Cache Logistics Trust

Cache Logistics Trust: UOB Kay Hian maintains Buy with TP $1.35. The house anticipate positive reversions of 10-15% and strong underlying tenancies supported by MNCs to mitigate risks from potential non-renewal of master-leases in 2015/16. Key upside catalyst will be the completion of BTS development for DHL Supply Chain, which is close to 80% pre-committed. Maintain BUY with a higher target price of $1.35 (up from $1.31) based on DDM.