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l Equity Research l

Important disclosures can be found in the Disclosures AppendixAll rights reserved. Standard Chartered Bank 2013 http://research.standardchartered.com

Singapore l Real Estate Investment Trusts 8 February 2013

Cambridge Industrial TrustStrong organic and inorganic growth despite weak industrial outlook

We initiate coverage on Cambridge Industrial Trust(CREIT) with an Outperform rating and PT of SGD 0.77.

CREIT owns a SGD 1.2bn portfolio of 49 industrial assetsacross Singapore. It provides a 2013E DPU yield of 7.7%,one of the highest among SREITs.

We expect acquisitions to drive NPI growth of 10% p.a. in2013-14.

With 33% of its assets under-rented, we anticipate positiverent reversions in 2013-14 despite falling market rents.

Unitholder-friendly fee structure rewards unit performancerather than growth in asset size or income.

OUTPERFORM (initiating coverage)

Attractive 7.7% DPU yield in 2013E: We expectCREIT to

provide 7.7% and 8.2% DPU yield in 2013 and 2014,

respectively, potentially among the highest among SREITs. We

expect NPI to grow 10% p.a. in 2013-14, driven by income

contribution from acquisition assets. Excluding the impact of

asset divestments, we estimate rental escalations and

reversions will drive organic income growth of 3.6% CAGR

in 2012-14.

Positive rental reversions likely, despite weakening sector:

Single-tenanted leases expiring in 2013-14 make up c.33% of

CREITs portfolio. Despite our negative industrial outlook, we

expect these renewals to achieve positive reversions since

effective passing rents rose only c.16% in 2006-12, compared

to 44-74% increases in market rents.

Independent manager, unitholder-friendly fee structure:

CREIT has an independent manager, which may give it better

access to property vendors that equate this with less conflict of

interest. Further, its manager is rewarded for outperformance of

CREITs unit price rather than asset size or NPI. We think

CREIT may potentially be the first SREIT to internalise its

management.

Key risks:An economic slowdown could impact rents and

occupancy rates. We conservatively lower our occupancy

estimates for single-tenanted leases expiring in 2014-15 to

factor in potential conversion to multi-tenanted ones.

Valuation: Our DDM-derived price target uses a risk-free rate

of 2.0%, market risk premium of 5.5%, terminal growth of 0.5%

and beta of 1.0. We have not assumed any acquisitions. We

estimate that a potential divestment of CREITs strata industrial

area at Hillview Ave could be c.14% accretive to our valuation.

Source: Company, Standard Chartered Research estimates

Share price performance

Source: Company, FactSet

PRICE as of 7 Feb 2013

SGD 0.73

PRICE TARGET

SGD 0.77

Bloomberg code Reuters code

CREIT SP CMIT.SI

Market cap 12-month range

SGD 882mn (USD 711mn) SGD 0.50 - 0.73

EPS adj est change NA

Year-end: December 2012 2013E 2014E 2015E

Revenue (SGD mn) 89 100 108 107

Net property income (SGD mn) 76 86 93 92

NPI margin (%) 85.7 86.0 86.0 86.0

Associates and JCEs (SGD mn) 0 0 0 0

Revaluation gains (SGD mn) 42 24 26 27

Interest expense (SGD mn) (20) (20) (21) (23)

Management fees (SGD mn) (10) (9) (7) (7)

Net profit (SGD mn) 89 81 91 89

Net profit adj. (SGD mn) 48 57 65 62

Net profit adj. growth (%) 37.9 18.8 14.0 -4.7

EPU (S) 7.48 6.66 7.42 7.16

EPU adj. (S) 4.00 4.66 5.27 4.98

EPU growth adj. (%) 37.1 16.6 13.0 -5.5

DPU (S) 4.78 5.53 5.88 5.59

DPU growth (%) 12.9 15.6 6.4 -5.0

EV/EBIT (x) 15.9 17.8 15.9 16.2

Net debt / assets (%) 30.9 35.0 33.9 33.1

PBR (x) 1.04 1.08 1.05 1.02

PER adj. (x) 14.5 15.6 13.8 14.6

Dividend yield (%) 8.3 7.6 8.1 7.7

Net asset value/unit (S) 64.69 66.82 68.94 70.97

Prem./(disc.) to NAV (%) -10.5 8.5 5.2 2.2

0.45

1.45

Feb-12 May-12 Aug-12 Nov-12 Feb-13

Cambridge Industrial Trust STRAITS TIMES INDEX (rebased)

Share price (%) -1 mth -3 mth -12 mth

Ordinary shares 7 11 45

Relative to index 5 3 31

Relative to sector - - -

Major shareholder Mitsu & Co. Ltd (1.6%)

Free float 96%

Average turnover (USD) 1,112,552

Kai [email protected]

+65 6596 8506

Regina [email protected]

+65 6596 8502C I

GD0.

GD0.

his document is being provided for the exclusive use of YONG YI TAN at STANDARD CHARTERED BANK


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Cambridge Industrial Trust l 8 February 2013

l Equity Research l 2

Contents

Key highlights 3Valuation 7Key risks 10Structure and management 13Portfolio analysis 16Financials 21Appendix: Property portfolio 24Disclosures appendix 27



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Key highlights

Attractive dividend yield and strong growth

CREIT provides a 7.7% 2013E DPU yield, the highest among industrial REITs and 190bps abovethe SREIT average. This rises to 8.2% in 2014E, as acquisition completions and current under-

renting mitigates the weaker occupancies we expect at properties with expiring master leases.

We estimate CREIT to have one of the highest DPU yields among SREITs in 2013-14.

Fig 1: Industrial SREITs Highest 2013-14E DPU yields

AAREITs DPU yield estimate for YEMar-2014; AREIT YEMar-2014; MINT/MLT YESep-2013

Source: Standard Chartered Research estimates

CREIT is trading at 1.12x P/NAV, lower than the 1.35x average for industrial REITs under our

coverage and 1.17x average for SREITs under our coverage.

Fig 2: Industrial REITs P/NAV

Source: Companies, Bloomberg, Standard Chartered Research

Pro-active management to drive NPI growth of 10% p.a. in 2013-14E

We expect CREITs NPI to grow by 13% in 2013 and 8% in 2014, driven largely by acquisitions

made in 2012.

We expect overall NPI CAGR of 10% in 2012-14:

Acquisition assets: We expect income contribution from assets acquired in 2012 to grow

from SGD 4.5mn in 2012 to SGD 22.9mn in 2014. The jump in contribution results from

acquisition completions for five properties between 4Q12 and 1Q13.

Development assets: We expect income contribution from CREITs two development assets

to rise c.20% in 2014 from 2013E as CREIT receives full-year contributions.

5.0%

5.5%

6.0%

6.5%

7.0%

7.5%

8.0%

8.5%

CREIT AAREIT CACHE MINT MLT AREIT SREITaverage

2013E DPU yield 2014E DPU yield

0%

5%

10%

15%

20%

25%

30%

35%

40%

AREIT MINT MLT CACHE SREIT

average

CREIT AAREIT



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Existing portfolio: We expect organic income to fall 2.6% p.a. on average in 2012-14, due to

the divestment of four properties between 1Q12 and 1Q13. Excluding the impact of these

divestments, organic income should grow at 3.6% CAGR in 2012-14E, driven by built-in rental

escalations and lease expiries.

Fig 3: CREIT NPI breakdown

NPI contribution from organic assets are from assets already in CREITs p ortfolio before 1 January 2012


Portfolio and capital management acquisitions, divestments andasset enhancements

The trust actively managed its portfolio in 2012 with accretive acquisitions and several asset

enhancement initiatives. We expect these to mitigate the loss of income from its recent

divestment of two properties to the Singapore Land Authority. We are positive on CREITs active

portfolio management, having sought out accretive acquisitions despite not having a ready

pipeline of properties granted by a sponsor.

Fig 4: CREIT Recent acquisitions, major divestments and asset enhancements

Capex required (SGD mn) RoI

Asset enhancement initiatives 48.0 9.0%

Purchase price (SGD mn) NPI yield

Acquisitions 293.5 7.2%

Divestment price (SGD mn) Exit yield

Major divestments 126.8 8.6%


CREITs acquisitions in 2012 were funded by divestment gains and debt with interest cost of

c.4.0%, rather than equity raising costing at average cost of equity of 7.8% in that year. We think

management could potentially carry out further asset enhancements at its properties as well as

c.SGD 150mn of acquisitions in 2013. These could potentially be funded by asset divestments.

