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Cambridge Ind Trust Results Announcement
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WanSiTong
Supreme |
20-Jan-2014 12:41
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Cambridge Industrial Trust: DMG BUY (TP: SGD0.81) Growth strategy intact despite change of CEO ... Last Friday, Cambridge Industrial Trust reported 4Q13 results that were in line, as well as the disappointing ? although unsurprising - resignation of CEO Christopher Calvert. Its portfolio?s performance as a result of recent acquisitions and AEIs are expected to maintain its strong DPU growth going into FY14F. We maintain our FY14F DPU of 5.4 cents, for an implied 7.7% yield. Maintain BUY on CREIT, with our SGD0.81 TP offering a potential 16% upside. Outgoing CEO Christopher Calvert has delivered strong shareholder returns over the last 5 years by re-modelling and re-sizing the portfolio he inherited into one of the best performing industrial REIT in recent years. CREIT has posted total shareholder returns (including distribution) of 300% since the beginning of 2009, outperforming its peers and the wider STI market index. We wish Calvert well as he moves on to the next phase of his professional career in Australia to be closer with his family. Calvert has agreed to remain on board pending regulatory clearance with regard to the incoming CEO and subsequent disclosure. We have no doubt that the strong team which Calvert has nurtured will continue to manage the portfolio with a view of maximizing asset returns with a reasonable risk profile.  
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Novice13
Veteran |
18-Jan-2014 06:23
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Is that really that true that CIT CEO, Chris Calvert had resigned? | ||||||||||||||||||||||||||||||
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WanSiTong
Supreme |
17-Jan-2014 22:57
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Cambridge Industrial Trust - Year of repositioning Written By Stock Fanatic on Friday, January 17, 2014  |
Technical Analysis
Daily Chart |
 
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WanSiTong ( Date: 17-Jan-2014 08:36) Posted:
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Dividend for One year > 7% return........ not bad!
 
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NOTICE OF BOOKS CLOSURE AND DISTRIBUTION PAYMENT DATE
NOTICE IS HEREBY GIVEN that the Transfer Books and Register of Unitholders of Cambridge Industrial Trust (" CIT" ) will be closed at 5.00 pm on 27 January 2014 for the purpose of determining Unitholders? entitlements to CIT?s distribution.
CITM has announced a distribution of 1.251 cents per unit for Cambridge units for the period 1 October 2013 to 31 December 2013 comprising distributions from the following:
(a) Taxable income - 1.147 cents per unit
(b) Tax-exempt income - 0.004 cents per unit
(c) Capital gains - 0.100 cents per unit
Unitholders whose securities accounts with The Central Depository (Pte) Limited are credited with CIT units as at 5.00 pm on 27 January 2014 will be entitled to the distributions that will be paid on 28 February 2014.
 
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CIT?s Full Year 2013 Distribution Per Unit Grows 4.0% year-on-year
 
Acquisition of 11 Chang Charn Road for S$32.0 million to be completed in 1Q2014
 
 
Completed four acquisitions in FY2013, totalling S$92.7 million
 
Entered into interest rate swaps, reducing all-in cost to 3.6%1 p.a. from June 2014 onwards
 
 
Gearing ratio of 28.7% with 83% of our debt fixed for the next two years
 
 
Summary of FY2013 and 4Q2013 Financial Results: FY2013 (S$ mil) |
FY2012 (S$ mil) |
Y-on-Y (%) |
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Gross Revenue |
96.5 |
89.0 |
8.4 |
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Net Property Income (" NPI" ) |
80.4 |
76.2 |
5.5 |
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Distributable Income |
61.3 |
57.6 |
6.4 |
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Distribution Per Unit (" DPU" ) (Cents) |
4.976 |
4.784 |
4.0 |
 
1
Singapore, 17 January 2014 Cambridge Industrial Trust Management Limited (" CITM" ), the Manager (" Manager" ) of Cambridge Industrial Trust (" CIT" ), today announced a distribution per unit (" DPU" ) of 4.976 cents for its financial year ended 31 December 2013 (" FY2013" ), up 4.0% from 4.784 cents in the same period a year ago.
 
