Cache Logistics Trust

Cache Logistics Trust: UOB Kay Hian maintains Buy with $1.32 TP. House mantain BUY with a higher target price of $1.32. Icrease 2012-14 PU forecasts by 2.4-4.8% on interest savings from the recent refinancing xercise. Note that Cache closed the syndication of a $375m loan that could see allin financing costs drop below the earlier guidance of 3.44%. With forward yields of 7.1%, a low gearing of 33% and minimal refinancing risks, Cache remains a stable yield play.