SGX Stocks and Warrants

Author: kimeng   |   Latest post: Thu, 15 Feb 2018, 03:49 PM


Cache Logistics Trust: Active Portfolio Rebalancing

Author:   |    Publish date:

Cache Logistics Trust (CACHE) reported an inline set of FY17 results. FY17 NPI dipped 0.8% YoY to S$87.3m. FY17 DPU from operations and capital fell 10.9% YoY to 6.583 S cents, while FY17 DPU from operations alone fell 10.0% to 6.418 S cents or 95% of our forecast. 4 ppt of this gap was due to the timing of the Schenker lump-sum pay-outs. Besides this, we consider the results largely within expectations.

Excluding the impact of the rights issue, FY17 DPU (total) would have fallen 6.2% to 7.247 S cents. Along with the results, CACHE also announced the proposed divestment of Hi-Speed Logistics Centre as part of its rebalancing strategy.

In this vein, we are positive on CACHE's lowered gearing of 36.3% post the rights issue, as it offers CACHE financial flexibility for future acquisitions. Nonetheless, we expect rental reversions to remain negative and volatile through 2018, with some stabilization towards the end of this year.

As we update our model parameters, we place our Hold rating and fair value of S$0.81 under review.

Source: OCBC Research - 19 Jan 2018

Share this

Related Stocks

Chart Stock Name Last Change Volume 
Cache Log Trust 0.85 -0.005 (0.58%) 1,339,700 

Market Buzz

Date Type Subject
15-Feb-2018 Announcement Asset Acquisitions and Disposals::COMPLETION OF ACQUISITION OF NINE PROPERTIES IN AUSTRALIA

  Be the first to like this.


205  102  208  545 

Top 10 Active Counters
 ThaiBev 0.85-0.06 
 Jiutian Chemical 0.07+0.009 
 HSI29600MBePW.. 0.042-0.039 
 MarcoPolo Marine 0.041+0.002 
 HSI32000MBeCW.. 0.125+0.036 
 HSI30800MBeCW.. 0.15+0.049 
 HSI28800MBePW.. 0.027-0.026 
 Genting Sing 1.24+0.02 
 HSI31800MBeCW.. 0.06+0.026 
 HSI33000MBeCW.. 0.067+0.022 
Partners & Brokers