Malaysia REITs

Average Yield = 7.101%

Last Updated : 30-Mar-12

Notes

• Pavilion : DPU = 5.73 sen (IPO FY12 Forecast)
  
• CMMT : DPU = 1.14sen (11-Nov-11 to 31-Dec-11)
  
• Tower : Yield Uses 1H11 DPU = 5.15 sen + 2H11 DPU = 5.7 sen
  
• Al-Aqar KPJ : Yield Uses 2H10 DPU = 5.17 sen + 1H11 DPU = 3.3 sen as it is Observed that 2H DPU > 1H DPU
  
• Al-Hadharah : Yield Uses 2H11 DPU = 8 sen + 1H11 DPU = 4 sen as it is Observed that 2H DPU > 1H DPU
  
• Hektar : Yield Table Uses Full Year DPU 10.5 sen to Compute Yield as Hektar Pays DPU = 2.5 sen for Q1,Q2,Q3 and the Balance in Q4
  

Withholding tax

• Resident Individual = 10%
  
• Non Resident Individual = 10%
  
• Resident Institutional Investors = 10%
  
• Non-Resident Institutional Investors = 10%
  
• Resident Companies = 0% ; Subject to Corporate Tax at Prevailing Rate
• Non-Resident Companies = 25% for Year of Assessment 2009

YTL buys more convertible units in SG Reit

YTL Corp Bhd has acquired about 17.5 million convertible preferred units (CPU) in Starhill Global Real Estate Investment Trust (SG Reit) for RM42.67mil.

YTL Corp told Bursa Malaysia that it had yesterday entered into a sale and purchase agreement with Maybank Trustees Bhd, as the trustee of Starhill Reit, for the acquisition of the CPUs at S$1 each.

YTL Corp said that as such, the CPU acquisition was also done to facilitate Starhill Reit's compliance with Securities Commission's (SC) Reit guidelines and allow Starhill Reit to focus on its core activities of property investment.

"As YTL Corp is a major unitholder of Starhill REIT, it will also participate in the resultant benefits."

The cash acquisition will be via internal funds.

YTL Corp said the acquisition provided an opportunity for the company to further increase its stake in SG Reit upon the conversion of the CPUs.

It was noted that the CPUs carry a net annual yield of 5.09% (net of withholding tax of 10%), which is generally higher than the current fixed deposit rates in Malaysia.

As at March 1, 2012, YTL Corp had a 29.38% stake in SG Reit.

YTL Corp and its subsidiaries currently hold 155.56 million CPUs from the consideration received for the disposal of four hospitality-related properties to Starhill Reit.

It was also pointed out that due to a condition imposed by the Securities Commission, the CPUs can only be held by the YTL Corp group.

Results Announcement

• 16 Jan 12 : Axis
  
• 8 Feb 12 : Pavilion
  
• 9 Feb 12 : Sunway
  
• 13 Feb 12 : Hektar
  
• 15 Feb 12 : AmanahRaya
  

Average Yield = 7.253%

Last Updated : 29-Feb-12

Notes

• Pavilion : DPU = 5.73 sen (IPO FY12 Forecast)
  
• CMMT : DPU = 1.14sen (11-Nov-11 to 31-Dec-11)
  
• Tower : Yield Uses 1H11 DPU = 5.15 sen + 2H11 DPU = 5.7 sen
  
• Al-Aqar KPJ : Yield Uses 2H10 DPU = 5.17 sen + 1H11 DPU = 3.3 sen as it is Observed that 2H DPU > 1H DPU
  
• Al-Hadharah : Yield Uses 2H11 DPU = 8 sen + 1H11 DPU = 4 sen as it is Observed that 2H DPU > 1H DPU
  
• Hektar : Yield Table Uses Full Year DPU 10.5 sen to Compute Yield as Hektar Pays DPU = 2.5 sen for Q1,Q2,Q3 and the Balance in Q4
  

Withholding tax

• Resident Individual = 10%
  
• Non Resident Individual = 10%
  
• Resident Institutional Investors = 10%
  
• Non-Resident Institutional Investors = 10%
  
• Resident Companies = 0% ; Subject to Corporate Tax at Prevailing Rate
• Non-Resident Companies = 25% for Year of Assessment 2009