Asia Pacific Equity Research | Singapore
WEEKLY S-REITS TRACKER
Andy Wong Teck Ching, CFA (65) 6531 9817 andywong@ocbc.com
Weekly top gainers (%)
Mapletree Commercial Trust
Ascendas Hospitality Trust
Lippo Malls Indo Retail Trust
Weekly top laggers (%)
EC World REIT
CapitaLand Mall Trust
Soilbuild REIT
Weekly sector performance (%)
Residential
Hospitality
Industrial
Healthcare
Retail
Office
Data Centre
Overall
The FTSE ST REIT Index was flat WoW while the
STI rose 1.8% 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.
Please refer to important disclosures at the back of this document.
31 Jan 2017
RECENT DEVELOPMENTS
Keppel DC REITs (KDCREIT) 4Q16 results met our
expectations. We maintain our BUY rating with a higher fair value
+5.2 of S$1.39 (previously S$1.35), as we roll forward our valuations
+2.8 and update our FX and cost of equity assumptions. (24 Jan)
+2.7
Cache Logistics Trust (CACHE) reported its 4Q16 results which
came in within our expectations. DPU slumped 10.8% YoY to 1.85
-5.3 S cents. Maintain HOLD with a lower fair value of S$0.78
-2.5 (previously S$0.85). (24 Jan)
-2.3
Mapletree Logistics Trusts (MLT) 3QFY17 results came in
within our expectations. We maintain HOLD with a marginally
higher fair value of S$1.06. (25 Jan)
Soilbuild REITs 4Q16 DPU fell 2.7% YoY to 1.57 S cents. We
cut our fair value estimate from S$0.77 to S$0.64 and downgrade
+2.0 the stock to HOLD. (25 Jan)
+1.1
+1.1 Mapletree Industrial Trusts (MIT) 3QFY17 DPU was up 0.4%
+0.4 YoY to 2.83 S cents, in-line with our expectations. Reiterate BUY
+0.3 on MIT, with fair value raised from S$1.67 to S$1.79. (25 Jan)
-0.6
Ascendas REIT (A-REIT) reported its 3QFY17 results which met
-2.1
our expectations, with DPU inching up 1.2% YoY to 3.993 S
+0.3 cents. We maintain BUY on A-REIT, but trim our fair value
estimate from S$2.72 to S$2.68. (25 Jan)
Ascott Residence Trusts (ART) FY16 DPU rose 3.5% to 8.27 S
cents and met our expectations. As we trim our fair value
estimate from S$1.24 to S$1.22, we downgrade ART from a Buy
to a HOLD as we now see limited upside potential. (25 Jan)
Suntec REIT reported an in-line set of 4Q16 results. DPU
declined 5.6% YoY to 2.596 S cents. We upgrade Suntec REIT to
HOLD with a slightly higher fair value of S$1.54. (26 Jan)
OUE Hospitality Trusts FY16 DPU fell 29.6% YoY to 4.61 S
cents, but within our expectations. Maintain BUY on OUEHT with
a higher fair value estimate of S$0.75. (26 Jan)
CapitaLand Retail China Trust's (CRCT) FY16 results were
within expectations. DPU dropped 5.2% to 10.05 S cents. We
upgrade CRCT from a Hold to a BUY despite a lower fair value of
S$1.56 (previously S$1.60). (27 Jan)
CDL Hospitality Trusts (CDLHT) posted results that were
within expectation. FY16 DPU decreased 0.6% to 10.00 S cents.
We downgrade CDLHT from a Buy to a HOLD with an updated
fair value estimate of S$1.46. (27 Jan)
Sources: Reuters, Bloomberg, News agencies, Company announcements
MCI (P) 039/06/2016
OCBC Investment Research
Singapore Equities
 OCBC Investment Research
Weekly S-REITs Tracker

