Singapore Stock Market News
Parkway Life REIT - Stability priced in
StockFanatic
Publish date: Mon, 04 Aug 2014, 02:35 PM
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PLife's 2Q and 1HFY14 results were in line with expectations at 25% and 49% of our full-year forecasts, respectively. Distributable income was up 10% yoy, largely due to Japan properties acquired and higher rent from inflation-linked Singapore properties. PLife has one of the most stable lease structures and strong management track record. However, we believe the positives have been priced in at higher valuations of 1.5x P/BV and 4.8-5.1% FY14-15 dividend yield.
Maintain our Hold rating, with a slightly higher DDM-based target price (discount rate: 7%) as we roll our estimates forward. We lower our FY14-16 DPUs by 0.2-0.5% to account for lower CPI in Singapore.
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