We have not included any additional enhancement works or acquisitions in our assumptions.

Positive rental reversions still likely despite weak industrial outlook

CREIT will see c.15% of its leases expire in 2013. Of these, 4.4% are multi-tenanted while the

remaining 11.0% are single-tenanted leases. These expiring seven-year single-tenanted leases

are from CREITs IPO batch of assets, which will be going through their first reversion cycle.

40

50

60

70

80

90

100

2012 2013E 2014E 2015E

SGD

mn

Organic Acquisitions Development



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Fig 5: Lease expiry profile Fig 6: Market rents vs CREIT rents (rebased)

Source: Company Urban Redevelopment Authority (URA) rental data for multi-tenantedfactories and warehouses

Source: URA, Company

These leases have average rental escalations of 2.5% p.a. and effective passing rents would

have risen c.16% between 2006 and 2012. In comparison, factory and warehouse rents inSingapore rose 74% and 44%, respectively, over the same period.

We estimate factory and warehouse rents will fall 8% and 6% p.a., respectively, over 2013-14.

However, we expect under-renting at CREITs properties to offset the weaker market signing

rents. We expect CREITs expiring leases to achieve rents closer to market levels in 2013. We

have assumed average passing rents will rise 5-11% in 2013, following positive rental reversions

from expiring leases and built-in escalations for the ongoing leases.

Independent manager with a unitholder-friendly fee structure

CREIT is Singapores first independent industrial REIT. Its manager, Cambridge Industrial

Trust Management (CITM), is not majority controlled by any property company that develops

or owns real estate for commercial sale or investment purposes.

CREIT has a unitholder-friendly fee structure; most SREITs have performance fees tied to

asset size or NPI. CREITs management performance fee structure is formulated to reward

management for total returns achieved by the REIT, versus a benchmark comprising the

seven largest SREITs. In 2012, management received its first performance fees since IPO,

following a 41% rise in its stock price during 2012.

Fig 7: Management fees

CREIT CACHE AAREIT

Base fee 0.5% p.a. ofdeposited property

0.5% p.a. ofdeposited property

0.5% p.a. ofdeposited property

Performance fee 5.0% of total return of Trust

Index less total return ofbenchmark index multipliedby market cap (15% ofamount > 2.0% of totalreturn

1.5% p.a. of

NPI

0.1-0.2% p.a. of

deposited property (basedon DPU growth)

Acquisition fee 1.0% of acquisition price 1.0% of acquisition price Up to 1.0% of acquisitionprice

Divestment fee 0.5% of divestment price 0.5% of divestment price Up to 0.5% of divestmentprice

Source: Companies

CREIT may enjoy better access to property vendors if they perceive it to have less conflict of

interest than sponsored REITs. Unitholders may also prefer its management structure, which

wholly aligns management interest with investor interest. In 2012, CREIT won the Best

Corporate Governance award at the SIAS Investors Choice Awards.

Due to the high free float of c.96%, CREIT could potentially be a takeover target if its unit price

were to fall significantly below NAV. Most other SREITs are 30-70% held by their parent or

sponsor company, making potential takeovers highly challenging.

0%

5%

10%

15%

20%

25%

2013

2014

2015

2016

2017

2018

2019

2020

Multi-tenanted

Single-tenanted

100

120

140

160

180

2006

2007

2008

2009

2010

2011

2012

Factory rents

Warehouse rents

CREIT rents



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We think CREIT could potentially be the first SREIT to internalise its management. While

CITM is not majority controlled by a property company, it is indirectly owned by three strategic

sponsors: National Australia Bank Group (56%), Oxley Group (24%) and Mitsui & Co., Ltd

(20%). If the sponsors of the manager agree on an exit price on their stakes in CITM, CREIT

could potentially internalise its manager.

Potential divestment of Hillview strata industrial property

CREIT owns a 69.4% share of the freehold strata industrial area at 63 Hillview Avenue, which it

acquired in December 2006 for SGD 72.2mn. Under current government regulations, the site may

be redeveloped into a residential development, which would command a significantly higher price.

We estimate the potential divestment of the asset, currently valued at SGD 110mn, could add

S 9/unit to CREITs NAV. This could potentially be c.14% accretive to CREITs current NAV/unit

of S 64.7.

CREIT has a one-year Collective Sale Agreement (CSA) with the minority owners of the property,

which expires on 2 May 2013. Even if a collective sale does not occur before the CSA expires,

we still see significant upside for CREIT if it were to divest its strata stake or undertake

enhancement works at the asset.



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ValuationWe initiate coverage on CREIT with an Outperform rating and our DDM-derived price target of

SGD 0.77 implies a 2013 yield of 7.2% and 2014 yield of 7.6%. Industrial SREITs currently offer a

yield of 6.5% for 2013 and for 2014 on average.

Across the SREITs under our coverage, we use a risk-free rate of 2.0% and market risk premium

of 5.5%. Depending on the asset class, free float market cap and risk profile, we apply betas of

0.80-1.10 and terminal growth rates of -1.00% and 2.25% for the SREITs under our coverage.

We assume a terminal interest rate of 3.3% for all SREITs under our coverage.

For industrial SREITs, we assume terminal growth of 0.5% and discount rates of 6.4-8.0% to

account for the shorter land tenure in their portfolios.

Fig 8: Valuation assumptions for industrial SREITs under our coverage

Name Ticker Terminalgrowth 10-yearbond Beta Discountrate

Price

target(SGD)

Implied

yield atPT

Cambridge Industrial Trust CREIT SP 0.50% 2.0% 1.00 7.50% 0.77 7.2%

Ascendas REIT AREIT SP 0.50% 2.0% 0.80 6.40% 2.63 5.7%

Mapletree Logistics Trust MLT SP 0.50% 2.0% 0.80 6.40% 1.22 5.9%

Mapletree Industrial Trust MINT SP 0.50% 2.0% 0.80 6.40% 1.37 6.6%

Cache Logistics Trust CACHE SP 0.50% 2.0% 1.00 7.50% 1.25 6.9%

Aims AMP Capital Industrial Trust AAREIT SP 0.50% 2.0% 1.10 8.05% 1.55 7.6%


For CREIT, we utilise a risk-free rate of 2.0% and market risk premium of 5.5%, in line with our

SREIT assumptions. We use terminal growth of 0.5%, in line with the industrial stocks under our

coverage.

We use a beta of 1.0 to account for its relatively small market capitalisation of c.SGD 880mn.

CREIT has a free float of 96%, or free float market cap of c.SGD 810mn. Liquidity is relatively low,

with one-month average daily trading volume at c.SGD 1.5mn.

Fig 9: Industrial SREITs Free float market cap and average daily trading volume

Data as of 28 January 2013

Source: Bloomberg

0

2

4

6

8

10

12

14

0

500

1,000

1,500

2,0002,500

3,000

3,500

4,000

4,500

5,000

AREIT MLT MINT CACHE CREIT AAREIT

SGD

m

nS

GD

mn

Free float market cap 1M ADTV (RHS)



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Fig 10: SREITs under Standard Chartered coverage

NameMkt cap

(SGD mn)

Currentprice

(SGD)

2013EDPUyield

Pricetarget(SGD) Rating

Potentialupside to

PT NAV P/NAVYield at

PT

Currentcaprate

Impliedcaprate

Industr ial REITs

Cambridge Industrial Trust 882 0.73 7.6% 0.77 OP 6.2% 0.65 1.12 7.2% 7.5% 7.0%

Ascendas REIT 5,754 2.57 5.8% 2.63 OP 2.3% 1.85 1.39 5.7% 6.6% 5.3%

Mapletree Logistics Trust 2,913 1.20 6.0% 1.22 IL 1.7% 0.88 1.36 5.9% 6.0% 5.1%

Mapletree Industrial Trust 2,258 1.39 6.6% 1.37 IL -1.1% 1.01 1.37 6.6% 8.0% 6.4%

Cache Logistics Trust 900 1.28 6.7% 1.25 IL -2.3% 0.96 1.33 6.9% 7.5% 6.1%

Ascendas India Trust 762 0.84 6.6% 0.77 IL -7.8% 0.61 1.37 7.1% 10.5% 8.4%

AIMS AMP Capital Industrial Trust 706 1.57 7.5% 1.55 IL -1.3% 1.47 1.07 7.6% 7.4% 7.1%

