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Unit
Price Performance: CMT’s unit price appreciated
strongly during the financial year 2004, from the closing
price of S$1.43 on 31 December 2003 to the closing price
of S$1.76 on 31 December 2004. This translated to a gain
of 23.1 percent, outperforming established market indices
such as the Straits Times Index (STI) and the Singapore Property
Equities Index (SESPROP), which recorded gains of 17.1 percent
and 18.2 percent respectively during the year. The weighted
average closing price for the year was approximately S$1.58.
In addition, trading liquidity also improved significantly
in 2004, averaging around 25.6 million units a month compared
to 21.8 million units a month in 2003. Overall, CMT’s
strong trading performance is testament to investors’ confidence
in its attractiveness as an investment product, which offers
opportunities for capital growth on top of attractive and
stable distribution income.f
Attractive Yield
and Total Return: CMT provides attractive income
yield and total return as compared to other local investment
instruments. As at 31 December 2004, CMT’s annualised
DPU yield was 5.571 percent. This was 299 basis
points above the 10-year government bond yield of 2.58 percent
on the same day |
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Unitholders
who held CMT units for the period from 1 January 2004 to 31
December 2004 would have received a total return of 29.72 percent,
consisting of capital appreciation of 23.1 percent and a distribution
yield of 6.6 percent. Unitholders who held CMT units for the
period from the listing of CMT on 17 July 2002 to 31 December
2004 would have received a total return of 105.13 percent,
consisting of capital appreciation of 83.3 percent and a distribution
yield of 21.8 percent.
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