StarHillGlobal Reit 3QFY2016/17

Revenue                                   $53.3m
NPI                                           $41.2m
Income Available For Dist       $27.1m
DPU                                          1.18 cents
Total Debt                                 $1,136m
Gearing                                     35.3%
Interest Cover                           4.2X
Average Interest Rate               3.17%
Unencumbered Asset Ratio      73%
NAV                                          91 cents

MapleLogistics Trust 4QFY16/17

Revenue                                     = $96,488K
NPI                                            = $80,266
Amount Distributable to Shrs   = $46,603K
DPU                                          = 1.86 cents
Total Debt                                  - $2,184m
NAV                                          = $1.04
Avg leverage ratio                     = 38.5%
Avg debt duration                      = 3.9years
Interest Cover                            = 5.6X

Croesus Retail Trust - Potential Privatisation

Croesus Retail Asset Management Pte. Ltd. (the “Trustee-Manager”), as trustee-manager of Croesus Retail Trust (“CRT”), announced that it has been approached in connection with a potential transaction which may or may not lead to an acquisition of all the issued units in CRT (“Units”). Discussions are preliminary and there is no certainty or assurance whatsoever that these discussions will result in any transaction. The Trustee-Manager has appointed Citigroup Global Markets Singapore Pte. Ltd. as its financial adviser in connection with such approach.

SuntecReit Q1FY2017

Gross Revenue                                 = $88.4m
NPI                                                   = $61.8m
Distributable Income                        = $61.8m
DPU                                                  = 2.425 cents
Total Liabilities                                = $3504m
Gearing                                             = 37.7%
All-In-Financing-Cost                      = 2.42%
Interest Coverage Ratio                    = 4.3X
Adjusted NAV                                  = $2.12

CDL Hospitality Trust Q1FY2017

NPI                                               $35.9m
Income Available For Dist           $24.1m
DPU                                              2.42 cents (1QFY16 2.22cents)
Occupancy                                    88.4% (Singapore)
ARR                                              $180 (Singapore)
RevPAR                                        $159 (Singapore)
Total Assets                                   $2,535m
Debt                                               $924m
Gearing                                          36.8%
Interest Cover                                 6.5X
Avg Weighted Cost Of Debt          2.4%
NAV                                               $1.5298

SPH Mark First Foray into Healthcare

Singapore Press Holdings Limited (SPH) today announced its entry into the healthcare sector with the acquisition of Orange Valley Healthcare Pte Ltd (OV) at a consideration of approximately S$164m. OV was established in 1993. SPH purchased the shares and intellectual property of OV from KV Asia Capital Pte Ltd, which acquired OV in April 2014. 

OV, through several subsidiaries, operates a number of nursing homes and ancillary services like providing meal and catering services, offering physiotherapy and rehabilitation services, and supplying medical, nursing and healthcare equipment and consumables. 

The proportion of population aged above 65 in Singapore is expected to double by 2030 to 900,000 from the current 450,000. This means 1 in 4 Singaporeans will be elderly, which will lead to strong demand for aged care services in the next decade.  As family sizes shrink, there will be a surge of single elderly living alone. This will lead to increasing demand for quality aged care services across the spectrum from home care, community-based care to nursing homes.

Mr Alan Chan, CEO of SPH, said: "Singapore has a greying population with a need for long term medical care. The investment gives us an opportunity to contribute to the healthcare needs of our ageing community. We look forward to partnering the management and staff of Orange Valley to provide caring, competent and compassionate service to the elderly and their caregivers. We also look forward to working with the Ministry of Health and the regional healthcare systems to improve the accessibility and quality of aged care in Singapore.” 

Orange Valley Nursing Home currently runs five nursing homes island-wide with over 900 beds. Its homes are strategically located near major hospitals or housing estates with high density of senior population. They are in Changi, Clementi, Marsiling, Simei and Sims Avenue. The broad footprint across Singapore provides residents with abundant choices. Backed by an experienced management team and highly trained nursing workforce, OV also offers a wide spectrum of adjacent care services such as home care and respite care. 

Mr Karam Butalia, Executive Chairman of KV Asia Capital, said:"Orange Valley has been providing Singaporeans with a one-stop comprehensive eldercare service for more than 20 years. We trust that SPH will help solidify its position as the pre-eminent provider of high quality nursing care in Singapore, and bring its holistic and integrated healthcare service to a higher level." 

CRCT 1QFY2017

Gross Revenue                                            RMB 290,865,000
NPI                                                              RMB 194,896,000
NPI                                                              $ 40,303,000
Distributable Income                                   $ 24,355,000
DPU                                                             2.74 cents (2.71 cents for 1QFY16)
NAV (adjusted for dist)                               $ 1.55
Gearing                                                        36.4%
Interest Cover                                              6.1X
Avg Cost Of Debt                                        2.49%
Unencumbered Assets                                 98.5%
Net Debt/EBITDA                                       6.6X

Ascott Reit 1QFY2017

Revenue                                    $111.3m
Gross Profit                               $47.2m
Unitholders Distribution           $25.1m
DPU                                          1.51 cents
RevPAU                                    $128
Gearing                                      41.1%
Interest Cover                            3.8X
Effective Interest rate                2.3%
Percentage Of Fixed Debts        82%
NAV                                           $1.29
Weighted Avg Debt to Maturity 4.6 years

Keppel Reit 1QFY2017

Property Income                    $39.9m
NPI                                        $31.4m
Shr of Associates&JV           $31.5m
Income Available for Dist    $48.1m
DPU                                      1.48 cents
NAV                                     $1.42
Gearing                                 38.4%
Interest Coverage Ratio        4.6
All-in Interest rate                 2.57%
Top Ten Tenants WALE      9 years
Portfolio WALE                   6 years

Keppel Infrastructure Fund Q1FY2017

Cash                          $255m ($207m Excluding Basslink)
Borrowings               $1840m ($1094m ditto)
Net Debt                    $1585m ($888m ditto)
Net Assets                  $4102m ($3074m ditto)
Total Liabilities         $2680m ($1210m ditto)
Annualized EBITDA $236m ($171m ditto)
Net Gearing                38.7% (28.9% ditto)
Net Debt/EBITDA      6.7X (5.2X ditto)

Loans

City Gas                      $178m (bullet)
SingSpring                  $68.4m (Amortising)
BassLink                     $753.6m (Amortising)
KMC                           $700m (Bullet)
KIT                              $150.7m (Bullet)

FirstReit 1QFY2017

Revenue                             = $27,151m
NPI                                    = $26.867m
Distributable Income         = $16.593m
DPU                                   = 2.14 cents (1QFY2016 2.11 cents)
Total Debt                          = $417m
Gearing                               = 31.0%
NAV                                   = 100.7964cents

SPH Q2FY2017

Operating Revenue                    $168,030K
Operating Profit                         $52,992K
Investment Income                    $16,715K
Profit After Taxation                 $63,877K
Net Profit Attr To Shrs              $53,503K
EPS                                            3 cents
NAV                                           $2.08
Cash & Cash Equiv                    $2769,506K

Soilbuild Trust 1QFY2017

Gross Revenue                                                = $21,985K

NPI                                                                  = $19,213K
Distributable Income                                       = $15,573K
DPU                                                                 = 1.489 cents
NAV                                                                 = 72 cents
Leverage                                                          = 37.5%
Average All-In Interest Ratio                           = 3.37%
Interest Cover                                                  = 5X
Weighted Avg Debt Maturity                           = 2.6 years
WALE                                                              = 4.6
Secured Leverage                                             = 14.5%
Occupancy                                                        = 91.8%

Great Singapore Sale - Fabulous Discount!