Total/Weighted average 14,175 6.3% 0.9% 1.35 6.2% 7.1% 5.8%

Retail REITs

CapitaMall Trust 7,329 2.12 5.1% 2.51 OP 18.4% 1.64 1.29 4.3% 5.6% 4.7%

Mapletree Commercial Trust 2,796 1.36 4.9% 1.34 OP -1.1% 1.06 1.28 4.9% 5.0% 4.2%

Starhill Global REIT 1,622 0.84 5.6% 0.85 IL 1.8% 0.97 0.86 5.5% 5.5% 6.1%

Frasers Centrepoint Trust 1,615 1.96 5.4% 2.23 OP 13.8% 1.53 1.28 4.8% 5.5% 4.6%

Lippo Malls Indonesia Retail Trust 1,151 0.53 5.8% 0.51 IL -2.9% 0.53 0.99 6.0% 8.1% 8.1%

Perennial China Retail Trust 701 0.62 6.3% 0.51 IL -17.1% 0.65 0.95 7.6% 8.3% 8.7%


Office REITs

Suntec REIT 3,975 1.77 5.3% 1.77 IL 0.3% 2.07 0.85 5.3% 4.6% 5.1%

CapitaCommercial Trust 4,734 1.67 4.8% 1.73 IL 3.9% 1.62 1.03 4.7% 4.9% 4.8%

Keppel REIT 3,546 1.35 6.1% 1.37 IL 1.9% 1.30 1.03 6.0% 4.5% 4.4%

Frasers Commercial Trust 864 1.32 5.9% 1.27 UP -3.8% 1.50 0.88 6.1% 5.0% 5.4%


Hospital i ty

CDL Hospitality Trusts 1,969 2.03 5.8% 2.15 OP 5.9% 1.61 1.26 5.5% 6.6% 5.5%

Ascott Residence Trust 1,509 1.32 6.9% 1.40 IL 6.1% 1.35 0.98 6.5% 5.3% 5.4%

Ascendas Hospitality Trust 792 0.99 8.0% 1.05 OP 6.6% 0.78 1.26 7.5% 7.1% 6.1%

Far East Hospitality Trust 1,727 1.08 5.5% 0.99 IL -7.9% 0.93 1.16 5.9% 5.1% 4.6%

Religare Health Trust 713 0.91 8.9% 0.96 OP 6.1% 0.87 1.04 8.4% 10.4% 10.0%


Overall total/ weighted average 49,218 5.8% 3.9% 1.17 5.6% 6.0% 5.4%

Bloomberg data as of 7 February 2013

Source: Company, Bloomberg, Standard Chartered Research estimates

CREIT is trading at 1.12x PB, lower than the 1.35x average for industrial REITs under our

coverage and the 1.17x average for SREITs.

Fig 11: Industrial SREITs Premium/discount to NAV

Source: Companies, Bloomberg

39.3%37.1% 36.4%

33.3%

17.4%

12.1%

6.8%

0%

5%

10%

15%

20%

25%

30%

35%

40%

AREIT MINT MLT CACHE SREITaverage

CREIT AAREIT



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CREIT provides a 7.7% 2013E DPU yield, the highest among industrial REITs and 190bps above

the SREIT average. This rises to 8.2% in 2014E, as acquisition completions and current under-

renting mitigates the weaker occupancies we expect at properties with expiring master leases.

CREITs 2013-15E DPU CAGR of 0.6% is c.120bps above the industrial average of -0.4% but

slightly lower than the SREIT average of 1.1%.

Fig 12: Industrial SREITs Highest 2013-14E DPU yields

Source: Bloomberg, Standard Chartered Research estimates

We have not assumed acquisitions for CREIT in our valuations. Assumption of SGD 150mn of

acquisitions at a 7.5% NPI yield and 50:50 equity and debt funded would be c.1.3% accretive to

our price target. This could then see leverage rise by c.2ppt. CREITs leverage as of December

2012 was 38.6%, which management expects to fall to 36.0%, following the repayment of its

bridge loan in 1Q13.

-8%

-6%

-4%

-2%

0%

2%

4%

5.0%

5.5%

6.0%

6.5%

7.0%

7.5%

8.0%

8.5%

CREIT AAREIT CACHE MINT MLT AREIT SREITaverage

2013E DPU yield 2014E DPU yield 2013-15E DPU CAGR (RHS)



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Key risks

Economic downturn will affect vacancy and rents

Our industrial sector estimates are based on assumptions of GDP growth of 2.5% and 4.0% in2013 and 2014, respectively. A slowdown in economic growth, whether homegrown or resulting

from a global economic downturn, could have a negative impact on CREIT. Factory and

warehouse vacancies and rents would be affected. While CREIT is partly protected by having

master leases, which make up c.83% of its portfolio, its vacancy rate and rents could still face

downside risks. These in turn affect CREITs NPI and distributions to unitholders.

We estimate factory and warehouse rents in Singapore will fall an average of 8% and 6%

respectively over 2013-14. We have accounted for a weaker industrial outlook in our valuation

and earnings estimates for CREIT.

We expect industrial SREITs to face headwinds in occupancies when existing master leases

expire, due to higher industrial supply and potential downside to demand. For CREITs propertieswith single-tenanted leases expiring in 2014 and 2015, we conservatively assume 90%

occupancy to factor in potential conversion to multi-tenanted leases. Overall, we assume lower

portfolio occupancy for CREIT by c.1.5ppt in 2014 and 2015.

Fig 13: Singapore GDP growth and industrial warehouse rents

Rental indices are rebased to 1998

Source: Ministry of Trade and Industry, URA, Standard Chartered Research

Short land leases pose a risk

CREIT has a shorter average land lease of c.33 years than Cache or AAREIT. Its recently

acquired property at 15 Jurong Port Road has a remaining land lease of just 22 years.

Management sees enough upside to location and potential GFA to justify the risk of not being

able to renew the land lease from the government. However, we consider this a risk to asset

valuations. If it acquires more assets with shorter land leases, its portfolios average land lease

would fall even lower.

-5%

0%

5%

10%

15%

20%

0

20

4060

80

100

120

140

160

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Re

ntalindices

Multi-user factory rental index

Warehouse rental index

GDP growth (RHS)



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Fig 14: Weighted average land lease by property valuation

MLTs weighted average excludes its freehold properties

Source: Companies, Standard Chartered Research

Growth depends on price of equityPrior to 2012, CREIT would raise equity about once a year on average, via rights issues, private

placements and preferential offerings. These issuance proceeds were largely used to fund

accretive acquisitions. We expect CREITs continued growth to depend on its price of its equity.

At our price target, CREITs 2013E DPU yield is 7.2% (compared to 7.7% at current prices).

A higher share price will enable it to equity-fund acquisitions accretively.

Fig 15: Growth via acquisitions depends on price of equity

Equity-raisingdate

Market price(SGD/unit)

Issue price(SGD/unit) Disc

Disc toVWAP

No. of shares(mn)

Amount raised(SGD mn)

Mar-11 0.498 0.429 -13.9% -15.6% 132.10 56.7

Oct-10 0.533 0.531 -0.3% NA 38.48 20.4

Oct-10 0.542 0.531 -2.0% NA 56.50 30.0Aug-10 0.502 0.478 -4.8% NA 83.68 40.0

Jul-09 0.409 0.392 -4.1% -5.0% 71.14 27.9

Oct-07 0.739 0.7 -5.2% -8.8% 276.97 193.9

Source: Bloomberg, Company, Standard Chartered Research

CREITs NAV fell to SGD 0.59/unit in 2009 from SGD 0.74 in 2008, due to a SGD 88mn

downward revaluation and a private placement of 71.14mn units in 2009. After that, however,

NAV began to rise over the past three years to reach SGD 0.65/unit in 2012.

Fig 16: CREIT NAV since listing

Source: Company

0

5

10

15

20

25

30

3540

45

50

AREIT MLT MINT AAREIT CACHE CREIT

years

0.50

0.55

0.60

0.65

0.70

0.75

0.80

2006 2007 2008 2009 2010 2011 2012

SGD/unit



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Higher exposure to SMEs could put CREIT at risk

A survey by the Association of Small and Medium-sized Enterprises (SMEs) in October 2012

showed that 80% of SMEs in Singapore face manpower shortage while 30% are looking to

relocate overseas to remain viable. We expect many of them to be looking at Iskandar Malaysia.

