ParkwayLife REIT - UOB Kay Hian 2023-01-30: 2H22 Marginally Above Expectation

• 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:
  1. - Read this at SGinvestors.io -
  2. higher adjusted hospital revenue from Parkway East Hospital, and
  3. 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 an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Read also UOB's most recent report:
2025-02-17 Parkway Life REIT - Oasis Of Calm Sheltered From Threats Of Tariffs.

Previous report by UOB:
2024-10-23 Parkway Life REIT - Maiden Acquisition In Third Core Market France.

Price targets by 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 Dividend Payout Dates & Corporate Actions,
Parkway Life REIT News