Singapore Stock Market News

Parkway Life REIT - Boosted by acquisitions

StockFanatic
Publish date: Thu, 30 Oct 2014, 01:32 PM
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PLife's 3Q and 9MFY14 DPUs were in line with expectations, at 25% and 74% of our full-year forecasts, respectively. DPU grew ~9% yoy, largely led by acquisitions made in 2H13 and 1Q14 and higher rent from existing properties. We continue to like PLife's stability and believe there is room for yield-accretive acquisitions given its low gearing and cheap cost of debt. We maintain our Hold rating but trim our DDM-based target price and FY14-16 DPU estimates slightly on lower CPI expectations in Singapore.
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