Exhibit 1: Peer comparison

Singapore REITs
Price Mkt Cap Float FYE DPU Curr DPU Fwd DPU Curr Yield Fwd Yield YTD Return D/A P/B
($) ($ m) (%) (mth) (freq) (cents) (cents) (%) (%) (%) (%) (x)
OFFICE (7)
CapitaLand Commercial Trust SGD 1.525 4,519.3 67.9 Dec Semi-Anl 9.10 9.10 6.0 6.0 6.2 37.8 0.86
Frasers Commercial Trust SGD 1.260 1,006.3 72.9 Sep Quarter 9.90 9.70 7.9 7.7 2.0 36.0 0.81
IREIT Global SGD 0.730 451.8 25.4 Dec Semi-Anl 6.39 6.39 8.7 8.7 2.1 42.5 1.16
Keppel REIT SGD 1.020 3,357.4 55.2 Dec Quarter 6.30 6.30 6.2 6.2 1.5 38.5 0.71
Manulife US REIT USD 0.860 540.0 92.2 Dec Semi-Anl 5.80 6.10 6.7 7.1 4.2 34.7 1.03
OUE Commercial REIT SGD 0.695 902.0 28.3 Dec Semi-Anl 5.10 5.10 7.3 7.3 0.0 39.8 0.75
Suntec REIT SGD 1.725 4,389.1 80.3 Dec Quarter 9.90 9.80 5.7 5.7 4.5 37.7 0.80
Total: 15,392.7 Average: 6.9 7.0 2.9 38.1 0.87
RETAIL (10)
BHG Retail REIT SGD 0.650 322.1 67.5 Dec Semi-Anl N.A. N.A. N.A. N.A. -0.8 30.5 0.81
CapitaLand Mall Trust SGD 1.935 6,855.8 64.3 Dec Quarter 10.90 11.00 5.6 5.7 4.2 34.8 1.02
CapitaLand Retail China Trust SGD 1.410 1,226.2 62.6 Dec Semi-Anl 11.10 11.20 7.9 7.9 2.9 35.3 0.86
Fortune REIT HKD 9.050 17,214.3 72.0 Dec Semi-Anl 50.80 51.90 5.6 5.7 5.1 29.5 0.70
Frasers Centrepoint Trust SGD 1.995 1,834.9 58.2 Sep Quarter 12.00 12.20 6.0 6.1 6.5 29.7 1.03
Lippo Malls Indo Retail Trust SGD 0.385 1,080.0 62.6 Dec Quarter 3.10 3.20 8.1 8.3 4.1 32.7 0.98
Mapletree Commercial Trust SGD 1.530 4,390.7 34.3 Mar Quarter 8.60 8.80 5.6 5.8 9.7 37.0 1.15
Mapletree Greater China Com SGD 0.955 2,661.2 66.0 Mar Semi-Anl 7.20 7.20 7.5 7.5 0.5 40.5 0.79
SPH REIT SGD 0.960 2,451.0 24.2 Aug Quarter 5.70 5.80 5.9 6.0 2.4 25.7 1.02
Starhill Global REIT SGD 0.760 1,657.7 62.8 Jun Quarter 5.20 5.30 6.8 7.0 2.7 35.2 0.82
Total: 25,631.7 Average: 6.6 6.7 3.7 33.1 0.92
INDUSTRIAL (11)
AIMS AMP Capital Ind REIT SGD 1.340 855.8 70.4 Mar Quarter 11.00 11.70 8.2 8.7 2.3 34.0 0.91
Ascendas REIT SGD 2.440 7,019.0 81.2 Mar Semi-Anl 15.80 15.90 6.5 6.5 7.5 31.8 1.17
