- Parkway Life REIT (SGX:C2PU) reported 2H22 DPU of 7.32 cents (+2.7% y-o-y), which is marginally above our expectations.
Steady growth from healthcare.
- Parkway Life REIT's gross revenue and NPI grew 14.2% and 18.0% y-o-y respectively in 2H22 due to:
- - Read this at SGinvestors.io -
- higher adjusted hospital revenue from Parkway East Hospital, and
- higher rent from its Singapore hospitals under the new master lease agreement.
- Distributable income normalised to growth of 2.7% after straight-line rental adjustment of S$10.8m.
Enhancing scale in Japan.
- Parkway Life REIT completed two separate acquisitions of nursing homes across the Japanese prefecture, including three in Hokkaido and two in greater Tokyo. Besides being yield-accretive, the acquisitions also initiated collaboration with reputable developer Daiwa House.
- - Read this at SGinvestors.io -
Positive impact from renewed leases.
- Read more at SGinvestors.io.
Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.
Jonathan KOH CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 2023-01-30
Read also UOB's most recent report:
2024-02-07 Parkway Life REIT - Steady Growth In 2H23 With Impending Yield Uplift In 2026.
Previous report by UOB:
2023-11-02 Parkway Life REIT - 9M23 In Line.
Price targets by 2 other brokers at Parkway Life REIT Target Prices.
Listing of research reports at Parkway Life REIT Analyst Reports.
Relevant links:
Parkway Life REIT Share Price History,
Parkway Life REIT Announcements,
Parkway Life REIT Dividends & Corporate Actions,
Parkway Life REIT News Articles
