Singapore Stock Market News
Parkway Life REIT - Maiden divestment
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Publish date: Mon, 29 Dec 2014, 09:51 AM
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Welcome to Stockfanatic Singapore stock market and regional market news. This is a platform to share Singapore stock market and regional news to investors / man in the street. Investors can also look forward to analyst reports and brokers recommendations. Stockfanatic's Singapore stock market and regional news blog, home of investors one stop news station.
PREIT announced its maiden divestment of seven Japanese nursing homes for a total consideration of S$88.3m and an expected divestment gain of S$12.3m. Divestment proceeds are likely to be used for further yield-accretive acquisitions as part of PREIT's asset recycling initiative. While FY15-16 DPUs and its DDM-based target price drop by ~4% as a result, we believe this is likely to be a temporary situation which should reverse with further yieldaccretive acquisitions that have not yet been factored into our model.
We maintain our Add rating and continue to like PREIT for its stable underlying portfolio and value creation from its asset recycling exercise. Further yield-accretive acquisitions are likely to catalyse the stock.
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