CREIT has one of the highest exposures to SMEs among industrial SREITs. More than 80% of its

assets are under master leases and more than 30% of these will expire in 2013-14. According to

management, none of its tenants has indicated an interest in moving out of Singapore. CREIT

has relatively high security deposits for 12-month rental income, which make for a substantial

cash buffer if tenants should be forced by circumstance to terminate leases prematurely.

For leases expiring in 2014 and 2015, we conservatively assume 90% occupancy (from 100%) of

single-tenanted and multi-tenanted properties.

Fig 17: Industrial SREITs Exposure to

SMEs by rental income

Fig 18: Security deposits by rental income

Data for assets on master lease based on end-users of the properties


Source: Company, Standard Chartered Research

0%

10%

20%

30%

40%

50%

60%

MINT

CREIT

AAREIT

Cache

MLT

AREIT

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

CREIT CACHE AAREIT

months



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Structure and management

Background and key milestones

CREIT was listed on the SGX-ST on 19 June 2006. It was established with the objective ofinvesting directly or indirectly in real estate and real estate-related assets that are mainly used for

industrial and warehousing purposes.

Its initial property portfolio at listing comprised 27 properties valued at SGD 519mn. As of

December 2012, CREIT has 49 properties valued at c.SGD 1.2bn portfolio. This excludes four

assets that were acquired in the last half year, but whose transactions have not been completed.

Fig 19: CREIT Milestones

Milestones

2006 - IPO on 25 July 2006 as Singapore's first independent industrial REIT- Made two acquisitions including strata units at Hillview Avenue

2007 - Acquired 13 properties at SGD 326mn- Raised SGD 194mn equity via placement to fund acquisitions

2008 - Oxley and NAB take a combined 80% strategic stake in Manager- New CEO Chris Calvert appointed- Refinanced SGD 390mn loan

2009 - Commencement of Dividend Reinvestment Plan- Raised SGD 28mn equity via private placement for asset enhancements and general workingcapital- Undertook strategic property initiative involving AIMS AMP Capital Industrial REIT

2010 - Raised SGD 90mn equity via private placement and preferential offering for acquisitions- Divestment of non-core assets and used net proceeds to retire debt- Won Asset Triple A Asian Awards' "Best Deal in Singapore 2009" for raising SGD 390mn debt

2011 - Singapore Land Authority announced Compulsory Land Acquisition of three properties- Raised SGD 57mn equity via rights issue for acquisitions- Assignment and allocation of land for 2 Built-to-Suit facilities

- Refinanced SGD 320mn term loan at lower interest rate2012 - SGD 280mn of acquisitions

- Establishment of SGD 500mn MTN; issuance of SGD 50mn of Fixed Rate Notes

Source: Company annual reports

Trust structure

Fig 20: CREIT Structure

(1) The manager is 80% owned by Cambridge Real Estate Investment Management and 20% owned by Mitsui & Co. CREIM in turn is indirectlyowned by National Australia Bank Group with a 70% interest and Oxley Group holds the remaining 30% interest

(2) The property manager is a wholly-owned subsidiary of CREIM

Source: Company

Cambridge

Industrial Trust

TMKsThe Properties

PropertyManagement

Services

Manager(Cambridge Industrial Trust

Management Ltd)1

Trustee(RBC Dexia Trust Singapore Ltd)

Property Manager(Cambridge Industrial Property

Management Pte Ltd)2

Unitholders

PropertyManagement

Fees

Management

Services

Management

Fees

Trustee Fee

Act on behalf o

Unitholders

Ownershipof

Units Distributions

Ownershipof

Asset sNet Property

Income



14/28



Unlike other SREIT peers, CREIT does not have a major developer as a sponsor. CITM, its

manager, is indirectly owned by three strategic sponsors: National Australia Bank (56%), Oxley

Group (24%) and Mitsui & Co (20%).

Fig 21: Cambridge Industrial Trust Management Structure

Source: Company

Mitsui & Co. holds a direct 20% interest in CITM while National Australia Bank (NAB) and Oxley

Group hold their 80% interest in CITM indirectly through Cambridge Real Estate Investment

Management (CREIM). NAB holds a 70% interest in CREIM and Oxley Group holds the

remaining 30%.

Sponsor background

National Australia Bankis Australias fourth largest bank by market value with FY12 (YE

September) net profit of AUD 4.1bn. NAB is also Australias largest business lender. NABs global

network of banking and financial services provider covers Australia, New Zealand, Asia Pacific,

the UK and US.

Oxley Group is a Singapore-based private investment firm and multi-family office specialising in

investments in real estate, agriculture and resources sectors. It has close to USD 1bn of assets

under management. Chancery Managed Investments and Kalzip Asia are its two other real estate

related investments.

Mitsui & Co. is one of the largest conglomerates in Japan with USD 32.2bn in assets. Its

business interests cover commodities, energy, mining, machinery and infrastructure, food

products, healthcare and real estate.

Key management personnel

The manager is owned by three strategic sponsors: NAB, Oxley Group and Mitsui & Co. Ltd.

Current CEO Chris Calvert has over 18 years of experience in finance, fund management and

real estate. All of its key team members in real estate management and development roles have

more than 10 years of experience in real estate.

Manager(Cambridge Industrial Trust

Management Ltd)

Propert y Manager(Cambridge Industrial Property

Management Pte Ltd)

30%

National Australia

Bank (NAB)Oxley Group Mitsui & Co. Ltd.

Cambridge Real Estate

Investment Pte. Ltd.

(CREIM)

70%

20%80%100%



15/28



Fig 22: Key management

Name Designation Biography

ChrisCalvert

Chiefexecutive

officer

Mr Calvert has over 18 years of property and management experience invaluation, consultancy, real estate and investment fund management. Prior to

joining the manager n 2008, he was the Asia CEO for MacarthurCook IndustrialREIT. He was responsible for the creation of MacarthurCooks portfolio and itssubsequent IPO in 2007. He was also the Asia CEO of Blaxland FundsManagement, a real estate fund manager. Mr Calvert holds a Bachelors degreein business and property, and is a qualified valuer from the Australian PropertyInstitute. He is an active advocate of Asia Pacific Real Estate Association(APREA)

DavidMason

Chief financialofficer

Mr Mason has more than 10 years experience in the REIT sector in Singaporeand Australia. He joined the manager in 2010. Previously, he was a financialconsultant to YTL Starhill Global REIT Management and the senior vicepresident for finance & accounting at Starhill Global REIT. He holds a degreein accounting from Birmingham City University and is a chartered accountant.He is also a director on the APREA board.

Nancy Tan Head of realestate

Ms Tan has been head of real estate for the manager since 2011. She joinedthe company in 2009. Ms Tan has over 20 years of experience in the real

estate and fund management sectors. She was previously withMacarthurCook Industrial REIT, where she grew the portfolio from 12 to 21properties valued at SGD 555mn. She held management positions in severalestablished real estate firms, including Far East Organisation and CityDevelopments Limited. She holds a Bachelor of Science (estate management)from the National University of Singapore and a diploma in marketing from theMarketing Institute of Singapore.

CindySeetoh

Compliancemanager

Ms Seetoh has over six years of experience in compliance. She joined themanager in 2010. She holds a Bachelor of Business and Commerce fromMonash University, Melbourne. She is also a member of the Golden KeyInternational Honour Society.

MichaelLong

Developmentmanager

Mr Long joined the manager in 2011 and has more than 20 years experiencein real estate development and construction industry. He was previously withConfluence Project Management in Singapore and Bovis Lend Lease inSingapore, London and Sydney. He holds a Clerk of Works building diploma

from Sydney TAFE.

Source: Company

CREITs top 10 unitholders hold c.27% of its total outstanding shares. The company could

potentially be a takeover target if it trades at a steep discount below NAV, in our view.

Fig 23: Top 10 unitholders

No Unitholder No. of shares % held

1 Franklin Resources 96,076,663 7.90

2 Chan Wai Kheong 56,349,536 4.63

3 Mackenzie Financial Corporation 51,342,000 4.22

4 Splendid Asia Macro Fund 41,644,921 3.42

5 Charlie Chan Capital Partners 30,696,725 2.52

6 State Street 12,952,894 1.07

7 Goldman Sachs JBWere Pty Ltd 11,592,000 0.95

8 Principal Financial Group 11,522,820 0.95

9 Vanguard Group Inc 9,217,078 0.76

10 Cambridge Indst Trust Mgmt 9,198,045 0.76

Source: Bloomberg



16/28



Portfolio analysisCREIT has a portfolio of 49 properties spread across Singapore, whose current portfolio net

lettable area (NLA) of c7.6mn sf has a valuation of SGD 1.2bn as of December 2012. Including

the uncompleted acquisitions of four other assets, CREITs total portfolio NLA reaches c.8.4mn sf.

