Cache

Cache: Key takeaways by UOBK from post results feedback session. - Positive rental reversions to the tune of 10-12% in 2015 for the IPO portfolio, and 1.5-2.0% for master leases, providing an organic growth catalyst - Asset divestments from the sponsor remain the preferred avenue for inorganic growth - Nevertheless mgt will continue to explore third-party acquisition opportunities, with Msia and China being possibilities, especially in or near the fringes of key tier-1 cities. The house maintains Buy with TP $1.31.