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12 Jan 2015
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SINGAPORE REITS
Pg 1 of 8
SINGAPORE
12 Jan 2015
SINGAPORE STOCKS: FY1 Dividend Yield Greater Than 6% (ranked by company name)
US$m
Eqy
Beta
(x)
Cur
FY1
Cur
FY1
FY2
Buy
Hold
Sell
Total
AAREIT SP
SGD
1.445
678
0.9
7.7
7.6
13
13
ASCHT SP
SGD
0.680
568
0.8
7.2
8.1
21
22
23
AREIT SP
Ascendas REIT
SGD
2.430
4,391
1.0
6.0
6.1
12
16
16
13
10
25
ART SP
SGD
1.280
1,476
0.8
6.2
6.4
10
19
18
12
APTT SP
SGD
0.870
939
9.2
9.4
11
15
15
CACHE SP
SGD
1.160
680
0.8
7.4
7.5
14
15
14
CREIT SP
SGD
0.680
648
0.7
7.4
7.4
18
16
14
CRCT SP
SGD
1.650
1,026
1.0
6.0
6.2
10
17
15
CDREIT SP
SGD
1.755
1,292
0.7
6.0
6.3
12
16
15
17
10
CMH SP
SGD
0.980
769
0.5
7.9
7.4
10
11
CRT SP
SGD
0.910
350
11.9
8.0
16
19
12
DMHL SP
Dyna-Mac Hldgs
SGD
0.330
246
0.6
6.1
6.1
12
11
13
FEHT SP
SGD
0.830
1,106
0.9
6.4
6.3
11
16
13
14
FIRT SP
First REIT
SGD
1.280
708
1.1
6.3
6.3
13
13
15
FCT SP
SGD
1.925
1,324
0.8
5.8
6.1
10
17
17
15
16
FCOT SP
SGD
1.430
730
0.7
6.2
6.9
11
16
16
17
HPHT SP
USD
0.685
5,967
0.8
7.0
7.8
26
27
26
17
18
KREIT SP
Keppel REIT
SGD
1.210
2,882
0.8
5.0
6.3
20
19
13
18
19
LMRT SP
SGD
0.340
690
1.0
7.8
7.9
17
13
11
20
MAGIC SP
SGD
0.955
1,947
1.0
6.6
6.6
21
18
17
21
MINT SP
SGD
1.510
1,965
0.8
6.9
6.6
15
15
15
22
MLT SP
SGD
1.180
2,188
0.8
6.4
6.5
10
15
14
13
18
23
NERT SP
Nera Telecommunications
SGD
0.770
209
0.8
5.2
7.8
18
15
15
24
OUEHT SP
SGD
0.905
898
7.2
7.4
15
15
13
25
PCRT SP
SGD
0.535
460
0.7
1.8
7.1
49
26
RHT SP
SGD
1.000
597
0.9
7.2
7.6
19
14
15
27
SSREIT SP
SGD
0.930
506
0.5
7.8
8.3
11
15
14
28
SZREIT SP
Saizen REIT
SGD
0.860
183
0.5
7.2
6.5
10
29
SBREIT SP
Soilbuild REIT
SGD
0.790
482
7.8
7.8
10
15
14
30
SGREIT SP
SGD
0.805
1,302
0.7
6.3
6.2
16
16
11
31
TLC SP
TeleChoice Int'l
SGD
0.250
85
0.4
6.3
6.0
12
10
32
UMSH SP
UMS Hldgs
SGD
0.505
163
0.7
9.1
9.9
33
VALUE SP
Valuetronics Hldgs
SGD
0.345
97
0.9
9.4
7.5
34
VMS SP
Venture Corp
SGD
7.940
1,639
0.4
6.3
6.4
16
15
14
10
Code
Px on
Mkt Cap
9 Jan 15
Company
Source: Bloomberg
PER (x)
Recommendation
Pg 2 of 8
SINGAPORE
12 Jan 2015
SINGAPORE STOCKS: FY1 Dividend Yield Greater Than 6% (ranked by FY1 dividend yield)
US$m
Eqy
Beta
(x)
Cur
FY1
Cur
FY1
FY2
Buy
Hold
Sell
Total
UMSH SP
UMS Hldgs
SGD
0.505
163
0.7
9.1
9.9
APTT SP
SGD
0.870
939
