Cache Logistics

Cache Logistics: Macquarie maintains O/P, with $1.15 TP. Note that recent acquisition is 1st acquisition since grps listing and raises FY11/12 DPU estimates by 2-4%. Add that grp still has right of First Refusal over 13 properties owned by its sponsor CWT and C&P. Further acquisitions from this pipeline, or from third parties will be a positive catalyst. FY11E yield of 8.4% is attractive.