Cache Logistics Trust - UOB Kay Hian 2015-10-22: 3Q15 ~ Looking to cash in on Australia.
CACHE LOGISTICS TRUST K2LU.SI CACHE LOGISTICS TRUST 3Q15 ~ Looking to cash in on Australia.
RESULTS
• Results in line with expectations.
- Cache Logistics Trust (Cache) reported a 3Q15 DPU of 2.14 S cents (0.0% yoy, 0.0% qoq). The results are in line with our expectations, with 9M15 DPU of 6.426 S cents representing 75.1% of our full-year 2015 forecast.
- Completion of the DHL BTS project saw portfolio occupancy decline 3.1ppt qoq, reaching 95.2% in the quarter. Gearing saw an uptick of 0.3 ppt qoq to hit 38.3% in the quarter, while 65% of borrowing has been hedged against interest rate risk. No refinancing is required till 2017 (17.7% of borrowings due).
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