9.2
9.4
11
15
15
SSREIT SP
SGD
0.930
506
0.5
7.8
8.3
11
15
14
ASCHT SP
SGD
0.680
568
0.8
7.2
8.1
21
22
23
CRT SP
SGD
0.910
350
11.9
8.0
16
19
LMRT SP
SGD
0.340
690
1.0
7.8
7.9
17
13
11
SBREIT SP
Soilbuild REIT
SGD
0.790
482
7.8
7.8
10
15
14
NERT SP
Nera Telecommunications
SGD
0.770
209
0.8
5.2
7.8
18
15
15
HPHT SP
USD
0.685
5,967
0.8
7.0
7.8
26
27
26
17
10
AAREIT SP
SGD
1.445
678
0.9
7.7
7.6
13
13
11
RHT SP
SGD
1.000
597
0.9
7.2
7.6
19
14
15
12
CACHE SP
SGD
1.160
680
0.8
7.4
7.5
14
15
14
13
VALUE SP
Valuetronics Hldgs
SGD
0.345
97
0.9
9.4
7.5
14
OUEHT SP
SGD
0.905
898
7.2
7.4
15
15
13
15
CMH SP
SGD
0.980
769
0.5
7.9
7.4
10
16
CREIT SP
SGD
0.680
648
0.7
7.4
7.4
18
16
14
17
PCRT SP
SGD
0.535
460
0.7
1.8
7.1
49
18
FCOT SP
SGD
1.430
730
0.7
6.2
6.9
11
16
16
19
MINT SP
SGD
1.510
1,965
0.8
6.9
6.6
15
15
15
20
MAGIC SP
SGD
0.955
1,947
1.0
6.6
6.6
21
18
17
21
MLT SP
SGD
1.180
2,188
0.8
6.4
6.5
10
15
14
13
18
22
SZREIT SP
Saizen REIT
SGD
0.860
183
0.5
7.2
6.5
10
23
ART SP
SGD
1.280
1,476
0.8
6.2
6.4
10
19
18
12
24
VMS SP
Venture Corp
SGD
7.940
1,639
0.4
6.3
6.4
16
15
14
10
25
FIRT SP
First REIT
SGD
1.280
708
1.1
6.3
6.3
13
13
26
KREIT SP
Keppel REIT
SGD
1.210
2,882
0.8
5.0
6.3
20
19
13
18
27
CDREIT SP
SGD
1.755
1,292
0.7
6.0
6.3
12
16
15
17
28
FEHT SP
SGD
0.830
1,106
0.9
6.4
6.3
11
16
13
29
SGREIT SP
SGD
0.805
1,302
0.7
6.3
6.2
16
16
11
30
CRCT SP
SGD
1.650
1,026
1.0
6.0
6.2
10
17
15
31
AREIT SP
Ascendas REIT
SGD
2.430
4,391
1.0
6.0
6.1
12
16
16
13
10
25
32
FCT SP
SGD
1.925
1,324
0.8
5.8
6.1
10
17
17
15
33
DMHL SP
Dyna-Mac Hldgs
SGD
0.330
246
0.6
6.1
6.1
12
11
34
TLC SP
TeleChoice Int'l
SGD
0.250
85
0.4
6.3
6.0
12
10
Code
Px on
Mkt Cap
9 Jan 15
Company
Source: Bloomberg
PER (x)
Recommendation
Pg 3 of 8
SINGAPORE
12 Jan 2015
US$m
Eqy
Beta
(x)
Cur
FY1
Cur
FY1
Buy
Hold
Sell
Total
AAREIT SP
SGD
1.445
678
0.9
7.7
7.6
0.95
1.05
AREIT SP
Ascendas REIT
SGD
2.430
4,391
1.0
6.0
6.1
1.18
1.20
13
10
25
ART SP
SGD
1.280
1,476
0.8
6.2
6.4
0.95
0.89
12
CACHE SP
SGD
1.160
680
0.8
7.4
7.5
1.19
1.20
CCT SP
CapitaCommercial Trust
SGD
1.790
3,960
0.9
4.7
4.6
1.06
1.04
11
11
25
CDREIT SP
SGD
1.755
1,292
0.7
6.0
6.3
1.10
1.06
17
CRCT SP
SGD
1.650
1,026
1.0
6.0
6.2
1.11
1.09
CREIT SP
SGD
0.680
648
0.7
7.4
7.4
0.99
1.00
CT SP
CapitaMall Trust
SGD
2.060
5,358
0.9
5.3
5.3
1.15
1.16
14
24
10
FCOT SP
SGD
1.430
730
0.7
