SINGAPORE (Feb 2): Maybank Kim Eng is upgrading Cache Logistics Trust to "buy" with a 95-cent target price given its proposed acquisition of a portfolio of properties in Australia for $177.6 million ($188.3 million).
The portfolio of nine logistics warehouse assets are expected to achieve an initial 6.4% NPI yield and increase CacheLog's Australian AUM contribution from 17% to 28%.
"We raised DPUs by 1-3% following its largest overseas acquisition to-date, at A$177.6 million or $188.3 million," says analyst Chua Su Tye in a Friday report.
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