StarHill – Daiwa

Rights issue overkill

Downgraded to Hold

MapleTree – Daiwa

Stable with limited growth

Rating downgraded to 3 from 2

Cambridge – Daiwa

Some semblance of stability

Maintain 1 rating

AREIT – Daiwa

Downside risk

Maintain 4 rating

CRCT – Daiwa

Too soon for acquisitions

Rating downgraded to 4 from 2