6.2
6.9
0.89
0.89
11
FCT SP
SGD
1.925
1,324
0.8
5.8
6.1
1.04
1.03
15
12
FEHT SP
SGD
0.830
1,106
0.9
6.4
6.3
0.83
0.84
13
FIRT SP
First REIT
SGD
1.280
708
1.1
6.3
6.3
1.32
1.35
14
FRT SP
Fortune REIT
HKD
7.820
1,892
1.0
5.3
5.3
0.73
10
14
15
KREIT SP
Keppel REIT
SGD
1.210
2,882
0.8
5.0
6.3
0.86
0.87
13
18
16
LMRT SP
SGD
0.340
690
1.0
7.8
7.9
0.82
0.83
17
MAGIC SP
SGD
0.955
1,947
1.0
6.6
6.6
0.92
0.89
18
MCT SP
SGD
1.460
2,307
0.9
5.4
5.3
1.25
1.23
12
19
MINT SP
SGD
1.510
1,965
0.8
6.9
6.6
1.25
1.24
15
20
MLT SP
SGD
1.180
2,188
0.8
6.4
6.5
1.21
1.14
13
18
21
OUECT SP
SGD
0.805
526
3.0
6.7
0.76
22
OUEHT SP
SGD
0.905
898
7.2
7.4
1.00
0.98
23
PREIT SP
SGD
2.350
1,068
0.9
4.9
5.1
1.44
1.40
24
SBREIT SP
Soilbuild REIT
SGD
0.790
482
7.8
7.8
0.99
0.99
25
SGREIT SP
SGD
0.805
1,302
0.7
6.3
6.2
0.87
0.86
11
26
SPHREIT SP
SPH REIT
SGD
1.040
1,967
5.3
5.2
1.11
1.13
27
SSREIT SP
SGD
0.930
506
0.5
7.8
8.3
0.86
28
SUN SP
Suntec REIT
SGD
1.955
3,675
0.8
4.8
4.7
0.95
0.94
21
29
SZREIT SP
Saizen REIT
SGD
0.860
183
0.5
7.2
6.5
0.78
30
VIT SP
SGD
0.800
373
8.1
1.07
Code
Px on
Mkt Cap
9 Jan 15
Company
Source: Bloomberg
Px /Book (x)
Recommendation
Pg 4 of 8
SINGAPORE
12 Jan 2015
US$m
Eqy
Beta
(x)
Cur
FY1
Cur
FY1
Buy
Hold
Sell
Total
VIT SP
SGD
0.800
373
8.1
1.07
SSREIT SP
SGD
0.930
506
0.5
7.8
8.3
0.86
LMRT SP
SGD
0.340
690
1.0
7.8
7.9
0.82
0.83
SBREIT SP
Soilbuild REIT
SGD
0.790
482
7.8
7.8
0.99
0.99
AAREIT SP
SGD
1.445
678
0.9
7.7
7.6
0.95
1.05
CACHE SP
SGD
1.160
680
0.8
7.4
7.5
1.19
1.20
OUEHT SP
SGD
0.905
898
7.2
7.4
1.00
0.98
CREIT SP
SGD
0.680
648
0.7
7.4
7.4
0.99
1.00
FCOT SP
SGD
1.430
730
0.7
6.2
6.9
0.89
0.89
10
OUECT SP
SGD
0.805
526
3.0
6.7
0.76
11
MINT SP
SGD
1.510
1,965
0.8
6.9
6.6
1.25
1.24
15
12
MAGIC SP
SGD
0.955
1,947
1.0
6.6
6.6
0.92
0.89
13
MLT SP
SGD
1.180
2,188
0.8
6.4
6.5
1.21
1.14
13
18
14
SZREIT SP
Saizen REIT
SGD
0.860
183
0.5
7.2
6.5
0.78
15
ART SP
SGD
1.280
1,476
0.8
6.2
6.4
0.95
0.89
12
16
FIRT SP
First REIT
SGD
1.280
708
1.1
6.3
6.3
1.32
1.35
17
KREIT SP
Keppel REIT
SGD
1.210
2,882
0.8
5.0
6.3
0.86
0.87
13
18
18
CDREIT SP
SGD
1.755
1,292
0.7
6.0
6.3
1.10
1.06
17
19
FEHT SP
SGD
0.830
1,106
0.9
6.4
6.3
0.83
0.84
20
SGREIT SP
SGD
0.805
1,302
0.7
6.3
6.2
0.87
0.86
11
21
CRCT SP
SGD
1.650
1,026
1.0
6.0
6.2
1.11
1.09
22
AREIT SP
Ascendas REIT
SGD
2.430
4,391
1.0
6.0
6.1
1.18
1.20
13