Cache Logistics Trust SGD 0.815 733.9 95.4 Dec Quarter 7.40 7.40 9.1 9.1 0.6 43.1 1.05
Cambridge Industrial Trust SGD 0.555 724.0 75.5 Dec Quarter 4.10 4.20 7.4 7.6 2.8 37.5 0.88
EC World REIT^ SGD 0.710 552.7 50.8 Dec Semi-Anl 5.70 5.94 8.0 8.4 -6.6 28.1 0.74
Frasers Logistics & Ind Trust SGD 0.935 1,334.5 70.2 Sep Semi-Anl 6.60 6.60 7.1 7.1 1.1 28.2 1.00
Mapletree Industrial Trust SGD 1.665 3,000.1 65.4 Mar Quarter 11.10 11.80 6.7 7.1 2.9 29.4 1.22
Mapletree Logistics Trust SGD 1.055 2,637.5 60.2 Mar Quarter 7.30 7.50 6.9 7.1 5.3 38.7 1.02
Sabana REIT SGD 0.370 388.7 83.8 Dec Quarter N.A. N.A. N.A. N.A. -2.6 43.2 0.49
Soilbuild REIT SGD 0.640 667.0 68.1 Dec Quarter 5.80 5.60 9.1 8.8 2.5 37.6 0.89
Viva Industrial Trust SGD 0.765 735.8 39.2 Dec Quarter 7.30 7.40 9.5 9.7 1.3 37.2 0.97
Total: 18,649.0 Average: 7.8 8.0 1.5 35.3 0.94
HOSPITALITY (6)
Ascendas Hospitality Trust SGD 0.735 825.4 59.8 Mar Semi-Anl 5.50 5.40 7.5 7.3 4.3 33.3 0.87
Ascott Residence Trust SGD 1.185 1,959.4 56.0 Dec Semi-Anl 8.40 8.50 7.1 7.2 8.8 39.8 0.89
CDL Hospitality Trusts SGD 1.415 1,403.4 63.3 Dec Semi-Anl 9.80 10.00 6.9 7.1 5.6 36.8 0.91
Far East Hospitality Trust SGD 0.590 1,064.6 41.2 Dec Quarter 4.20 4.10 7.1 6.9 -1.7 32.8 0.64
Frasers Hospitality Trust SGD 0.665 1,221.2 39.1 Sep Semi-Anl 5.20 5.30 7.8 8.0 2.3 33.7 0.89
OUE Hospitality Trust SGD 0.690 1,241.7 52.0 Dec Quarter 5.00 4.90 7.2 7.1 4.5 38.1 0.87
Total: 7,715.6 Average: 7.3 7.3 4.0 35.8 0.84
HEALTHCARE (2)
First REIT SGD 1.280 988.6 65.1 Dec Quarter 8.40 8.70 6.6 6.8 2.9 30.8 1.27
ParkwayLife REIT SGD 2.430 1,470.2 57.4 Dec Quarter 12.80 12.40 5.3 5.1 3.0 36.3 1.42
Total: 2,458.7 Average: 5.9 5.9 2.9 33.6 1.34
RESIDENTIAL (1)
Saizen REIT SGD 0.052 14.9 94.1 Jun Semi-Anl N.A. N.A. N.A. N.A. 2.0 N.A. 1.64
Total: 14.9 Average: N.A. N.A. 2.0 N.A. 1.64
DATA CENTRE (1)
Keppel DC REIT SGD 1.19 1,339.0 64.9 Dec Semi-Anl 7.40 7.40 6.2 6.2 2.8 28.3 1.25
Total: 1,339.0 Average: 6.2 6.2 2.8 28.3 1.25

