Cache Logistics Trust (K2LU.SG) most attractive among Singapore industrial REITs given highest-in-sector 9.7% yield, lease term to expiry of more than 6 years vs industry average of 5 years, says CIMB.

Rates at Outperform, target $1.30. Adds, valuations undemanding with REIT trading near book value, while potential acquisitions in near term likely to be debt-funded, hence no dilution risk.

Says Ascendas REIT (A17U.SG) clear market leader by asset size, market cap, asset quality, but price already trading at hefty 30% premium to book.

Cites recently-listed Sabana REIT (M1GU.SG) as having second-highest yield in industrial segment at 8.7%, but weighted average lease term to expiry below-average at 3.8 years.

Says Mapletree Logistics Trust's (M44U.SG) 7.1% yield decent, but REIT exposed to geographical risks as portfolio includes assets outside Singapore. Cache Logistics off 1.1% at $0.945.