Cambridge Industrial Trust

Cambridge Industrial Trust (CIT): 3Q13 results released last week were largely in line with CIMB's and consensus estimates. CIMB has upgraded CIT to Outperform (from Neutral) with $0.79 TP (from $0.74). CIMB notes that proactive capital and risk management has allowed CIT to be in a stronger position than before. Although the acquisition market remains challenging, CIMB believe a strong balance sheet will allow CIT to be well positioned to make any acquisitions/AEIs when opportunity knocks. In addition, the long debt expiry profile, together with c.86% of debt under a fixed rate, will allow it to weather any hikes in interest rates.