During the year, gross revenue increased 8.4% to S$96.5 million while net property income (" NPI" ) rose to 5.5% to S$80.4 million. FY2013 distributable income of S$61.3 million was 6.4% higher compared to FY2012 of S$57.6 million.
 
 
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Our preference: our next up target stands at 0.724.
Our pivot point stands at 0.678.
Our preference: our next up target stands at 0.724.
Alternative scenario: below 0.678, expect 0.661 and 0.651.
Comment: the RSI is above its neutrality area at 50. The MACD is negative and above its signal line. The MACD must break above its zero level to trigger further gains. Moreover, the stock is trading above both its 20 and 50 day MA (respectively at 0.68 and 0.69).
Supports and resistances:
0.743 **
0.734 *
0.724 **
0.714
0

 
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  Cambridge Industrial Trust - Proposed acquisition [ AD/◄ ► - S$0.68/TP:0.80 - Coy Flash -23/12 ]
CIT has proposed to acquire 11 Chang Charn Road for S$32m. We view this acquisition positively as we see room for CIT to maximise the return from this property via raising occupancy and rental rates.   We believe the proposed acquisition of 11 Chang Charn Road, expected to be completed in 1Q14, will add c.0.8% to CIT?s FY14 dividend. In view of the slightly stronger dividend yield, we tweak our DPS estimates up by 0.8% for FY14 and 1.1% for FY15. We maintain our Add call, with a higher DDM-based (discount rate: 8.3%) target price of S$0.80.       
Phillip 
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Cambridge Industrial Trust: Enters into S$250m rate
swaps ahead of Fed taper.
Cambridge Industrial Trust's (CIT) rate swaps
will extend the maturity of its fixed rate debt from 0.8 years to 2.3 years, as at end-Sep
13, on a historical pro forma basis. With the swaps in place, 86% of CIT's debt will be
maintained as fixed-rate debt. The rate swaps will also cut its debt cost from 3.9% to
3.6% from June 14. (Source: The Business Times)
 
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Our preference: as long as 0.668 is support look for 0.728.
Our pivot point stands at 0.668.
Our preference: as long as 0.668 is support look for 0.728.
Alternative scenario: below 0.668, expect 0.653 and 0.644.
Comment: the RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The stock could retrace in the short term. Moreover, the stock is above its 20 and 50 day MA (respectively at 0.69 and 0.68).
Supports and resistances:
0.737 *
0.728 **
0.718
0.695 last
0.674
0.668 **
0.653 *
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WanSiTong ( Date: 08-Nov-2013 14:26) Posted:
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bishan22 ( Date: 01-Nov-2013 18:17) Posted:
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It?s all about debt
Proactive capital and risk management has allowed CIT to be in a stronger position than before. Given its robust balance sheet,we believe CIT is wellpositioned to make acquisitions when the opportunity arises while continuingto grow through AEIs.
3Q13 results were largely in line with our and consensus estimates. 3Q13 DPU accounted for 24% of our FY13 forecast, with 9M13 DPU meeting 72%. We tweak our model to account for the slightly weaker than expected results and roll over our valuations to FY15. In view of the strong balance sheet, we upgrade our rating from Neutral to Outperform with a higher DDM-based (discount rate: 8.3%) target price of S$0.79.
Proactive management
3Q13 DPU was up 3.9% yoy, mainly the result of additional rental income contribution from the four acquisitions completed earlier this year. During this quarter, portfolio occupancy remained high at 97%. Recently, CIT refinanced S$250m of debt facilities maturing in 1H14 and, in the process, lowered the trust?s borrowing cost to c.3.9%. During this process, S$81.3m from the proceeds from various divested properties, including 63 Hillview Avenue, was used to retire part of the S$208m term loan due in 1H14 while the remaining S$100m was refinanced to June 2016. By doing so, CIT?s gearing was reduced to a healthy 27.9% (vs. 35.8% in 2Q13) with no refinancing needs till 2015.
Capital efficiently used
By retiring some of its debt, we estimate CIT saves c.S$3.3m p.a. in terms of interest expenses. Interestingly, this is more yield-enhancing than owning 63 Hillview, which was only giving a yield of 2.3% vs. the all-in interest cost of c.4.0% CIT was paying. All-in interest cost post re-financing is reduced to 3.9%.
Upgrade to Outperform
Although the acquisition market remains challenging, we believe a strong balance sheet will allow CIT to be well positioned to make any acquisitions/AEIs when opportunity knocks. In addition, the long debt expiry profile, together with c.86% of debt under a fixed rate, will allow it to weather any hikes in interest rates.
 