38 S-REITS GRAND TOTAL: 71,201.7 AVERAGE: 7.1 7.2 2.9 35.0 0.95

Business Trusts
REAL ESTATE (3)
Accordia Golf Trust SGD 0.665 730.9 71.1 Mar Semi-Anl 6.24 6.23 9.4 9.4 5.6 24.3 0.71
Ascendas India Trust SGD 1.085 1,008.9 69.8 Mar Semi-Anl 6.00 6.40 5.5 5.9 6.9 29.7 1.58
Croesus Retail Trust SGD 0.855 647.8 97.0 Jun Semi-Anl 7.48 7.81 8.7 9.1 2.4 44.6 0.91
Total: 2,387.6 Average: 7.9 8.1 4.9 32.9 1.07
INFRASTRUCTURE (2)
Asian Pay Television Trust SGD 0.385 553.2 99.9 Dec Quarter 8.30 6.50 21.6 16.9 2.7 47.2 0.46
Keppel Infrastructure Trust SGD 0.485 1,870.7 67.4 Mar Quarter 3.90 3.90 8.0 8.0 4.1 44.0 1.49
Total: 2,423.8 Average: 14.8 12.5 3.4 45.6 0.97
PORT AND SHIPPING (3)
First Ship Lease Trust SGD 0.155 98.8 74.8 Dec Irreg N.A. N.A. N.A. N.A. -2.5 44.1 0.24
Hutchison Port Holdings USD 0.430 3,745.8 69.9 Dec Semi-Anl 3.94 3.27 9.2 7.6 -1.1 30.1 0.71
Rickmers Maritime SGD N.A. N.A. 65.5 Dec Irreg N.A. N.A. N.A. N.A. N.A. 59.6 N.A.
Total: 5,418.2 Average: 9.2 7.6 -1.8 44.6 0.47
HEALTHCARE (1)
RHT Health Trust SGD 0.915 737.8 67.1 Mar Semi-Anl 18.90 6.70 20.7 7.3 0.0 15.5 0.99
Total: 737.8 Average: 20.7 7.3 0.0 15.5 0.99

9 BUSINESS TRUSTS GRAND TOTAL: 10,967.4 AVERAGE: 11.9 9.2 2.2 37.7 0.89

Source: Managers, Bloomberg, OIR estimates (31 Jan 2017)

NOTES:
1) SGD/JPY = 0.0125; SGD/USD = 1.4201; SGD/HKD = 0.1831; USD/HKD = 0.1289; SGD/EUR = 1.5203; SGD/AUD = 1.0742
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, on an annualised basis
5) YTD return includes dividends distributed
 OCBC Investment Research
Weekly S-REITs Tracker
Exhibit 2: OIR coverage
BBRG Ticker Price Fair Value Rating
Ascendas REIT AREIT SP SGD 2.440 2.68 BUY
Ascott Residence Trust ART SP SGD 1.185 1.22 HOLD
Cache Logistics Trust CACHE SP SGD 0.815 0.78 HOLD
CapitaLand Commercial Trust CCT SP SGD 1.525 1.53 HOLD
CapitaLand Mall Trust CT SP SGD 1.935 2.20 BUY
CapitaLand Retail China Trust CRCT SP SGD 1.410 1.56 BUY
CDL Hospitality Trusts CDREIT SP SGD 1.415 1.46 HOLD
Far East Hospitality Trust FEHT SP SGD 0.590 0.62 HOLD
First REIT FIRT SP SGD 1.280 1.32 HOLD
Frasers Centrepoint Trust FCT SP SGD 1.995 2.28 BUY
Frasers Commercial Trust FCOT SP SGD 1.260 1.48 BUY
Frasers Logistics & Ind Trust FLT SP SGD 0.935 1.10 BUY
Keppel DC REIT KDCREIT SP SGD 1.190 1.39 BUY
Lippo Malls Indo Retail Trust LMRT SP SGD 0.385 0.40 BUY
Mapletree Greater China Com MAGIC SP SGD 0.955 1.08 BUY
Mapletree Industrial Trust MINT SP SGD 1.665 1.79 BUY
Mapletree Logistics Trust MLT SP SGD 1.055 1.06 HOLD
OUE Commercial REIT OUECT SP SGD 0.695 0.65 HOLD
OUE Hospitality Trust OUEHT SP SGD 0.690 0.75 BUY
Soilbuild REIT SBREIT SP SGD 0.640 0.64 HOLD
SPH REIT SPHREIT SP SGD 0.960 1.04 BUY
Starhill Global REIT SGREIT SP SGD 0.760 0.86* BUY
Suntec REIT SUN SP SGD 1.725 1.54 HOLD
Viva Industrial Trust VIT SP SGD 0.765 0.80 BUY
Source: Bloomberg, OIR estimates (31 Jan 2017)
Note: *under review

