DBS cuts target price on Cache Logistics Trust on occupancy concerns


DBS Equity Research has revised its target price on Cache Logistics Trust, in the wake of the REIT’s 3Q 2018 results.

Cache Logistics Trust has reported a distribution per unit (DPU) of 1.475 Singapore cents for the period, a fall of 4.3% year-on-year.

The REIT’s 3Q FY18 Gross Revenue increased by 14.8% year-on-year to SGD31.5 million (USD22.8 million) while net property income (NPI) increased by 8.1% to SGD23.1 million.

The industrial REIT has attributed the increases mainly to higher income from Australia, given the addition of the nine-property warehouse portfolio acquired in February 2018, and a higher contribution from 51 Alps Avenue.

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