Fig 24: Portfolio overview

Asset classNo of

properties

Lettablearea

(000 sf)

Purchaseprice

(SGD mn)Valuation(SGD mn)

Purchaseprice

(SGD psf)Valuation(SGD psf)

Logistics 8 2,506 321.4 355.1 128.3 141.7

Light industrial 16 2,088 364.5 435.2 174.6 208.4

arehouse 11 1,385 163.4 186.9 118.0 135.0

Industrial 10 1,048 136.8 158.2 130.5 150.9

Others 2 373 36.1 43.4 96.6 116.2

Development 2 174 NA 23.5 NA 135.4

Total/weighted average* 49 7,574 1,022.2 1,202.3 138.1 159.3

Uncompleted acquisitions 4 839 114.0 NA 135.8 NA

* Excludes development assets

Source: Company, Standard Chartered Research

We think CREITs portfolio, currently focused on Singapore, could potentially extend overseas to

include Iskandar Malaysia.

Fig 25: Portfolio overview Locations of properties

Source: Company

Including development assets that have recently been completed, CREIT has the largest property

portfolio by NLA among small-cap industrial REITs. CREIT has a diversified portfolio with 49

properties and 149 tenants (including end-users for single tenanted buildings),

Fig 26: Portfolio comparison Overview

CREIT Cache AAREIT

Number of properties 49 12 25

Valuation (SGD psf) 1,202 945.6 965.7

NLA (000 sf) 7,574 4,823 4,481*

Number of tenants 149 13 111

Occupancy 99.2% 100.0% 99.2%

ALE (years) 3.3 4.1 2.6ALLE (years) 33 36 42

Security deposits (months) 12.0 11.1 6.8

*Excludes 20 Gul Way, which will add c.1.2msf of NLA post redevelopment to portfolio




17/28



CREITs overall portfolio has a current average valuation of SGD 159psf, comprising an average

SGD 139psf for its logistics/warehouse assets and SGD 189psf for its industrial assets. This is

lower than Caches and AAREITs valuations, but CREITs portfolio average purchase price of

SGD 138psf is also lower.

We estimate current average passing rent for CREITs assets at SGD 1.02psfpm, c.20% lower

than Cache and AAREIT. This is consistent with the c.20% gaps between CREIT, Cache and

AAREITs average purchase price and valuations.

Fig 27: Portfolio comparison Purchase price, valuation and passing rents

Purchase price (SGD psf) CREIT Cache AAREIT

Logistics/warehouse 123.3 162.1 164.8

Light/industrial 159.4 NA 161.1

eighted average 138.1 162.1 164.2

Others 96.6 NA 426.6

aluation (SGD psf) CREIT Cache AAREIT



eighted average 159.3 196.1 177.7

Others 116.2 NA 401.1

Est current passing rents (SGD psfpm) CREIT Cache AAREIT



eighted average rent 1.02 1.28 1.24

Others 0.80 NA 2.43

(1) Weighted averages do not include other properties (business parks, research facilities, development assets etc)

(2) AAREIT data does not include 20 Gul Way

Source: Companies, Standard Chartered Research estimates

Positive rental reversions still likely despite weak industrial outlook

CREIT will see 15.4% of its leases expire in 2013, of which 4.4% are multi-tenanted while the

remaining 11.0% are single-tenanted leases. These expiring seven-year single-tenanted leases

are from CREITs IPO batch of assets, which will be going through their first reversion cycle.

CREITs single-tenanted leases have average rental escalations of 2.5% p.a. and we estimate

effective passing rents have risen c.16% between 2006 and 2012. In comparison, factory and

warehouse rents in Singapore rose 74% and 44% respectively over the same period.

We currently estimate factory and warehouse rents will fall an average of 8% and 6% p.a.

respectively over 2013-14. However, we expect under-renting at CREITs properties to offset

weaker market signing rents. We expect CREITs expiring leases to achieve rents closer tomarket levels in 2013. We assume average passing rents will rise 5-11% in 2013, following

positive rental reversions from expiring leases and built-in escalations for ongoing leases.

Fig 28: Lease expiry profile Fig 29: Market rents vs CREIT rents

Source: Company Source: URA, Company, Standard Chartered Research

0%

5%

10%

15%

20%

25%

2013 2014 2015 2016 2017 2018 2019 2020

Multi-tenanted Single-tenanted

100

120

140

160

180

2006 2007 2008 2009 2010 2011 2012

Factory rents

Warehouse rents

CREIT rents



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CREITs portfolio has been resilient since it listed, with occupancy hovering at 99-100% despite

the global economic crisis in 2008-09. Its portfolio comprises 83% single-tenanted leases. We

think management may try to maintain a target mix of 75:25 between multi-tenanted and single-

tenanted leases in order to strike a balance between stability and growth.

For leases expiring in 2014 and 2015, we conservatively assume 90% occupancy (from 100%) in

single-tenanted as well as multi-tenanted properties.

Fig 30: Resilient portfolio occupancy Fig 31: Multi-tenanted vs single-tenanted

Source: Company Source: Company

Fig 32: Only 20% of CREITs tenants are in

manufacturing

Fig 33: Portfolio rental income by asset

type

Source: Company Source: Company

Weaker industrial demand in Singapore over the next three years

We expect industrial demand to grow weaker as Singapore continues economic restructuring and

lower-value industrial activity moves out of the country. We estimate factory and warehouse rents

will fall c.8% and c.6% on average in 2013-14 respectively, as vacancies rise. We expect rents to

stabilise in 2015 and then grow c.1% on average over 2015-16.

Fig 34: Standard Chartered Industrial rent estimates

GDPgrowth

Multi-tenantedindustrialvacancy

Multi-tenantedfactory rents(SGD psfpm) % change

Warehousevacancy rate

Warehouserents

(SGD psfpm) % change

2013E 2.5% 11.5% 1.70 -10.4% 5.9% 1.69 -8.6%

2014E 4.0% 13.4% 1.60 -5.6% 6.7% 1.64 -2.8%

2015E 4.0% 13.8% 1.61 0.6% 5.8% 1.66 1.5%

2016E 4.0% 14.1% 1.62 0.8% 5.3% 1.67 0.3%


Factory rents have grown at a 10% CAGR over the past six years, while warehouse rents haverisen at a 9% CAGR over the same period.

99.2%

-4%

0%

4%

8%

12%

16%

90%

92%

94%

96%

98%

100%

2006 2007 2008 2009 2010 2011 2012

Occupancy GDP growth (RHS)

Multi-tenanted17.2%

Single-tenanted82.8%

Manufacturing19.7%

Non-manufacturing82.8%

Logistics 36.7%

Light industrial30.4%

Warehousing15.7%

Industrial 13.2%

Others 4.0%



19/28



Fig 35: Industrial rents Multi-user factories and warehouses

Source: URA

Pro-active portfolio management

We are positive on CREITs active portfolio management, as it has sought out accretive

acquisitions despite not having a ready pipeline of properties granted by a sponsor. CREIT

announced nine acquisitions in 2012, funded by divestment gains and debt with interest cost of

c.4.0%. We think management could potentially execute c.SGD 150mn of acquisitions in 2013.

These could potentially be funded by asset divestments as CREIT recycles capital.

Fig 36: Active portfolio management

Asset enhancement initiatives Capex required (SGD mn) ROI Est completion

88 International Rd 16.4 12.0% 2Q13

4/6 Clementi Loop 23.3 7.0% 1Q13

30 Toh Guan Road 8.3 10.0% 4Q12

Asset enhancements 48.0 9.0%

Acquisitions Purchase price (SGD mn) NPI yield Est completion

30 Teban Crescent 41.0 7.8% 4Q13

16 Tai Seng Street 72.41

7.0% 2Q13

JTC Tuas Biomedical Park2

9.0 16.5% 1Q13

15 Jurong Port Road 43.0 8.0% 1Q13

54 Serangoon North 21.0 7.0% 1Q13

11 Woodlands Walk 17.3 8.0% 4Q12

30 Marsiling Ind Estate 39.0 7.5% 4Q12

25 Pioneer Crescent 15.3 7.0% 1Q12

3C Toh Guan Rd East 35.5 7.5% 1Q12

Acquisitions 293.5 7.2%1Includes SGD 13.1mn for asset enhancement works on 16 Tai Seng St2For CREITs 60% stake; based on NPI yield on valuation of SGD 22.8mn


With the completion of built-to-suit development projects at Tuas View Circuit and Seletar

Aerospace Park, CREIT now has the capacity to carry out development works while keeping to

the REIT guidelines.

