weird transactions!

source: www.sgdividends.blogspot.com

Cambridge Reit - UBS Owns...Disowns...Owns..Disowns..

14-10-2008 - UBS increases from 4.98% ---> 5.02%

13-10-2008 - UBS reduces from 5.00% ---> 4.98%

29-09-2008 - UBS increases from 1.97% ---> 5.38%

24-09-2008 - UBS reduces from 5.88% ---> 2.37%

19 -09-2008 - UBS increases from 2.56% ---> 5.82%

Wow...won't they be incurring some transaction costs there! Anyway this stock is a stock to watch given its many weird transactions by UBS.

Maybe Schroder was "dulan" and reduced their holdings from 6.05% ---> 5.988% on 10 -10-2008.

High dividend yield..yes..lock in long leases..yes ..but small scale tenants amid these troubled times. Watch this stock!

SGX MAS Research Incentive scheme

Cambridge Industrial Trust

BUY; S$0.64; CREIT SP; Price Target: S$0.92 (prev: S$0.88)

derektanresearch@dbsvickers.comAnalyst: Derek Tan +65 6398 7966

CIT to acquire Natural Cool Lifestyle Hub for

S$55.2m; to turn Shariah Compliant

Story:

entered into a put & call agreement to purchase

another industrial asset, Natural Cool Lifestyle Hub

located at 29 Tai Seng Avenue for S$55.2m. This asset

is the first out of two assets (total S$63.8m) that CIT

has lined up for future injection into its portfolio and

was already highlighted in our initiation report dated

02 July 08.Cambridge REIT ( CIT ) announced that it has

Point:

assets with a combined appraised asset value of c

S$1.02bn. Post completion of the sale, Natural Cool

Investments Holdings Ltd will lease back the asset for a

period of 7 years.

We have assumed both assets to be injected into the

portfolio by year end. Hence, our FY09 DPU estimate is

adjusted upwards by 3% to 6.5 cts, while maintaining

our FY08 forecast of 6.2cts.When completed, CIT's portfolio will grow to 44

Relevance:

upwards to $0.92 (from S$0.88). At the current price

of $0.64, CIT offers an attractive FY08-FY09 DPU yield

of 9.6% and 10.2% respectively.

CIT to turn into a Shariah Compliant REIT

In a separate announcement, CIT is seeking

unitholders approval to convert itself into a Shariah

compliant REIT.

CIT cites the following benefits:

(a) Capitalising on the rising demand for such products

in the REIT domain.

(b) Creating a new investor pool for the REIT.

We note that under Shariah law, CIT will not be able

to pay or receive interest. In this regard, CIT has about

$369m worth of interest bearing loans and will be

seeking advise on arranging a Shariah compliant

financing solution in this matter. We await

management to advise further on this proposed

change.Maintain BUY on CIT with TP revised

DBS Group Research . Equity 14 July 2008

Singapore

FLASH NOTES

Announcement Date For Release Of CIT's Unaudited Results For The 2nd Quarter Ended 30 June 2008 : 29 July 2008.     

Oxley Group To Acquire Additional Stake In Cambridge Industrial Trust Management