SINGAPORE (Oct 22): OCBC investment Research has maintained its “hold” call on Cache Logistics Trust with a fair value of $1.00.

In 3Q15, Cache Logistics reported flat DPU of 2.14 cents, beating OCBC’s expectations due to a capital distribution of $1.5 million which came from a portion of the sales proceeds from its disposal of Kim Heng warehouse.

Gross revenue jumped 11.3% to $23.1 million from a year ago, underpinned by contribution from acquisitions, but NPI dipped 3.6% to $18.8 million due to higher property expenses arising from the conversion of several properties from master lease to multi-tenancy.

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