We estimate the redevelopment of properties with under-utilised plot ratios potentially adds

c.770,000sf GFA to its portfolio. They include 3 Pioneer Sector 3, 1 Third Lok Yang Road and 4

Fourth Lok Yang Road, 2 Tuas South Avenue, 31 Kian Teck Way and 7 Gul Lane. Passing rents

at these sites could be low in comparison to similar class assets, in our view. Our price target

currently does not assume any new redevelopment works or acquisitions.

90

100

110

120

130

140

150

160

170

180

190

2006Q1 2006Q4 2007Q3 2008Q2 2009Q1 2009Q4 2010Q3 2011Q2 2012Q1 2012Q4

Factory Warehouse



20/28



Fig 37: Potential redevelopment opportunities

PropertiesAssetclass

Utilisedplot ratio

Max plotratio

Land area(000sf)

GFA(000sf)

Potential add.GFA (000sf)

Est passingrents

(SGD psfpm)

3 Pioneer Sector 3 Logistics 0.8 1.4 512 413 307 0.811 Third Lok Yang Logistics 0.7 2.5 134 97 238 1.05

2 Tuas South Ave Industrial 1.6 2.5 134 220 114 1.18

31 Kian Teck Way Industrial 0.8 2.5 39 33 65 1.03

7 Gul Lane Industrial 0.7 1.4 68 48 47 0.71

Passing rents are our estimates


Potential divestment of Hillview strata industrial property

CREIT owns 69.4% share of the freehold strata industrial area at 63 Hillview Avenue, which it

acquired in December 2006 for SGD 72.2mn. Under current government regulations, the site can

be redeveloped into a residential development, which would command a significantly higher price.

We estimate the potential divestment of the asset, currently valued at SGD 110mn, could add

S 9/unit to its NAV. This could potentially be c.14% accretive to its current NAV/unit of S 64.7.

CREIT reached a CSA on 2 May 2012 with the propertys minority owners, which expires a year

later. Even if a collective sale does not take place before the CSA expires, we still see significant

upside for CREIT if it divests its strata stake or undertakes enhancement works at the asset.

Fig 38: Potential divestment of Hillview strata units could be accretive

Total site area (sf) 230,834

Attributable strata area (69.4%) (sf) 382,378

Purchase price (SGD mn) 72.2

Purchase price (SGD psf) 188.8

Current book value (SGD mn) 110.0

Current book value (SGD psf) 287.7

Maximum plot ratio 1.92

Max gross floor area (sf) 443,202

Est residential property price (SGD psf) 1,300

Est developer profit margin 30%

Est developer total cost 1,000

Est development charge (SGD psm) 3,010

Est development charge (SGD psf) 280

Divestment price (SGD psf) 720

Divestment price (SGD mn)* 222

Gain above book (SGD mn) 112

No of existing CREIT units 1,216NAV accretion (SGD/unit) 0.09

*For CREITs 69.4% ownership share

Development charge estimate based on URA data for non-landed residential in the Hillview area

Source: Company, URA, Standard Chartered Research estimates



21/28



FinancialsNet property income

We expect NPI contributions of SGD 86.2mn in 2013 and SGD 93.0mn in 2014, representing

a 10% CAGR over 2012-14. This includes income contributions from acquisition and

development assets.

Capital expenditure

Asset enhancement initiatives: SGD 16.4mn is committed for enhancement works at 88

International Road and SGD 13.1mn for 4 and 6 Clementi Loop. We expect these to be paid

over 2013.

Acquisitions: SGD 41.0mn is committed for the acquisition of 30 Teban Gardens Crescent. We

expect this to be completed in 4Q13. We have not assumed acquisitions for CREIT in our

valuations. An assumption of SGD 150mn of acquisitions at 7.5% NPI yield and 50:50 equity and

debt funded will be c.1.3% accretive to our price target. This could see leverage rise by c.2ppt.

Development projects:CREITs two built-to-suit developments, Tuas View Circuit andSeletar Aerospace Park, were completed before 2013. We have not assumed any other

development projects in our estimates.

We assume maintenance capex of 0.5% of property value annually.

Fee structure

The management fee structure includes a base fee of 0.5% p.a. of deposited property. A

performance fee is also paid to the manager if CREITs total return exceeds the total return of a

benchmark index of SREITs. We do not expect any management fees to be paid in CREIT units.

Fig 39: Fee structure

Management fees

Base fee 0.5% p.a. of deposited propertyPerformance fee 5.0% of total return of Trust Index less total return of benchmark index

multiplied by market cap (and 15.0% of amount > 2.0%)

Other fees

Trustee fee 0.025% of property value p.a.

Acquisition fee 1.0% of the acquisition price

Divestment fee 0.5% of the divestment price

Property managers fees

Property management fee Property management fee of 2.0% of gross revenue p.a.

Lease management fee 1.0% of gross revenue p.a.

Marketing services commission 0.5-2.0 months of gross rent depending on length of renewed lease

Project management fee 1.5-3.0% of project management fee, depending on size of development

Property tax services fee 5.0-7.5% of property tax savings

Source: Company

Revaluations

We assume annual revaluation of 2% p.a.

Cost of debt

We assumed cost of debt of 4.0-4.4% p.a. over 2013-16E. We have assumed a cost of debt of

4.4% in our terminal year 2016.

Debt maturity profile

CREIT took out a SGD 53mn bridge loan in 4Q12, which it expects to repay in 1Q13 with

divestment proceeds from the compulsory sale of the 30 Tuas Road property to the

government.

CREIT has SGD 280mn of term loans expiring in 2014. We expect these to be refinanced

in 2013.



22/28



Fig 40: Debt expiry profile

Source: Company

Leverage CREIT has leverage of 38.6% as of December 2012, which management expects to fall to

36.0% after repayment of the bridge loan. We expect leverage to rise as CREIT pays down

the capex required for enhancement works at 88 International Road and 4&6 Clementi Loop

and the acquisition cost of 30 Teban Garden Crescent. We expect leverage to return to c.39%

if all these commitments are debt-funded.

Cash

Dividend Reinvestment Programme (DRP):CREITs DRP received healthy take-up interest

in 2012, with unitholders reinvesting c.30% of distributions. We assume DRP take-up of 10%

p.a., which would provide CREIT with additional cash flow of c.SGD 7.0mn a year, which

management said it would use as working capital.

Cash holdings: CREIT will have c.SGD 49mn of cash after repayment in 1Q13, after

repayment of its bridge loan. Together with its ongoing DRP, CREITs cash holdings will

continue to rise. Management has indicated it aims to keep cash holdings at c.SGD 15-20mn.

We think CREIT will be able to repay some of its debt, or fund potential acquisitions with part

of its cash holdings.

Capital distribution: In 2012, CREIT paid out c.SGD 5.7mn in capital distributions to offset

reductions in distributable income from asset divestments and ongoing enhancement works.

These were funded by capital gains from divestments and CREITs ex-gratia payments from

the Singapore Land Authority. We assume performance fee of SGD 3.0mn in 4Q13, which we

expect to be totally offset by distribution from capital. As most of its acquisitions and

enhancement works should be completed from 2013 onwards, we do not include any other

capital distributions in our assumptions.

