Cache Logistics top pick in industrial space: CIMB

Cache Logistics Trust (K2LU.SG) most attractive among Singapore industrial REITs given highest-in-sector 9.7% yield, lease term to expiry of more than 6 years vs industry average of 5 years, says CIMB.

Rates at Outperform, target $1.30. Adds, valuations undemanding with REIT trading near book value, while potential acquisitions in near term likely to be debt-funded, hence no dilution risk.

Says Ascendas REIT (A17U.SG) clear market leader by asset size, market cap, asset quality, but price already trading at hefty 30% premium to book.

Cites recently-listed Sabana REIT (M1GU.SG) as having second-highest yield in industrial segment at 8.7%, but weighted average lease term to expiry below-average at 3.8 years.

Says Mapletree Logistics Trust's (M44U.SG) 7.1% yield decent, but REIT exposed to geographical risks as portfolio includes assets outside Singapore. Cache Logistics off 1.1% at $0.945.

First Reits- Important Dates

Date on which the Transfer Books and Register of Unitholders of First REIT will be closed to determine the provisional allotments of Eligible Unitholders under the Rights Issue	03-Dec-10
Commencement of“nil-paid”rights trading period	08-Dec-10
Close of“nil-paid”rights trading period	16-Dec-10
Close of the Rights Issue	22-Dec-10
Expected date of issue of the Rights Units	30-Dec-10
Completion of the MRCCC Acquisition and the SHLC Acquisition	31-Dec-10
Expected date of commencement of trading of the Rights Units on the SGX-ST	31-Dec-10

Macquarie ups Lippo-Mapletree target to $0.64

Macquarie raises Lippo-Mapletree Indonesia Retail Trust (D5IU.SG) target price to $0.64 from $0.55 after rolling forward valuation to 2011, lowering risk-free rate assumption. Keeps Outperform call.

Says annualized dividend yield remains attractive at 8.6%, while overall portfolio performance strong, with average occupancy at 98% in 3Q10 vs 81% industry average.

Notes trust plans to double asset size to S$2 billion in next few years, mainly via acquisitions.

Says funding no issue as current gearing only 13%; “LMIR will be the main beneficiary of the growth of the Indonesian economy and the stronger rupiah.” REIT flat at $0.52.

Cambridge Ind Trust- COMPLETION OF THE ACQUISITION OF 511 AND 513 YISHUN INDUSTRIAL PARK A USE OF PROCEEDS FROM THE PRIVATE PLACEMENT AND PREFERENTIAL

1.1 Cambridge Industrial Trust Management Limited, as manager of Cambridge Industrial Trust (“CIT” and the manager of CIT, the “Manager”), is pleased to announce the completion of the acquisition of the property located at 511 and 513 Yishun Industrial Park A, Singapore 768768 and 768736 respectively (“511 & 513 Yishun Industrial Park A”).

1.2 RBC Dexia Trust Services Singapore Limited, in its capacity as trustee of CIT (the “Trustee”), has today completed the acquisition of 511 & 513 Yishun Industrial Park A from Seksun International Pte. Ltd. pursuant to a put and call option agreement dated 20 October 2010 entered into between the Trustee and Seksun international Pte. Ltd.

511 Yishun Industrial Park A is a 5-storey light industrial building with ancillary workers’ dormitory, clean room facilities and surface carpark lots. 513 Yishun Industrial Park A is a 4-storey industrial building with mezzanine level. These two buildings are connected by a bridge via the second floor of each building. The properties are easily accessible via the Seletar Expressway. Both properties will be leased back to Seksun International pte. Ltd. for five (5) years from legal completion of sale.

2. USE OF PROCEEDS
2.1 Further to the announcements dated 21 October 2010, 1 November 2010, 2 November 2010, 16 November 2010 and 18 November 2010 in relation to the private placement and preferential offering concluded in November 2010 (the “Equity Fund Raising”), the Manager wishes to announce that S$21.8 million of the net proceeds from the Equity Fund Raising has been utilised for the purposes set out in the table below:

	Amount
	S$ million	%
Net proceeds from the Equity Fund Raising *	47.5	100
Less:
Part payment of the purchase price for 511 & 513 Yishun Industrial Park A and estimated acquisition costs	-21.8	-45.9
Balance of net proceeds remaining from the Equity Fund Raising	25.7	54.1

*Net of estimated fees and expenses (including underwriting fees) of approximately S$2.9 million.
Such use of proceeds is in accordance with the stated use in the announcements dated 21 October 2010 and 2 November 2010 in relation to the Equity Fund Raising.

Portfolio - November 2010

My Portfolio for the month of November 2010.

Company	Date of Purchase	Puchase Price	Market Price	Gain/Loss
Ezion	7-May-07	$0.57	$0.665	17%
Aims Amp	29-Sep-10	$0.215	$0.220	2%
Innotek	1-Apr-10	$0.555	$0.530	-5%
Cambridge	14-Jul-10	$0.506	$0.535	6%
SP Austnet	12-Aug-10	$1.04	$1.130	8.6%
First Reit	29-Nov-10	$0.975	$0.985	1%

Dividend
(1) SP Austnet XD on 24/11/10. Will be issuing AUD$0.05.
(2) And Aims Amp Reit XD on 09/11/10. Will be issuing SGD$0.003968.

