Stock Name: CACHE
Company Name: CACHE LOGISTICS TRUST
CIMB in a July 27 research report says: "2Q11 DPU of 2.09cts is slightly below our expectation though in line with consensus, at 21% of our FY2011 estimate and 25% of consensus's. 1H11 DPU of 4.0 cents forms 43.1% of our estimate.
"We sense an emphasis on prudence during the analysts' briefing and have deferred part of our acquisition assumptions for FY2011 to FY2012. Accordingly, we lower our FY2011-2013 DPU estimates by 3-18%. Our DDM-based target price of S$1.32 (discount rate 8.4%) also falls to $1.24.
"Nevertheless, we continue to see attractive valuations (P/B 1.09x, 8.3% yield) as compared to peers (P/B average 1.09, 7.1% yield). We continue to see catalysts from accretive acquisitions. MAINTAIN OUTPERFORM."
Company Name: CACHE LOGISTICS TRUST
| Research House: CIMB | Price Call: BUY | Target Price: 1.24 |
CIMB in a July 27 research report says: "2Q11 DPU of 2.09cts is slightly below our expectation though in line with consensus, at 21% of our FY2011 estimate and 25% of consensus's. 1H11 DPU of 4.0 cents forms 43.1% of our estimate.
"We sense an emphasis on prudence during the analysts' briefing and have deferred part of our acquisition assumptions for FY2011 to FY2012. Accordingly, we lower our FY2011-2013 DPU estimates by 3-18%. Our DDM-based target price of S$1.32 (discount rate 8.4%) also falls to $1.24.
"Nevertheless, we continue to see attractive valuations (P/B 1.09x, 8.3% yield) as compared to peers (P/B average 1.09, 7.1% yield). We continue to see catalysts from accretive acquisitions. MAINTAIN OUTPERFORM."
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