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Highest Indicative Dividends Of The Mid-Caps
Perspective | 24 December 2013
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The FTSE ST Mid Cap Index is made up of 50 stocks which includes the five reserve stocks for the Straits Times Index (STI). These 50 stocks had an average capitalisation size of $2.2 billion as of end of November.

Nine out of the ten ICB Industries are represented within the FTSE ST Mid Cap Index. The largest industry by weightage is financials which is largely due to the inclusion of 16 Real Estate Investment Trusts (REITs) and two stapled securities that invest in property assets. Diversity is also a key feature of the Mid Cap Index and together, the REITs invest in different types of property assets across different parts of Asia.

Of the ten FTSE ST Mid Cap Index constituents with the highest indicative dividend yield, eight are REITs and one is a stapled security. The list of the
constituents with the highest indicative yields are detailed in the table below. Venture Corp is the sole company to be one of the ten highest dividend yield stocks in the Index.


Source: SGX, Bloomberg, data as of 19 December 2013

While the average indicative dividend yield of the entire 50 constituents is 3.8 percent, the average of the ten highest yields came to 7 percent. This implies that a $50,000 equally balanced portfolio of these ten constituents is expected to yield $3,500 in dividends over 12 months. Naturally, this is subject to the risk of economic conditions reducing revenue and distributable income of the constituent over the next 12 months.

Lippo Malls Indonesia Retail Trust maintains the highest indicative yield of the 50 constituents. The indicative yield is calculated by taking the most recent distribution of $0.0087, multiplied by four (for the quarterly distribution frequency) then divided by the recent price of $0.395. The 12 month dividend yield of Lippo Malls Indonesia Retail Trust was slightly lower at 8.6 percent. The 12 month yield takes into account each of the last four dividend distributions that added up to $0.0343, which was then divided by the recent price of $0.40.

The two constituents that were among the ten highest 12 month dividend yields of the Index, yet do not maintain one of the ten highest indicative yields, were OUE and CDL Hospitality Trust. In the case of OUE, this was due to special dividend distributions made over the past 12 months. Hence, eight of the above ten listed companies also maintained the highest 12 month dividend yields for 2012, with Starhill Global REIT and Frasers Centrepoint Trust maintaining the eleventh and twelfth highest 12 month dividend yield.

The five STI reserve stocks are Ascendas Real Estate Investment Trust, CapitaCommercial Trust, Keppel Land, UOL Group and Yangzijiang Shipbuilding Holdings. Together, these five constituents averaged a 4.5 percent indicative dividend yield.

Lippo Malls Indonesia Retail Trust  0.240 +0.005 +2.13%   
Business: REIT that is engaged in invs in retail ppties in Indonesia.

Insight: Apr-19, 1Q19 gross rental income slid 7.1% due to ... Read More
Far East Hospitality Trust  0.695 -0.005 -0.71%   
Business: Invests in a diversified portfolio of income-producing hospitality-related real estate in Singapore. [FY18 Turnover] Hotels & services residences (80.6%), retails & offices (19.4%).

Insight: May-19, 1Q19 gross revenue increased 8% to $27.8m ... Read More
Mapletree Industrial Trust  2.550 -0.02 -0.78%   
Business: A REIT that invest in industrial ppties in S'pore.

Insight: Apr-19, FY19 revenue rose 3.5% mainly due to reven... Read More
Ascott Residence Trust  1.390 +0.020 +1.46%   
Business: REIT invests in income-producing real estate assets which are used or predominantly used, as serviced residences, rental housing properties and other hospitality assets.

Insight: Apr-19, 1Q19 revenue increased 3% due to stronger ... Read More
Mapletree Logistics Trust  1.680 -- --   
Business: Real Estate Invs Trust. Invs in logistics ppties. [FY19 Geographical] S'pore (36.2%), HK (24.7%), Japan (13.4%), Australia (8.1%), S.Korea (6.3%), China (5.8%), Malaysia (3.8%), Vietnam (1.7%).

Insight: Apr-19, FY19 revenue rose 15% due to higher revenu... Read More
Keppel REIT  1.260 +0.010 +0.80%   
Business: Real Estate Invs Trust. Invs in a portfolio of quality real estate and real estate related assets.

Insight: Jul-19, 1H19 property income declined 12.5% mainly... Read More
Venture Corp  15.450 +0.07 +0.46%   
Business: Co provides technology services, products and solutions. [FY18 Turnover] Advance Manufacturing & Design Solutions (AMDS) [74.6%], technology products & design solutions (TPS) [25.4%].

Insight: Apr-19, 1Q19 revenue rose 8.5% to $928.8m due to b... Read More
Ascendas REIT  3.140 -0.01 -0.32%   
Business: Co invests in the real estate markets of Singapore and Australia.

Insight: Apr-19, FY19 gross revenue and NPI inched up 2.8% ... Read More
Starhill Global REIT  0.750 +0.005 +0.67%   
Business: Invests primarily in real estate used for retail and office purposes. [FY18 Turnover] Wisma Atria (31.5%), Ngee Ann City (30.6%), Australia ppties (22.2%), M'sia ppties (13.4%), China/Japan ppties (2.3%).

Insight: Jan-19, 1H19 gross revenue fell 2.3% to $103.1m la... Read More
Frasers Centrepoint Trust  2.770 -- --   
Business: Co is a developer-sponsored retail real estate investment trust.

Insight: Apr-19, 1H19 NPI rose 3.6% to $71.8m, as gross rev... Read More


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