Cache Logistics Trust

Cache Logistics Trust

Postby sreitinvestor » Thu Oct 28, 2010 6:08 pm

Q3 2010 results for Cache Logistics:
Key Points
* DPU for the reporting quarter is 1.94 cents.
* DPU of 3.65 cents for the period 12 April 2010 to 30 September 2010.
* Annualised DPU of 7.75 cents exceeds forecast by 1.4%.
* Strong balance sheet with aggregate leverage of 23.4%.
* On track to deliver forecast DPU for 2010.
* Annualised Distribution Yield of 7.8% based on 27 Oct 2010 closing price of S$0.99.
* The Cache portfolio was valued by Knight Frank on 30 September 2010 at S$741.2 million compared to the S$729.9 million recorded on 31 October 2009.
* The six properties that make up the Cache portfolio are 100% leased under the Master Lease Agreements.
* Excluding income available for distribution, adjusted NAV per unit is S$0.88.
* Cache will pay out a maiden distribution of 3.65 cents per unit for the period 12 April 2010 to 30 September 2010.
* The Books will close from 5pm on 8 November 2010 for the purpose of determining Unitholders’ entitlement to the distribution.
* The distribution will be paid to unitholders on 29 November 2010.
sreitinvestor
Loafer
 
Posts: 32
Joined: Sat May 01, 2010 6:52 am

Re: Cache Logistics Trust

Postby winston » Wed Jul 13, 2011 11:03 am

Not vested

Cache Logistics Trust (BUY, TP S$1.11).

Trading at a FY11-12F yield of 8.2-8.8%, which is >200 bps above the sector’s average and 150 bps above industrial REIT peers.

We believe that the market is not recognizing Cache for its
(i) transparent earnings structure from master-leases with annual step ups and
(ii) growth opportunities given from a visible pipeline from its sponsor CWT that could potentially grow its portfolio in excess
of 80%.

Source: DBS
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118522
Joined: Wed May 07, 2008 9:28 am

Re: Cache Logistics Trust

Postby winston » Thu Jan 19, 2012 11:02 am

not vested

Singapore industrial REIT Cache Logistics Trust reported on Wednesday a 8.5 percent rise in fourth-quarter distribution per unit to 2.10 Singapore cents.

The company's acquisition of four assets boosted the number of its properties to 10 at the end of 2011 from six at the end of 2010.

Source: Reuters
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118522
Joined: Wed May 07, 2008 9:28 am

Re: Cache Logistics Trust

Postby winston » Mon Jul 02, 2012 10:49 am

not vested

OCBC ups Cache Logistics' target price OCBC Investment Research raised its target price for Cache Logistics Trust to S$1.18 from S$1.11 and kept its buy rating, to reflect its acquisition of a logistics property in Singapore.

By 0108 GMT, Cache units were 0.5 percent higher at S$1.055, and have gained about 11 percent since the start of the year, outperforming the Straits Times Index's <.FTSTI> 10 percent rise.

Cache has received approval from unitholders to acquire Pandan Logistics Hub, which OCBC expects to contribute S$5.2 million in rental income to the real estate investment trust in the first year.

This translates to an initial net property income yield of 7.6 percent and is expected to add 0.28 Singapore cents to its distribution per unit (DPU) on an annualised basis.

"We continue to like Cache for its resilient portfolio, healthy financial position and attractive fiscal 2012 DPU yield of 7.9 percent," said OCBC in a report.


Source: Reuters
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118522
Joined: Wed May 07, 2008 9:28 am

Re: Cache Logistics Trust

Postby winston » Thu Jul 26, 2012 10:42 am

not vested

CIMB ups Cache Logistics' target price

CIMB Research raised its target price on Cache Logistics Trust , which owns logistics assets, to S$1.19 from S$1.13 and kept its outperform rating, saying it expects the management to execute more acquisitions.

By 0157 GMT, units of Cache were flat at S$1.11, and have gained nearly 17 percent so far this year.

Cache posted a 5 percent fall in its April-June distribution per unit to 1.981 Singapore cents, which was in line with CIMB's estimates.

"Its acquisition of assets in April and July was testament to management's ability to deliver acquisition-led growth," said CIMB, adding that it has assigned a lower risk premium to Cache due to resilience in its portfolio yields, backed by 100-percent occupied portfolio.

CIMB noted that Cache will continue to explore the Malaysian market to gain familiarity, and said management prefers larger assets.


Source: Reuters
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118522
Joined: Wed May 07, 2008 9:28 am

Re: Cache Logistics Trust

Postby winston » Tue Sep 11, 2012 9:25 am

not vested

Cache Logistics Trust

We initiate coverage on Cache Logistics Trust (Cache) with a BUY and a fair value of $1.29 based on DCF. Backed by a quality portfolio of logistics warehouse assets, Cache is well-positioned to capture the growth opportunities presented by Singapore’s development as a global logistics hub.

Built-in rental escalation rates of 1.5-2.5% and the long-term nature of its triple-net master lease agreements underpin earnings resilience even in the face of subdued macroeconomic conditions. A forward FY2012-13 dividend yield of 7.0-7.3% further accentuates Cache’s attractiveness.

