OREANDA-NEWS. March 31, 2015. Singapore Exchange (SGX) currently lists 39 stocks with a market capitalisation of more than S\\$1 billion and dividend yields above 4.0%. Amongst the 40 stocks, more than 55% of them are in the Real Estate industry – one of the four industries categorised to the Financial sector, while Industrials stocks have representation of around 25%.  

The 39 stocks averaged 15.3% total return over 12 months ending 27 March 2015, and maintain an average yield of 5.6%. In the year thus far, the five best performers were Mapletree Commercial Trust (+14.7%), First Real Estate Investment Trust (+11.3%), Frasers Centrepoint Trust (+10.2%), Mapletree Greater China Commercial Trust (+10.0%), and Fortune Real Estate Investment Trust (+9.0%). These five trusts have a combined market capitalisation of S\\$11.8 billion and offer an average yield of 5.4%.

The five stocks with the highest yields are Asian Pay Television Trust, Hutchison Port Holdings Trust, OUE Hospitality Trust, Mapletree Industrial Trust, and China Merchants Holdings (Pacific). Together, these five stocks have an average yield of 7.5% and generated an average price gain of 4.2% in the year thus far.

Details of the relevant stocks are listed in the table below.

Company Name

 SGX Code Mkt Cap S\\$M % Price Change YTD % Change - Dividend Adj. YTD % Change - Dividend Adj. [1 Year] % Change - Dividend Adj. [3 Years] % Dvd Yld
Asian Pay Television Trust S7OU 1,278.8 3.5 6.0 30.5 - 9.3
Hutchison Port Holdings Trust NS8U 8,283.4 0.7 5.1 14.4 11.3 7.6
OUE Hospitality Trust SK7 1,253.5 4.4 6.5 20.5 - 7.1
Mapletree Industrial Trust ME8U 2,725.3 5.1 6.9 23.1 74.1 6.9
China Merchants Holdings (Pacific) Limited C22 1,112.5 7.2 7.2 17.1 90.0 6.7
Ascott Residence Trust A68U 1,922.2 -1.6 1.7 12.5 46.0 6.6
Far East Hospitality Trust Q5T 1,440.2 -0.6 1.0 7.0 - 6.4
CDL Hospitality Trusts J85 1,704.2 -0.3 3.0 12.3 19.3 6.3
Mapletree Logistics Trust M44U 3,030.8 3.4 4.9 25.4 61.0 6.2
Starhill Global REIT P40U 1,797.9 4.4 6.0 13.9 53.7 6.1
CapitaRetail China Trust AU8U 1,379.1 1.9 4.8 26.5 60.9 6.0
Mapletree Greater China Commercial Trust RW0U 2,835.5 10.0 10.0 35.8 - 5.9
First Real Estate Investment Trust AW9U 1,006.1 9.6 11.3 38.5 94.5 5.9
Venture Corporation Limited V03 2,331.4 7.5 7.5 21.7 20.6 5.9
AusNet Services X04 5,261.7 7.5 7.5 17.8 66.6 5.9
Frasers Commercial Trust ND8U 1,011.2 5.0 6.7 26.1 118.8 5.7
Ascendas Real Estate Investment Trust A17U 6,158.6 7.6 7.6 20.4 50.1 5.7
SPH REIT SK6U 2,651.6 1.0 2.2 13.5 - 5.7
Frasers Centrepoint Trust J69U 1,887.3 8.7 10.2 24.2 61.1 5.4
Keppel Corporation Limited BN4 13,844.6 1.1 1.1 -13.6 -5.3 5.4
Sembcorp Industries Ltd U96 7,653.1 -3.6 -3.6 -16.7 -8.9 5.1
Yuexiu Property Company Limited G10 3,260.8 0.0 0.0 8.8 16.8 5.1
Fortune Real Estate Investment Trust F25U 2,730.9 6.3 9.0 46.8 137.4 5.1
CapitaMall Trust C38U 7,479.9 5.9 7.3 20.5 37.2 5.0
Singapore Press Holdings Limited T39 6,752.1 -0.7 -0.7 4.9 31.7 5.0
Keppel REIT K71U 3,828.2 -1.2 -1.0 13.2 54.3 5.0
Suntec Real Estate Investment Trust T82U 4,712.2 -4.1 -2.8 17.8 79.1 5.0
SIA Engineering Company Limited S59 4,530.1 -4.3 -4.3 -12.6 13.8 5.0
Frasers Centrepoint Limited TQ5 5,066.3 3.6 7.4 19.3 - 4.9
Mapletree Commercial Trust N2IU 3,368.6 13.1 14.7 40.1 112.6 4.9
CapitaCommercial Trust C61U 5,156.7 -0.3 2.0 22.7 69.9 4.9
M1 Limited B2F 3,643.8 8.0 8.0 21.3 83.5 4.9
Parkway Life Real Estate Investment Trust C2PU 1,464.1 1.7 2.9 6.2 54.7 4.8
StarHub Ltd. CC3 7,428.2 3.6 3.6 8.8 62.0 4.7
Mandarin Oriental International Limited M04 2,703.7 -6.0 1.8 0.9 16.0 4.4
Sembcorp Marine Ltd S51 6,203.3 -8.9 -8.9 -23.9 -37.3 4.4
Yangzijiang Shipbuilding (Holdings) Ltd. BS6 4,904.8 6.2 6.2 26.8 10.9 4.3
Singapore Technologies Engineering Ltd S63 10,941.3 3.5 3.5 -3.5 25.0 4.3
SATS Ltd. S58 3,437.1 2.0 2.0 6.1 51.3 4.2