Purchase
(1) Bought Transpac on 08/11/10 @$2.19 and sold off at $2.24 for a quick trade.
As expected, the price dropped more than 41 cents after XD. However, did not expect Transpac to recover to 1.83 a few days after that.

(2) Successfully subscribed to 4lots of Cambridge Ind Trust under preferential shares.

(3) Bought more SP Austnet on 19/11/10.

(4) Bought First Reit on 29/11/10.


Sell
(1) Sold off main bulk of Ezion to fund purchase of First Reit at $0.665.

First Reit - RESULTS OF EXTRAORDINARY GENERAL MEETING HELD ON 29 NOVEMBER 2010

Bowsprit Capital Corporation Limited, in its capacity as manager of First Real Estate Investment Trust (“First REIT” and as manager of First REIT, the “Manager”), is pleased to announce that at the extraordinary general meeting of unitholders of First REIT (“Unitholders”) held at 2.00 p.m. on Monday, 29 November 2010 at Mandarin Ballroom 2, Level 6, Main Tower, Mandarin Orchard Singapore, 333 Orchard Road, Singapore 238867, all four resolutions as set out in the Notice of Extraordinary General Meeting dated 10 November 2010 were duly passed.

These resolutions relate to:
(i) the acquisition of Mochtar Riady Comprehensive Cancer Centre, which is located at Jalan Garnisun Dalam RT. 010/001 Kelurahan Karet Semanggi, Kecamatan Setiabudi, South Jakarta, Indonesia (“MRCCC”) and the master lease of MRCCC;

(ii) the acquisition of Siloam Hospitals Lippo Cikarang, which is located at Jalan Mohammad Husni Thamrin Kav.105, Lippo Cikarang, Bekasi 17550, Indonesia (“SHLC”) and the master lease of SHLC;

(iii) the issue of 345,664,382 new units in First REIT (“Units”, and the new Units, the “Rights Units”) on a fully underwritten and renounceable basis to Eligible Unitholders (the “Rights Issue”) on a pro rata basis of five (5) Rights Units for every four (4) existing Units held as at 5.00 p.m. on 3 December 2010 (the “Rights Issue Books Closure Date”), at the issue price of S$0.50 per Rights Unit, fractional entitlements to be disregarded; and

(iv) the waiver by Independent Unitholders2 of their rights to receive a mandatory take-over offer from Lippo and the Concert Parties, which would otherwise result in a mandatory offer pursuant to Rule 14 of the Singapore Code on Takeovers and Mergers, as set out in the circular to Unitholders dated 10 November 2010.

SGX-Listed InnoTek Invests S$15.7 Million In Sabana REIT; Resumes Share Buyback To Enhance Shareholder Value

· Subscribed for and has been allotted 15 million shares at S$1.05 each in
REIT recently listed on SGX

· Investment enhances returns on its substantive cash holdings

· Resumes share buyback and increases treasury shares to 19.03 million
currently

SINGAPORE, 29 November 2010 – InnoTek Limited (“InnoTek” or “the Group”) has invested S$15.7 million in Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (“Sabana REIT”), which was listed last Friday on the Mainboard of the Singapore Exchange, in a move to enhance shareholder value by increasing the return from its cash holdings.

SGX Mainboard-listed InnoTek said it has been allotted 15 million shares at an issue price of S$1.05 each in Sabana REIT, the first Syariah-compliant real estate investment trust listed on the SGX and the world's largest-listed Syariah compliant REIT by total assets.

The precision metal components manufacturer, which has substantial operations in China, held net cash of S$60.8 million or 26.6 cents per share as at 30 September 2010. It disposed its data storage business in FY2007 for US$133 million and has since paid S$0.3 dividends per share, including S$0.05 each year for FY2008 and FY2009.

“InnoTek has a strong balance sheet and we are very careful how best to return
value to shareholders. While we are still looking to acquire companies which can add value to our core business, we will not be rushed. This investment in the
REIT offers a much better return than in bank deposits,” said InnoTek’s Managing Director Mr Yong Kok Hoon.

According to Sabana REIT’s prospectus, its Reit manager Sabana Real Estate
Investment Management has forecast a distribution yield of about 8.22 per cent
for 2011 and 8.25 per cent for 2012.

Mr. Yong Kok Hoon has also been appointed as an independent director of
Sabana REIT. Save for Mr Yong and Mr Peter Tan who each holds less than
0.5% units in Sabana REIT, none of the Directors or controlling shareholders of
the Company has any interest, direct or indirect in the Investment other than
through their shareholding interests in the Company.

InnoTek concurrently announced today that it had commenced its share buyback programme with the acquisition of a combined 583,000 shares so far in November.
It currently holds 19.03 million treasury shares, or 8.3% of the total issued capital
of 227.6 million shares as at 26 November 2010, after substantial buybacks since
the financial year ended 31 December 2007 (“FY2007”).

Treasury shares are stocks bought back by the issuing company, reducing the
total number of issued shares in the open market. A reduced issued share capital
base increases the earnings per share and saves the company in dividend
payment, indirectly resulting in a higher yield on net cash.

For the July-September 2010 (“3Q’10”) period InnoTek’s net profit rose to S$4.5
million from S$1.0 million in 3Q’09 as its wholly owned Mansfield Manufacturing
Company Limited recorded higher sales of TV components and tooling .