Singapore Stock Market News

Cache Logistics Trust - Dilutive Placement

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Publish date: Wed, 04 Nov 2015, 02:11 PM
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■ Placing out SGD100m new units at SGD0.941-0.96. Units in issue would expand c.14%.

■ As only SGD37m of proceeds will be for future acquisitions & SGD60m for debt repayment, highly DPU-dilutive.

Cut FY15-17 DPU by 4-7% & TP from SGD0.97 to SGD0.95 as we tighten our yield target from 9% to 8.5%. Maintain HOLD. Prefer MINT (MINT SP, TP SGD1.49) for sector exposure.
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