10
25
23
FCT SP
SGD
1.925
1,324
0.8
5.8
6.1
1.04
1.03
15
24
FRT SP
Fortune REIT
HKD
7.820
1,892
1.0
5.3
5.3
0.73
10
14
25
MCT SP
SGD
1.460
2,307
0.9
5.4
5.3
1.25
1.23
12
26
CT SP
CapitaMall Trust
SGD
2.060
5,358
0.9
5.3
5.3
1.15
1.16
14
24
27
SPHREIT SP
SPH REIT
SGD
1.040
1,967
5.3
5.2
1.11
1.13
28
PREIT SP
SGD
2.350
1,068
0.9
4.9
5.1
1.44
1.40
29
SUN SP
Suntec REIT
SGD
1.955
3,675
0.8
4.8
4.7
0.95
0.94
21
30
CCT SP
CapitaCommercial Trust
SGD
1.790
3,960
0.9
4.7
4.6
1.06
1.04
11
11
25
Code
Px on
Mkt Cap
9 Jan 15
Company
Source: Bloomberg
Px /Book (x)
Recommendation
Pg 5 of 8
SINGAPORE
12 Jan 2015
Company
9 Jan 15
Mkt Cap
Eqy
Beta
PER (x)
Recommendation
US$m
(x)
Cur
FY1
Cur
FY1
FY2
Buy
Hold
Sell
Total
AREIT SP
Ascendas REIT
SGD
2.430
4,391
1.0
6.0
6.1
12
16
16
13
10
25
CAPL SP
CapitaLand
SGD
3.230
10,333
1.3
2.5
2.4
16
20
19
22
25
CD SP
ComfortDelGro
SGD
2.550
4,098
0.9
3.0
3.0
19
19
18
12
CIT SP
City Developments
SGD
10.250
7,001
1.0
0.8
1.3
16
16
14
11
26
CT SP
CapitaMall Trust
SGD
2.060
5,358
0.9
5.3
5.3
11
18
18
14
24
DBS SP
SGD
20.130
37,411
1.1
2.9
3.0
12
12
11
24
27
GENS SP
Genting Spore
SGD
1.025
9,314
0.9
1.0
1.0
22
21
19
11
22
GGR SP
Golden Agri-Resource
SGD
0.460
4,436
0.7
2.0
2.0
17
16
12
10
17
GLP SP
SGD
2.470
8,980
1.0
1.8
1.9
15
31
26
16
20
10
HKL SP
Hongkong Land
USD
7.400
17,411
1.0
2.4
2.4
15
20
19
11
18
11
HPHT SP
USD
0.685
5,967
0.8
7.0
7.8
26
27
26
17
12
JCNC SP
SGD
40.020
10,694
1.4
3.4
3.4
12
12
11
13
JM SP
USD
61.000
42,137
1.2
2.3
2.3
14
15
13
11
14
JS SP
USD
34.500
38,660
1.2
0.8
0.8
12
13
12
10
15
KEP SP
Keppel Corp
SGD
8.370
11,392
0.8
5.0
5.3
10
10
13
24
16
NOBL SP
Noble Group
SGD
1.115
5,645
1.3
1.0
3.3
10
11
12
16
17
OCBC SP
OCBC
SGD
10.420
31,180
1.0
3.3
3.4
10
11
11
17
27
18
OLAM SP
Olam Int'l
SGD
2.010
3,685
1.0
2.5
2.6
12
10
14
19
SCI SP
SembCorp Industries
SGD
4.190
5,615
0.9
1.2
3.9
10
10
18
20
SGX SP
Spore Exchange
SGD
7.780
6,260
0.9
3.6
3.8
27
24
22
10
20
21
SIA SP
Spore Airlines
SGD
12.160
10,671
0.9
1.3
2.0
70
38
22
10
22
22
SIE SP
SIA Engineering
SGD
4.150
3,495
0.7
4.6
4.0
21
24
22
23
SMM SP
Sembcorp Marine
SGD
3.060
4,803
0.7
3.6
4.4
11
12
11
15
26
24
SPH SP
SGD
4.130
4,960
0.6
3.6
5.2
17
22
21
15
25
ST SP
Spore Telecoms
SGD
3.890
46,590
1.0
4.3
4.5
17
16
15
14
13
27
26
STE SP
ST Engrg
SGD
3.380
7,908
1.0
2.4
4.2
19
19
18
14
27
STH SP
