Cambridge - Cambridge Industrial cut to Outperform by CLSA

Stock Name: Cambridge
Company Name: CAMBRIDGE INDUSTRIAL TRUST
Research House: CLSA

CLSA downgrades Cambridge Industrial Trust (J91U.SG) to Outperform from Buy on reduced upside to its $0.54 target price, says Dow Jones.



CLSA trims FY10-12 DPU estimates by 2%-3% to reflect dilution due to enlarged unit base following recent private placement to help fund S$37.1 million acquisition of 2 industrial properties in Singapore.



Research house notes CIT plans to retire $32 million of debt this month, bringing gearing to 39.5% from 41.5%; “our key concern is further equity dilutive acquisitions.” REIT off 1.0% at $0.505.