Singapore Stock Market News
Cambridge Industrial Trust - Proposed acquisition
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Publish date: Wed, 25 Dec 2013, 10:51 AM
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CIT has proposed to acquire 11 Chang Charn Road for S$32m. We view this acquisition positively as we see room for CIT to maximise the return from this property via raising occupancy and rental rates.
We believe the proposed acquisition of 11 Chang Charn Road, expected to be completed in 1Q14, will add c.0.8% to CIT's FY14 dividend. In view of the slightly stronger dividend yield, we tweak our DPS estimates up by 0.8% for FY14 and 1.1% for FY15. We maintain our Add call, with a higher DDM-based (discount rate: 8.3%) target price of S$0.80.
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