Source: S&P Capital IQ & SGX StockFacts (Data as of 27 March 2015)

Asian Pay Television Trust

Asian Pay Television Trust operates as a cable TV system operator in Taiwan. The company provides basic cable TV and digital cable TV services; and value-added services, such as broadband Internet access and cable telephony services, as well as premium digital television programming to households and businesses. The company was founded in 1999 and is based in Singapore.

On 25 February 2015, the trust reported that their total revenue for the year ended 31 December 2014 was S\\$318.7 million and EBITDA was S\\$195.2 million (click here to view). As noted in the accompanying statement, the core network in Taichung has been expanded to cover in excess of 30% of homes in the new coverage areas in the region. The requisite regulatory licenses to operate in the new coverage areas have been secured and marketing operations commenced in the fourth quarter of 2014.

Asian Pay Television Trust has a market capitalisation of S\\$1,278.8 million, and the trust currently maintains the highest yield of 9.3%. The trust trades at a price-to-earnings ratio of 9.1 and price-to-book value of 1.0. The five substantial shareholders are Temasek Holdings (Private), Eastspring Investments (Singapore), Thornburg Investment Management, Inc., Neuberger Berman LLC, and PPM America, Inc.

The company website is: www.aptt.com.sg.

Hutchison Port Holdings Trust

Hutchison Port Holdings Trust, together with its subsidiaries, invests in, develops, operates, and manages deep-water container ports in Guangdong Province of China, Hong Kong, and Macau. The company owns interests in four deep-water container ports located in Kwai Tsing, Hong Kong and Shenzhen, China. Hutchison Port Holdings Trust was incorporated in 2011 and is based in Singapore.

On 27 February 2015, the trust reported that their revenue and other income for the year ended 31 December 2014 increased by 1.9% to HK\\$12,622.2 million (click here to view). The accompanying statement noted that Asian Container Terminals (ACT) revenue and other income was not consolidated under this line since 14 March 2014 when ACT has become a joint venture with 40% effective interest of Hutchison Port Holdings Trust.

