Others   

S-REIT Comparison

Sreit Comparison Table

Company       Share price          DPU (cts)                DPU Yield (%)          Bk NAV      P/Bk NAV     TP           Rating
                            ($)         FY08  FY09  FY10     FY08  FY09   FY10          ($)                 (x)           ($)
Office
CCT                 0.880           8.5     7.2     6.6        9.6%    8.2%    7.5%        1.50              0.59         0.93          BUY
K-Reit              1.070         11.1     9.4     9.1      10.4%    8.8%    8.5%        2.17              0.49         0.95          HOLD

Retail/Mixed
CMT                1.570         11.0     8.7     9.1        7.0%    5.5%    5.8%        1.56              1.01         1.68          BUY
CRCT              1.280           7.5     7.9     8.9        5.9%    6.2%    7.0%        1.16              1.10         1.04          FV
FCT                 1.000           7.3     7.3     7.6        7.3%    7.3%    7.6%        1.23              0.81         1.13          BUY
Starhill Global   0.535           5.8     5.5     4.1      10.6%   10.1%   7.5%        0.802            0.68         0.59          BUY
Suntec              1.010         13.0   10.7     8.8      12.9%   10.6%   8.7%        1.98              0.51         1.18          BUY

Industrial
a-itrust              0.820          7.4      6.3     6.7       9.0%     7.7%    8.2%        0.86              0.95         0.88          HOLD
MLT                0.605          7.2       5.7     5.7     11.9%     9.4%    9.4%        0.89              0.68         0.70         BUY
Cambridge       0.415          6.0       4.8     4.7     14.5%    11.6%  11.3%       0.60              0.69         0.41         HOLD

Hospitality
ART                0.865          8.8       7.2     7.4     10.2%      8.3%    8.6%       1.36              0.64          0.99        BUY
CDL HT         1.250         11.3       7.5     9.2      9.0%       6.0%    7.4%       1.42              0.88          1.36        BUY

Healthcare
Parkway Life   1.080          6.8       7.5     7.7      6.3%        6.9%    7.1%       1.34             0.81           1.17        BUY

Source: DBS Vickers NB: DPU for Ascendas India are based on FY10, FY11 and FY12 figures

25 Aug 2009