In the good books
CHARTER HALL LONG WALE REIT (CLW) Upgrade to Buy from Neutral by UBS B/H/S: 2/0/1
UBS has upgraded the REIT to Buy from Neutral based on valuation, asset mix and earnings upgrades. CLW trades at a 7% yield with 3% compound growth rate, as well as a -2% discount to net tangible assets and a -6% discount to the broker's valuation. CLW has no exposure to retail, rather office, industrial, pubs and Bunnings make up the portfolio. Valuation is at risk from rising interest rates, the broker concedes, but for now Buy with an unchanged $4.25 target.