Singapore Stock Market News

Cambridge Industrial Trust - Year of repositioning

StockFanatic
Publish date: Fri, 17 Jan 2014, 05:23 PM
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CIT's 4Q13 revenue and NPI growth came in at -3.1% yoy and +1.8% yoy respectively. These results translate into 24% and 25% of our respective 4QFY13 estimates. Together with the previous 9M earnings, full-year revenue and DPU were in line with our expectations, meeting 98% and 99% of our respective FY13 estimates.

Given another proactive year ahead (in terms of managing and repositioning its portfolio) coupled with interest savings and a strong balance sheet, we maintain our Add call with an unchanged DDM-based target price (discount rate: 8.2%) of S$0.80.
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