DBS cuts target price on Cache Logistics Trust on occupancy concerns

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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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