Exhibit 3: Distribution details

DPU (S cents) Date announced Ex-date Record date Pay date Annualised yield (%)
SPH REIT 1.340 11/01/2017 17/01/2017 19/01/2017 16/02/2017 5.6
First REIT 2.130 17/01/2017 24/01/2017 26/01/2017 28/02/2017 6.6
CapitaLand Commercial Trust 4.690 18/01/2017 24/01/2017 26/01/2017 27/02/2017 6.1
Frasers Centrepoint Trust 2.890 20/01/2017 26/01/2017 31/01/2017 28/02/2017 5.7
CapitaLand Mall Trust 2.880 20/01/2017 26/01/2017 31/01/2017 28/02/2017 5.9
Frasers Commercial Trust 2.506 23/01/2017 27/01/2017 01/02/2017 01/03/2017 7.9
Mapletree Logistics Trust 1.870 23/01/2017 27/01/2017 01/02/2017 28/02/2017 7.0
Soilbuild REIT 1.570 23/01/2017 27/01/2017 01/02/2017 27/02/2017 9.7
Cache Logistics Trust 1.850 23/01/2017 01/02/2017 03/02/2017 27/02/2017 9.0
Ascott Residence Trust 4.392 24/01/2017 31/01/2017 02/02/2017 28/02/2017 7.4
Mapletree Industrial Trust 2.830 24/01/2017 31/01/2017 02/02/2017 28/02/2017 6.7
Keppel REIT 1.480 24/01/2017 31/01/2017 02/02/2017 28/02/2017 5.8
Cambridge Industrial Trust 0.996 24/01/2017 01/02/2017 03/02/2017 28/02/2017 7.1
Suntec REIT 2.596 25/01/2017 01/02/2017 03/02/2017 28/02/2017 6.0
Mapletree Greater China Com 3.610 27/10/2016 02/11/2016 04/11/2016 25/11/2016 7.5
ParkwayLife REIT 3.060 25/01/2017 01/02/2017 03/02/2017 24/02/2017 5.0
Sabana REIT 0.880 25/01/2017 01/02/2017 03/02/2017 28/02/2017 9.4
Mapletree Commercial Trust 2.280 25/01/2017 01/02/2017 03/02/2017 28/02/2017 5.9
OUE Hospitality Trust 1.360 25/01/2017 01/02/2017 03/02/2017 27/02/2017 7.8
Fortune REIT 24.450 26/01/2017 09/02/2017 13/02/2017 01/03/2017 5.4
OUE Commercial REIT 2.500 26/01/2017 02/02/2017 06/02/2017 28/02/2017 7.1
Starhill Global REIT 1.260 26/01/2017 02/02/2017 06/02/2017 28/02/2017 6.6
CapitaLand Retail China Trust 4.730 25/01/2017 02/02/2017 06/02/2017 23/03/2017 6.7
CDL Hospitality Trusts 5.550 26/01/2017 02/02/2017 06/02/2017 28/02/2017 7.8
Viva Industrial Trust 1.032 26/01/2017 02/02/2017 06/02/2017 28/02/2017 9.1
Source: Managers, Bloomberg, OIR estimates (31 Jan 2017)
Note: Viva Industrial Trust's annualised yield includes an advanced distribution of 0.728 S cents for the period from 1 Oct 2016 to 6 Nov 2016 (paid on 28 Nov 2016)

Exhibit 4: Results release dates

Financial quarter Release date Remarks
Frasers Logistics & Ind Trust 1QFY17 03 Feb 2017 After market close
AIMS AMP Capital Ind REIT 3QFY17 09 Feb 2017 Before market open
Manulife US REIT 4QFY16 13 Feb 2017 Before market open
Source: Managers, Bloomberg
 OCBC Investment Research
Weekly S-REITs Tracker

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