Hutchison Port Holdings Trust has a market capitalisation of S\\$8,283.4 million, and the trust currently maintains a dividend yield of 7.6%. The trust trades at a price-to-book value of 1.1. The five substantial shareholders are Hutchison Whampoa, PortCapital, Capital Research and Management Company, DBS Group Holdings, and Cheung Kong (Holdings).

The company website is: www.hphtrust.com.

OUE Hospitality Trust

OUE Hospitality Trust is a stapled group comprising OUE Hospitality Real Estate Investment Trust (OUE H-REIT) and OUE Hospitality Business Trust (OUE H-BT), listed on the Mainboard of Singapore Exchange Securities Trading Limited. OUE Hospitality Trust was launched in July 2013.

In its recent results presentation (click here), OUE Hospitality Trust reported for the 2014 financial year that net property income recognised was \\$1.3 million or 1.3% higher as property expenses were \\$0.8 million or 6.1% lower mainly due to lower than forecast utilities expenses on lower consumption and tariff rates of Mandarin Gallery. In addition, both hospitality and retail segments posted higher than forecast revenue for FY 2014. In line with higher net property income and lower trust expenses, income available for distribution for FY 2014 was \\$2.3 million higher than forecast translating into DPS of 6.74 cents versus forecast DPS of 6.57 cents.

OUE Hospitality Trust has a market capitalisation of S\\$1,253.5 million, and the trust maintains a dividend yield of 7.1%. The trust trades at a price-to-earnings ratio of 20.2 and price-to-book value of 1.0. The five substantial shareholders are OUE, Credit Suisse, OUE Realty, Goldhill Developments, and Golden Concord Asia.

The company website is: www.oueht.com.

Mapletree Industrial Trust

Mapletree Industrial Trust operates as a real estate investment trust in Singapore. Mapletree Industrial Trust is managed by Mapletree Industrial Trust Management Ltd. (Manager), a wholly-owned subsidiary of Mapletree Investments Pte Ltd (Sponsor). The company was founded in 2008 and is based in Singapore.

Mapletree Industrial Trust is expected to release the financial results for the fourth quarter and full Financial Year 2014/2015 ending 31 March 2015 after the close of trading hours on 21 April 2015. In addition, a “live” audio webcast of the analyst briefing will be held on 22 April 2015 at 9.30am (click here to view).

Mapletree Industrial Trust  has a market capitalisation of S\\$2,725.3 million, and the trust maintains a dividend yield of 6.9%. The trust trades at a price-to-earnings ratio of 8.2 and price-to-book value of 1.3. The five substantial shareholders are Temasek Holdings (Private), Schroder Investment Management, American International Group, Inc., BNY Mellon Asset Management, and Sumitomo Mitsui Trust Asset Management Co. Ltd.

The company website is: www.mapletreeindustrialtrust.com.

China Merchants Holdings (Pacific)

China Merchants Holdings (Pacific) invests in and manages toll roads in the People’s Republic of China. The company operates through two segments, Toll Road Operations and Property Development. The company was formerly known as China Everbright Pacific Limited and changed its name to China Merchants Holdings (Pacific) Limited in 2001. The company was incorporated in 1981 and is based in Singapore. China Merchants Holdings (Pacific) Limited is a subsidiary of Easton Overseas Limited.

In its recent results presentation (click here), China Merchants Holdings (Pacific) reported that their revenue for the Financial Year 2014 increased by 7.1% to HK\\$2,019 million. Revenue generated from Toll Road Operations increased by 7.3% to HK\\$2,014 million, while its other business segment contributed HK\\$5 million to the total revenue generated.

China Merchants Holdings (Pacific) has a market capitalisation of S\\$1,112.5 million, and the stock maintains a dividend yield of 6.7%. The stock trades at a price-to-earnings ratio of 9.8 and price-to-book value of 1.0. The five substantial shareholders are China Merchants Group, Liu Qiang, Mackenzie Financial Corporation, Ecclesiastical Investment Management Limited, and Dimensional Fund Advisors LP.

The company website is: www.cmhp.com.sg.