CICT NAV per unit and DPU on 2006-2009 - Dividend Machines by The Fifth Person

Q&A › Category: REITs › CICT NAV per unit and DPU on 2006-2009

PL Wong asked 2 years ago

Hello, I am trying to plot the Price to Book ratio for CICT. While checking the DPU and NAV per unit for 2009, I noticed there are different values.

1. The Nav per unit is 1.56 for 2009 value on page 120, but 1.54 on page 5. Which value is correct?

2. On page 5, there is another section for NAV per unit and DPI called "After Restatement for the Effect of Rights Issue". Should I use the values here for the years 2007-2008 instead of the original 2007-2008 reports?

Report link: https://investor.cict.com.sg/misc/ar2009.pdf

Uploaded my chart. I used the values that are not "restatement of rights" in the 5 year summary tables instead of the balance sheet 2 year values (again, there are some slight differences when calculating manually using net asset/number of shares vs the summary table vs the Nav per unit given in the balance sheet).

Seems like CICT and FCT both are near 0.9x recently.

Thanks!

Attachments

CICT-PB-Ratio-scaled.jpg

1 Answers

0 Vote Up Vote Down

Rusmin Ang Staff answered 2 years ago

Hi PL, 1. We usually stick to NAV before distribution which is the higher figure of 1.56. Just make sure you're consistent with the same method for the rest of the year. 2. Yep, you can use the restated figure since Yahoo would've adjusted the share price too. For the average PB, I would suggest using 10y average to capture the last ten years sentiment which is standard market practice.