4.89
N.A.
Average:

N.A.
6.8
N.A.
6.8

N.A.
7.3
N.A.
7.3

72.5
1.3
7.7
27.2

53.4
29.3
37.4
40.0

0.32
1.06
0.36
0.58

HEALTHCARE (1)
Religare Health Trust

SGD

1.010
Total:

802.6
802.6

70.4

Mar

Semi-Anl

7.50

8.10
Average:

7.4
7.4

8.0
8.0

1.0
1.0

12.5
12.5

1.18
1.18

AVERAGE:

8.0

7.9

10.4

33.3

1.22

12 BUSINESS TRUSTS

GRAND TOTAL:

15,140.8

Source: Managers, Bloomberg, OIR estimates (11 May 2015)

NOTES:
1) SGD/JPY = 0.0111; SGD/USD = 1.3305; SGD/HKD = 0.1716; USD/HKD = 0.129; SGD/EUR = 1.4892
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
1.260
1.160
1.625
2.130
1.720
1.690
0.805
1.450
7.940
2.060
1.510
0.365
1.035
1.600
1.200
0.815
0.945
0.830
1.065
0.860
1.730

Fair Value
2.49
1.44
1.17
1.67
2.21
1.64
1.74
0.77
1.50
8.05
2.27
1.65
0.35
1.07
1.48
1.14
0.88
0.92
0.93
0.99
0.93
1.72

Rating
HOLD
BUY
HOLD
HOLD
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 (11 May 2015)

Exhibit 3: Distribution details

SPH REIT
Soilbuild REIT
Keppel REIT
First REIT
Mapletree Logistics Trust
Sabana REIT
CapitaMall Trust
Mapletree Industrial Trust
Cache Logistics Trust
Cambridge Industrial Trust
Viva Industrial Trust
Mapletree Commercial Trust
Frasers Centrepoint Trust
Ascendas REIT
Mapletree Greater China Com
Frasers Commercial Trust
Suntec REIT
Starhill Global REIT
AIMS AMP Capital Ind REIT
Far East Hospitality Trust
Parkway Life REIT
Ascendas India Trust
OUE Hospitality Trust
Lippo Malls Indo Retail Trust
Ascendas Hospitality Trust

DPU (S cents)
1.400
1.633
1.700
2.060
1.850
1.780
2.680
2.650
2.146
1.225
1.870
2.000
2.963
7.300
3.398
2.375
2.230
1.260
2.920
1.070
3.210
2.460
1.610
0.790
2.5525

Date announced
13/04/2015
13/04/2015
13/04/2015
14/04/2015
20/04/2015
20/04/2015
21/04/2015
21/04/2015
22/04/2015
22/04/2015
22/04/2015
22/04/2015
22/04/2015
23/04/2015
23/04/2015
23/04/2015
23/04/2015
29/04/2015
29/04/2015
29/04/2015
29/04/2015
29/04/2015
07/05/2015
07/05/2015
08/05/2015

Ex-date
17/04/2015
17/04/2015
17/04/2015
20/04/2015
24/04/2015
24/04/2015
27/04/2015
27/04/2015
28/04/2015
28/04/2015
28/04/2015
28/04/2015
28/04/2015
29/04/2015
29/04/2015
29/04/2015
29/04/2015
06/05/2015
06/05/2015
06/05/2015
06/05/2015
06/05/2015
13/05/2015
13/05/2015
13/05/2015

Release date
13 May 2015
14 May 2015

Remarks
Before market open
Before market open

Source: Managers, Bloomberg, OIR estimates (11 May 2015)

Exhibit 4: Results release dates

Saizen REIT
Croesus Retail Trust
Source: Managers

Financial quarter
3QFY15
3QFY15

Record date
21/04/2015
21/04/2015
21/04/2015
22/04/2015
28/04/2015
28/04/2015
29/04/2015
29/04/2015
30/04/2015
30/04/2015
30/04/2015
30/04/2015
30/04/2015
04/05/2015
04/05/2015
04/05/2015
04/05/2015
08/05/2015
08/05/2015
08/05/2015
08/05/2015
08/05/2015
15/05/2015
15/05/2015
15/05/2015

Pay date
15/05/2015
14/05/2015
28/05/2015
29/05/2015
29/05/2015
29/05/2015
29/05/2015
04/06/2015
27/05/2015
10/06/2015
25/05/2015
04/06/2015
29/05/2015
29/05/2015
25/05/2015
29/05/2015
26/05/2015
29/05/2015
24/06/2015
03/06/2015
29/05/2015
26/05/2015
09/06/2015
29/05/2015
15/06/2015

Annualised yield (%)

5.3
7.8
5.7
5.8
6.3
8.6
5.1
6.7
7.5
6.9
9.2
5.3
5.8
6.0
6.6
6.4
5.2
5.9
7.9
5.4
5.5
5.4
6.9
8.8
7.2

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