220

100

60.7

50

5

53

0

50

100

150

200

250

300

2013 2014 2015 2016

SGDm

Term loan Acquisition term loan

MTNs Revolving credit facility

Short term bridge loan



23/28



Fig 41: Income statement

Year end: December (SGD mn) 2012 2013E 2014E 2015E 2016E

Total gross revenue 89.0 100.2 108.2 106.9 108.0

Property expenses -12.7 -14.0 -15.1 -15.0 -15.1

Net property income 76.2 86.2 93.0 91.9 92.9

NPI growth 10.3% 13.1% 7.9% -1.2% 1.1%

REIT managers management fees -9.5 -9.2 -6.5 -6.7 -6.9

Other trust expenses -1.7 -0.3 -0.3 -0.3 -0.3

Finance costs -19.7 -19.9 -21.4 -23.2 -24.0

Finance income 0.1 0.0 0.0 0.0 0.0

Finance costs (net) -19.6 -19.9 -21.4 -23.1 -23.9

Total expenses -30.8 -29.4 -28.3 -30.2 -31.2

Total expenses (growth) -7.4% -4.6% -3.8% 6.8% 3.2%

EBIT 65.0 76.7 86.1 84.9 85.7

Net income before tax and fair value change 45.4 56.8 64.7 61.7 61.7

Fair value change in derivatives 0.1 0.0 0.0 0.0 0.0

Fair value change in investment properties 41.6 24.3 26.3 27.0 27.7

Net income before tax 87.4 81.1 91.1 88.7 89.4

Income tax expense 0.0 0.0 0.0 0.0 0.0

Net income after tax 87.4 81.1 91.1 88.7 89.4

Adjusted PAT 45.6 56.8 64.7 61.7 61.7

Adjusted PAT (growth) 20.0% 24.5% 14.0% -4.7% 0.0%

Distributable income before adjustment 87.4 81.1 91.1 88.7 89.4

Non-tax deductible/(chargeable) items: -37.6 -16.5 -18.6 -19.2 -19.9

Management fees in units 0.0 0.0 0.0 0.0 0.0

Distributable income (income) 51.9 64.6 72.5 69.5 69.5

growth % 2.9% 24.5% 12.3% -4.2% 0.0%

Distributable income (capital) 5.7 3.0 0.0 0.0 0.0

Transfer to retained earnings -10.1 0.0 0.0 0.0 0.0

Total distribution amount 57.6 67.6 72.5 69.5 69.5

EFPOWA 1,196.1 1,218.5 1,228.5 1,239.3 1,249.7

EPUc 7.43 6.64 7.40 7.14 7.14adj EPUc 3.98 4.66 5.26 4.97 4.93

growth % 24.5% 16.9% 13.0% -5.5% -0.8%

DPUc 4.78 5.53 5.88 5.59 5.54

growth % 12.9% 15.6% 6.4% -5.0% -0.8%

payout ratio % 111% 105% 100% 100% 100%


Fig 42: Balance sheet

Balance sheet 2012 2013E 2014E 2015E 2016E

Total investment properties 1,214.0 1,317.5 1,350.4 1,384.1 1,418.7

Trade and other receivables 0.0 0.0 0.0 0.0 0.0

Others 0.0 0.0 0.0 0.0 0.0

Total non-current assets 1,214.0 1,317.5 1,350.4 1,384.1 1,418.7

Trade and other receivables 1.6 1.6 1.6 1.6 1.6

Cash and cash equivalents 89.8 50.1 57.2 62.6 68.8

Total current assets 91.3 51.6 58.8 64.2 70.4

Total assets 1,305.3 1,369.2 1,409.2 1,448.4 1,489.1

Trade and other payables 21.5 21.5 21.5 21.5 21.5

Financial derivatives 0.0 0.0 0.0 0.0 0.0

Total current liabilities 21.5 21.5 21.5 21.5 21.5

Borrowings 493.7 528.6 535.1 541.9 548.7

Financial derivatives 3.4 0.0 0.0 0.0 0.0

Total non-current liabilities 497.1 528.6 535.1 541.8 548.7

Total liabilities 518.7 550.1 556.6 563.4 570.2

Net assets 786.7 819.0 852.5 885.0 918.8

Unitholders' funds 786.7 819.0 852.5 885.1 918.8

Total equity 786.7 819.0 852.5 885.1 918.8

Gearing (Debt/Total Assets) 38.6% 38.6% 38.0% 37.4% 36.9%

Gearing (Debt/Equity) 62.8% 64.5% 62.8% 61.2% 59.7%

NAV/unit (SGD) 0.65 0.67 0.69 0.71 0.73

growth % 4.3% 3.3% 3.2% 2.9% 3.0%




24/28



Appendix: Property portfolioFig 43: Property portfolio

Property

Land lease

expiry

Net lettable area

(sf)

Purchase price

(SGD mn)

Valuation 2011

(SGD mn)

Valuation 2012

(SGD mn)

Logistics

1 24 Jurong Port Road 2037 817,021 96.00 103.00 95.00

2 3 Pioneer Sector 3 2050 412,818 49.00 54.00 54.00

3 30 Toh Guan Road 2055 251,973 35.00 48.30 56.20

4 31 Tuas Avenue 11 2054 75,579 8.70 10.20 10.50

5 25 Changi South Avenue 2 2054 72,998 7.30 10.60 12.00

6 30 Tuas Road 2039 571,189 73.00 72.40 72.40

71 Third Lok Yang Road & 4Fourth Lok Yang Road 2031 114,111 12.41 12.00 15.00

8 1 Tuas Ave 3 2032 308,644 32.70 29.20 NA

9 4/6 Clementi Loop 2053 189,962 40.00 40.00 40.00

Logistics subtotal 2,814,294 354.12 379.70 355.1Light industrial

1 21 Ubi Road 1 2057 202,770 25.00 34.50 30.60

2 136 Joo Seng Road 2050 101,321 10.31 12.80 13.50

3 2 Ubi View 2059 43,654 7.50 8.50 9.15

4 11 Serangoon North Avenue 5 2057 146,619 14.00 17.50 18.50

5 130 Joo Seng Road 2051 91,958 12.00 12.50 12.50

6 2 Jalan Kilang Barat 2062 66,374 20.00 27.70 28.30

7 87 Defu Lane 10 2050 109,920 13.06 15.00 15.60

8 55 Ubi Ave 3 2056 117,383 18.80 19.20 18.20

963 Hillview Ave Lam SoonIndustry Bldg Freehold 296,295 72.20 90.00 110.00

10 361 Ubi Road 3 2057 96,843 18.00 17.70 18.0011 128 Joo Seng Road 2052 92,849 10.00 12.00 12.40

12 9 Bukit Batok St 22 2053 157,863 18.30 22.90 21.00

13 81 Defu Lane 10 2050 45,242 5.00 5.30 6.10

14 1 & 2 Changi North Street 2 2061/2065 125,870 22.10 22.70 23.10

15 16 Tai Seng Street 2067 175,262 59.25 59.30 59.25

16 54 Serangoon North Ave 4 2026 139,224 21.00 21.00

17 30 Marsiling Ind Est Road 8 2019 217,879 39.00 39.00

Light industrial subtotal 2,227,327 385.52 377.60 456.2

arehousing

1 86/88 International Road 2054 134,688 14.00 17.50 19.00

2 23 Tuas Avenue 10 2056 102,310 8.55 11.10 13.60

3 9 Tuas View Crescent 2058 71,581 5.60 7.30 9.204 28 Senoko Drive 2039 159,338 12.00 12.50 13.40


6 120 Pioneer Road 2055 244,513 26.50 32.00 30.00

7 23 Woodlands Terrace 2056 124,425 15.41 16.30 16.60

8 6 Tuas Bay Walk 2057 55,697 7.00 6.50 NA

9 21B Senoko Loop 2053 115,770 14.67 14.50 15.50

10 79 Tuas South St 5 2060 67,942 10.40 10.00 10.50

11 22 Chin Bee Drive 2035 120,653 15.00 15.50 15.50

12 3C Toh Guan Road East 2051 192,864 35.50 35.50 35.50

arehousing subtotal 1,440,425 170.43 185.50 186.9

Source: Company



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Fig 44: Property portfolio (contd)

PropertyLand lease

expiryNet lettable

area (sf)Purchase price

(SGD mn)Valuation 2011

(SGD mn)Valuation 2012

(SGD mn)

