Cambridge Industrial Trust: Daiwa d/g to Hold from Sell, TP $0.56. House see DPU and earnings risk in 2013. Lower 2012 DPU forecast by 6.4%, after deferring the income contribution from the ‘potential property 1’ acquisition to 4Q12 from 1Q12.
2012-14 DPU forecasts are 5.6-10.1% lower than consensus, do not expect Cambridge to be able to promptly deploy the compulsory land acquisition proceeds from the SLA in 2013: forecast a YoY DPU decline for 2013.
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