Cambridge Trust

Cambridge Trust: Daiwa upgrade to Buy from O/p with $0.58 TP. House note that with an implied 25.3% upside potential to TP, REIT has its attraction as a deepvalue play among industrial property and trades at a 2012 DPU yield of 10.7% (the highest within coverage) vs average of 7.1% for the S-REIT sector and 7.1-10.6% for industrial S-REITs, while its discount to its NAV is 26% vs 6% average discount for the S-REIT sector.