Industrial

1 7 Gul Lane 2041 48,427 3.20 4.30 5.80

2 31 Kian Teck Way 2042 33,088 3.20 3.70 4.10


4 2 Tuas South Avenue 2 2059 220,381 23.00 30.00 31.60

5 28 Woodlands Loop 2055 131,857 13.00 15.50 16.90

6 511 & 513 Yishun Industrial Park A 2053/2054 224,689 32.60 33.20 33.20

7 60 Tuas South Street 2065 44,675 6.40 6.40 6.40

8 5 & 7 Gul Street 1 2037 98,864 14.50 14.50 14.50

9 25 Pioneer Crescent 2067 76,003 15.30 15.80

10 11 Woodlands Walk 2056 96,593 17.30 17.30

Industrial subtotal 1,048,260 136.75 117.90 158.20

Others

1 160 Kallang Way 2033 322,604 23.20 26.00 27.40

2 23 Toa Payoh Lorong 8 2052 50,792 12.87 13.40 16.00

3 30 Teban Gardens Cresc 2039 139,041 41.00 41.00

4 JTC Tuas Biomedical park 316,000 9.00 9.00

5 15 Jurong Port Road 2035 245,172 43.00 43.00

Others subtotal 1,073,608 129.07 39.40 136.40

Development

1 43 Tuas View Circuit 2022 121,424 14.70

2 Seletar Aerospace Park 2041 52,170 8.80

Development subtotal 173,594 23.50

Source: Company



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Income statement (SGD mn) Cash flow statement (SGD mn)

Year-end: Dec 2011 2012 2013E 2014E 2015E Year-end: Dec 2011 2012 2013E 2014E 2015E

Revenue 80 89 100 108 107 EBIT 62 65 77 86 85

Property expenses (11) (13) (14) (15) (15) Depreciation & amortisation 0 0 0 0 0

Net property income 69 76 86 93 92 Net interest 26 20 20 21 23

NPI growth (%) - 10.3 13.1 7.9 -1.2 Tax paid - - - - -

Management fees (5) (10) (9) (7) (7) Changes in working capital (4) 1 6 0 0

Other income - - - - - Others (26) (18) (20) (21) (23)

Other expenses (2) (2) (0) (0) (0) Cash flow from operations 58 68 83 86 85

EBIT 62 65 77 86 85

Capex (3) (15) (36) (7) (7)

Interest expense (26) (20) (20) (21) (23) Acquisitions (42) (120) (42) 0 0

Interest income 0 0 0 0 0 Disposals - - - - -

Associates - - - - - Others 0 (1) (1) 0 0

JCEs - - - - - Cash flow from investing (45) (135) (79) (7) (7)

Property reval. gain/(loss) 51 42 24 26 27

Other exceptional items (1) 2 0 0 0 Dividends (43) (41) (49) (58) (56)

Pre-tax profit 85 89 81 91 89 Issue of shares 54 (0) 0 0 0

Taxation 0 0 0 0 0 Change in debt (15) 118 5 (15) (16)

Minority interests - - - - - Other financing cash flow 0 0 0 0 0

Cash flow from financing (5) 78 (44) (72) (73)

Net profit 85 89 81 91 89

Net profit adj. 35 48 57 65 62 Change in cash 8 11 (40) 7 5

Distributable income 50 57 62 69 76 Exchange rate effect 0 0 0 0 0

Distributed income 51 57 63 72 76 Free cash flow 54 54 47 80 78

Balance sheet (SGD mn) Financial ratios and other Year-end: Dec 2011 2012 2013E 2014E 2015E Year-end: Dec 2011 2012 2013E 2014E 2015E

Investment properties 1,027 1,014 1,318 1,350 1,384 Operating ratios

PP&E - - - - - EBIT margin (%) 77.1 73.1 76.5 79.6 79.4

Associates and JCEs - - - - - Net margin adj. (%) 43.1 53.7 56.7 59.9 57.8

Other non-current assets 0 0 0 0 0 Sales growth (%) - 10.7 12.6 7.9 -1.2

Total non-current assets 1,027 1,014 1,318 1,350 1,384 Net income growth (%) - 5.0 -9.4 12.3 -2.6

Cash & equivalents 79 90 50 57 63 EPU growth (%) - 4.4 -11.0 11.4 -3.4

Short-term investments - - - - - EPU growth adj. (%) - 37.1 16.6 13.0 -5.5

Prop. under dev./held for sale 0 200 0 0 0 DPU growth (%) - 12.9 15.6 6.4 -5.0

Inventory - - - - - DPU/EPU (%) 59.2 64.0 83.1 79.3 78.1Trade and other receivables 1 2 2 2 2

Other current assets 0 0 0 0 0 Efficiency ratios

Total current assets 80 292 52 59 64 ROE (%) - 11.7 10.1 10.9 10.2

Total assets 1,107 1,305 1,369 1,409 1,448 ROCE (%) - 5.5 5.8 6.3 6.0

ROA (%) - 7.4 6.1 6.6 6.2

Short-term debt 0 0 0 0 0

Pre-sale deposits 0 0 0 0 0 Leverage ratios

Trade and other payables 9 22 22 22 22 Net gearing (%) 37.7 51.3 58.4 56.1 54.1

Income taxes payable - - - - - Net debt/assets (%) 25.1 30.9 35.0 33.9 33.1

Other current liabilities 4 0 0 0 0 Net asset value/unit (S) 62.05 64.69 66.82 68.94 70.97

Total current liabilities 13 22 22 22 22 Debt/capital (%) 32.6 38.5 39.2 38.6 38.0

Long-term debt 357 494 529 535 542 Interest cover (x) 2.4 3.3 3.9 4.0 3.7

Deferred tax - - - - - Current ratio (x) 6.2 13.5 2.4 2.7 3.0

Other long-term liabilities 0 3 0 0 0

Total long-term liabilities 357 497 529 535 542 Per share

Total liabilities 369 519 550 557 563 EPU (S) 7.16 7.48 6.66 7.42 7.16Shareholders' funds 738 787 819 853 885 EPU adj. (S) 2.92 4.00 4.66 5.27 4.98

Minority interests 0 0 0 0 0 DPU (S) 4.24 4.78 5.53 5.88 5.59

Total equity 738 787 819 853 885

Total liabilities and equity 1,107 1,305 1,369 1,409 1,448 Valuation

EV/EBIT (x) - 15.9 17.8 15.9 16.2

Gross debt 357 494 529 535 542 PER (x) 6.8 7.7 10.9 9.8 10.1

Net debt (cash) 278 404 479 478 479 PBR (x) 0.77 1.04 1.08 1.05 1.02

YE fully diluted units (mn) 1,189 1,216 1,226 1,237 1,247 Dividend yield (%) 8.7 8.3 7.6 8.1 7.7



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Disclosures appendixThe information and opinions in this report were prepared by Standard Chartered Bank (Hong Kong) Limited, StandardChartered Bank Singapore Branch, Standard Chartered Securities (India) Limited, Standard Chartered Securities KoreaLimited and/or one or more of its affiliates (together with its group of companies, SCB) and the research analyst(s) named in

this report. THIS RESEARCH HAS NOT BEEN PRODUCED IN THE UNITED STATES.

Analyst Certification Disclosure: The research analyst or analysts responsible for the content of this research report certifythat: (1) the views expressed and attributed to the research analyst or analysts in the research report accurately reflect theirpersonal opinion(s) about the subject securities and issuers and/or other subject matter as appropriate; and (2) no part of hisor her compensation was, is or will be directly or indirectly related to the specific recommendations or views contained in thisresearch report. On a general basis, the efficacy of recommendations is a factor in the performance appraisals of analysts.

Where disclosure date appears below, this means the day prior to the report date. All share prices quoted are the closingprice for the business day prior to the date of the report, unless otherwise stated.

0.43

0.49

0.55

0.61

0.67

0.73

Feb -10 May-10 Aug -10 No v-10 Feb-11 May-11 Aug-11 Nov-11 Feb -12 May-12 Aug -12 No v-12

SGD Recommendation and price target history for Cambridge Industrial Trust

Date Recommendation Price target Date Recommendation Price target Date Recommendation Price target

Source: FactSet prices, SCB recommendations and price targets

Recommendation Distribution and Investment Banking Relationships

As of 31 December 2012

% of covered companiescurrently assigned this rating

% of companies assigned this ratingwith which SCB has provided investment

banking services over the past 12 months

OUTPERFORM 55.7% 13.0%

IN-LINE 34.6% 14.9%

UNDERPERFORM 9.7% 3.3%

Research Recommendation

Terminology Definitions

OUTPERFORM (OP)The total return on the security is expected to outperform the relevant market index by 5% or moreover the next 12 months

IN-LINE (IL)The total return on the security is not expected to outperform or underperform the relevant marketindex by 5% or more over the next 12 months

UNDERPERFORM (UP)The total return on the security is expected to underperform the relevant market index by 5% ormore over the next 12 months

SCB uses an investment horizon of 12 months for its price targets.

Additional information, including disclosures, with respect to any securities referred to herein will be available uponrequest. Requests should be sent to [email protected].



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