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bishan22 ( Date: 07-Aug-2013 10:47) Posted:
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Cambridge Industrial Trust - It?s all about debt
Written By Stock Fanatic on Friday, November 1, 2013
Proactive capital and risk management has allowed CIT to be in a stronger position than before. Given its robust balance sheet, we believe CIT is well positioned to make acquisitions when the opportunity arises while continuing to grow through AEIs.
3Q13 results were largely in line with our and consensus estimates. 3Q13 DPU accounted for 24% of our FY13 forecast, with 9M13 DPU meeting 72%. We tweak our model to account for the slightly weaker than expected results and roll over our valuations to FY15. In view of the strong balance sheet, we upgrade our rating from Neutral to Outperform with a higher DDM-based (discount rate: 8.3%) target price of S$0.79.
Proactive management
3Q13 DPU was up 3.9% yoy, mainly the result of additional rental income contribution from the four acquisitions completed earlier this year. During this quarter, portfolio occupancy remained high at 97%. Recently, CIT refinanced S$250m of debt facilities maturing in 1H14 and, in the process, lowered the trust?s borrowing cost to c.3.9%. During this process, S$81.3m from the proceeds from various divested properties, including 63 Hillview Avenue, was used to retire part of the S$208m term loan due in 1H14 while the remaining S$100m was refinanced to June 2016. 
By doing so, CIT?s gearing was reduced to a healthy 27.9% (vs. 35.8% in 2Q13) with no refinancing needs till 2015.
Capital efficiently used
By retiring some of its debt, we estimate CIT saves c.S$3.3m p.a. in terms of interest expenses. Interestingly, this is more yieldenhancing than owning 63 Hillview, which was only giving a yield of 2.3% vs. the all-in interest cost of c.4.0% CIT was paying. All-in interest cost post re-financing is reduced to 3.9%.
Technical Analysis

Daily Chart
Upgrade to Outperform
Although the acquisition market remains challenging, we believe a strong balance sheet will allow CIT to be well positioned to make any acquisitions/AEIs when opportunity knocks. In addition, the long debt expiry profile, together with c.86% of debt under a fixed rate, will allow it to weather any hikes in interest rates. (Read Report)
Daily Chart |
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Annualised Distribution /Yield (%) :    7.41%
Distribution and Book Closure Date Details
Distribution period :  1 July 2013 to 30 September 2013
Distribution rate " 1.251 cents per unit comprising:
(a) taxable income
(b) capital gains
Books closure date 11 November 2013
Payment date 17 December 2013
Another hen that lays golden eggs !!
 
 
 
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The break above the 50 area on the RSI would call for further upside.
Our pivot point stands at 0.659.
Our preference: rise towards 0.717.
Alternative scenario: the downside breakout of 0.659 would call for 0.639 and 0.627.
Comment: the RSI is below 50. The MACD is positive and above its signal line. The break above the 50 area on the RSI would call for further upside. Moreover, the stock is trading under its 20 day MA (0.68) but above its 50 day MA (0.67).
Supports and resistances:
0.728 *
0.717 **
0.704
0.675 last
0.667
0.659 **

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Cambridge Industrial Trust ST: short term technical rebound towards 0.697 before a new drop
Trading Central | 2013-09-26 22:55:00
Our preference: short term technical rebound towards 0.697 before a new drop. Our pivot point is at 0.697. Our preference: short term technical rebound towards 0.697 before a new drop. Alternative scenario: the upside breakout of 0.697 would call for 0.719 and 0.731. Comment: the RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the share stands above its 20 day MA (0.67) but below its 50 day MA (0.68). Supports and resistances: 0.719 * 0.697 ** 0.688 0.675 last ![]() |