Singapore Stock Market News

Cache Logistics Trust - Tenants' market

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Publish date: Tue, 21 Jul 2015, 10:16 AM
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■ Revenue in line, though NPI missed on rent incentives. 1H15 DPU at 50% of our FY15F.

■ Cut FY16-17 DPU from 9.3-9.4 cts to 9-9.1 due to increased property expenses.

■ Accordingly, reduce DDM TP from SGD1.37 to SGD1.33 (CoE 8.5%, LTG 2%). Maintain BUY. Catalyst from DHL-BTS project in FY16 and still-attractive yields of 7.4-7.8%.
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