StarHub
SGD
4.080
5,285
0.7
4.9
5.0
19
19
18
15
25
28
THBEV SP
SGD
0.725
13,675
1.0
2.2
2.6
21
20
18
29
UOB SP
SGD
23.380
28,149
1.1
3.0
3.2
12
12
11
11
13
27
30
WIL SP
Wilmar Int'l
SGD
3.250
15,614
0.8
2.3
2.0
14
14
12
19
Source: Bloomberg
Pg 6 of 8
SINGAPORE
12 Jan 2015
Company
9 Jan 15
Mkt Cap
Eqy
Beta
PER (x)
Recommendation
US$m
(x)
Cur
FY1
Cur
FY1
FY2
Buy
Hold
Sell
Total
HPHT SP
USD
0.685
5,967
0.8
7.0
7.8
26
27
26
17
AREIT SP
Ascendas REIT
SGD
2.430
4,391
1.0
6.0
6.1
12
16
16
13
10
25
CT SP
CapitaMall Trust
SGD
2.060
5,358
0.9
5.3
5.3
11
18
18
14
24
KEP SP
Keppel Corp
SGD
8.370
11,392
0.8
5.0
5.3
10
10
13
24
SPH SP
SGD
4.130
4,960
0.6
3.6
5.2
17
22
21
15
STH SP
StarHub
SGD
4.080
5,285
0.7
4.9
5.0
19
19
18
15
25
ST SP
Spore Telecoms
SGD
3.890
46,590
1.0
4.3
4.5
17
16
15
14
13
27
SMM SP
Sembcorp Marine
SGD
3.060
4,803
0.7
3.6
4.4
11
12
11
15
26
STE SP
ST Engrg
SGD
3.380
7,908
1.0
2.4
4.2
19
19
18
14
10
SIE SP
SIA Engineering
SGD
4.150
3,495
0.7
4.6
4.0
21
24
22
11
SCI SP
SembCorp Industries
SGD
4.190
5,615
0.9
1.2
3.9
10
10
18
12
SGX SP
Spore Exchange
SGD
7.780
6,260
0.9
3.6
3.8
27
24
22
10
20
13
OCBC SP
OCBC
SGD
10.420
31,180
1.0
3.3
3.4
10
11
11
17
27
14
JCNC SP
SGD
40.020
10,694
1.4
3.4
3.4
12
12
11
15
NOBL SP
Noble Group
SGD
1.115
5,645
1.3
1.0
3.3
10
11
12
16
16
UOB SP
SGD
23.380
28,149
1.1
3.0
3.2
12
12
11
11
13
27
17
CD SP
ComfortDelGro
SGD
2.550
4,098
0.9
3.0
3.0
19
19
18
12
18
DBS SP
SGD
20.130
37,411
1.1
2.9
3.0
12
12
11
24
27
19
THBEV SP
SGD
0.725
13,675
1.0
2.2
2.6
21
20
18
20
OLAM SP
Olam Int'l
SGD
2.010
3,685
1.0
2.5
2.6
12
10
14
21
HKL SP
Hongkong Land
USD
7.400
17,411
1.0
2.4
2.4
15
20
19
11
18
22
CAPL SP
CapitaLand
SGD
3.230
10,333
1.3
2.5
2.4
16
20
19
22
25
23
JM SP
USD
61.000
42,137
1.2
2.3
2.3
14
15
13
11
24
WIL SP
Wilmar Int'l
SGD
3.250
15,614
0.8
2.3
2.0
14
14
12
19
25
GGR SP
Golden Agri-Resource
SGD
0.460
4,436
0.7
2.0
2.0
17
16
12
10
17
26
SIA SP
Spore Airlines
SGD
12.160
10,671
0.9
1.3
2.0
70
38
22
10
22
27
GLP SP
SGD
2.470
8,980
1.0
1.8
1.9
15
31
26
16
20
28
CIT SP
City Developments
SGD
10.250
7,001
1.0
0.8
1.3
16
16
14
11
26
29
GENS SP
Genting Spore
SGD
1.025
9,314
0.9
1.0
1.0
22
21
19
11
22
30
JS SP
USD
34.500
38,660
1.2
0.8
0.8
12
13
12
10
Source: Bloomberg
Pg 7 of 8
SINGAPORE
12 Jan 2015
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Pg 8 of 8