Moreover, CWT has provided Cache with a strong pipeline of local and foreign acquisition assets by granting it a Rights of First Refusal (ROFR) on 13 properties, bolstering its inorganic growth plans.


KEY RISKS

Overreliance on master lessees CWT and C&P for rental income. Should CWT Limited and C&P fail to meet their lease obligations, this would severely impact Cache’s bottom-line and distribution income.

Asset concentration risk. Generating around 40% of its rental revenues from CWT Commodity Hub, Cache is largely exposed to risks that could adversely impact the operations or business of CWT Commodity Hub.


VALUATION

DCF Valuation. We derive a fair value of $1.29 based on a DCF model. Our model factors in a terminal growth rate of 1.5% and is based on the assumptions of a risk-free rate of 1.38%, a beta of 0.8, and country risk premium of 9.2%.


Source: AmFraser
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118522
Joined: Wed May 07, 2008 9:28 am

Re: Cache Logistics Trust

Postby winston » Wed Sep 19, 2012 12:04 pm

not vested

STOCKS NEWS SINGAPORE-OCBC ups Cache Logistics' target price

OCBC Investment Research raised its target price for Cache Logistics Trust to S$1.26 from S$1.18, citing strong demand for its warehouse assets.

At 0347 GMT, units of Cache were up 0.4 percent at S$1.18, and have surged about 24 percent since the start of the year, compared to the FT ST Real Estate Investment Trust Index's <.FTFSTAS8670> nearly 28 percent rise.

Cache owns eight warehouses with ramp-up features, which is limited in Singapore and expected to see robust demand, OCBC said.

The trust also has strong and stable income streams, having seen 100 percent occupancy rate for its portfolio since it listed in April 2010 and a master lease structure that provides high net property income margins, the brokerage said.

Cache's acquisition of Pandan Logistics Hub in Singapore will increase its rental income and distribution per unit starting from the second half of the year.


Source: Reuters
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118522
Joined: Wed May 07, 2008 9:28 am

Re: Cache Logistics Trust

Postby winston » Thu Oct 25, 2012 9:54 am

not vested

Cache Logistics Trust (CACHE SP) – 3Q12: Resilient High-yielding Logistics Pick

(BUY/S$1.22/Target: S$1.41)
FY12F PE (x): 21.1
FY13F PE (x): 15.7

Results in line with expectations. Cache Logistics Trust (Cache) reported a 3Q12 distributable income of S$15.1m (+12.7% yoy, +8.6% qoq) and a DPU of 2.14 S cents (+2.3% yoy, +8.0% qoq). The DPU for 9M12 is in line with our expectations, accounting for 73.9% of our fullyear estimates.

Maintain BUY with a target price of S$1.41 based on the DDM (required rate of return: 6.8%, terminal growth: 2.0%) to value Cache.


Source: UOBKH
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118522
Joined: Wed May 07, 2008 9:28 am

Re: Cache Logistics Trust

Postby winston » Thu Oct 25, 2012 5:46 pm

Downgrade to HOLD on rich valuations:

Following our initiation on 11 September 2012, Cache has had a decent run‐up of 5.6%.

Trading at a price‐to‐book ratio of 1.3 (price‐to‐book ratio for industrial SREITs is currently at 1.06), Cache is relatively expensive to its peers and we believe there is limited scope for further upside.

Our fair value of S$1.31 translates to a potential capital appreciation of 7.2%. This, coupled with a 6.7% yield, gives a total return of 13.9%.


Source: AmFraser

http://www.remisiers.org/cms_images/res ... 121025.pdf
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118522
Joined: Wed May 07, 2008 9:28 am

Re: Cache Logistics Trust

Postby winston » Mon Nov 05, 2012 10:14 am

not vested

Cache Logistics Trust (CACHE SP, K2LU)

Resilient high-yielding logistics pick
Last price: S$1.215
Target Price: S$1.41

Cache is our pick in the defensive high-yielding logistics segment. It has a stable income stream as its leases are typically of longer tenures.

It has no major lease renewals until 2015. We see development properties as the next source of growth for Cache. It has a portfolio size of close to S$1b and can easily ask its sponsor, CWT, for help in developing build-to-suit facilities.

Cache also has a perpetual right of first refusal for CWT’s properties, which we estimate to be worth S$500m. In addition to this, Cache has proven it was able to acquire properties independent of CWT.

We believe its acquisition-led growth strategy is still sustainable and positive for the company. Cache offers a yield of 7.1%. Maintain BUY with a target price of S$1.41, based on dividend discount model.

Technically, the stock may trend higher to S$1.36 should it exceed its recent high of S$1.27. The stock needs to stay above S$1.17 for further upside. We had a successful BUY call on 22 Aug 12 with a target price of S$1.20.


Source: UOBKH
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118522
Joined: Wed May 07, 2008 9:28 am

Next

Return to C to D

Who is online

Users browsing this forum: No registered users and 6 guests