Stock Name: Cambridge
Company Name: CAMBRIDGE INDUSTRIAL TRUST
DBS Vickers Securities in a Nov 21 research report says: "Cambridge REIT (CREIT) announced the proposed acquisition of 3C Toh Guan Road East, an industrial building comprising of a 5-storey warehouse building and an ancillary office for a consideration of $35.5 million ($36 million, including attributable fees).
"We understand that the acquisition will be mainly funded by cash on its balance sheet, which we view as a positive catalyst, since this has been a drag on share price performance; the REIT faced a couple of delays in completing its acquisitions announced previously, resulting in lower than optimal distributions.
"This acquisition is estimated to boost DPU by 0.24 cents when completed in 1Q12, which we have already factored in our numbers. CREIT currently offers a FY2011-2013F DPU yield of 9.1-10.7%. Target price of 58 cents. MAINTAIN BUY."
Company Name: CAMBRIDGE INDUSTRIAL TRUST
| Research House: DBS Vickers | Price Call: BUY | Target Price: 0.58 |
DBS Vickers Securities in a Nov 21 research report says: "Cambridge REIT (CREIT) announced the proposed acquisition of 3C Toh Guan Road East, an industrial building comprising of a 5-storey warehouse building and an ancillary office for a consideration of $35.5 million ($36 million, including attributable fees).
"We understand that the acquisition will be mainly funded by cash on its balance sheet, which we view as a positive catalyst, since this has been a drag on share price performance; the REIT faced a couple of delays in completing its acquisitions announced previously, resulting in lower than optimal distributions.
"This acquisition is estimated to boost DPU by 0.24 cents when completed in 1Q12, which we have already factored in our numbers. CREIT currently offers a FY2011-2013F DPU yield of 9.1-10.7%. Target price of 58 cents. MAINTAIN BUY."
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