Parkway Life REIT - Maybank Research 2025-02-24: Full Year Distribution Continues To Grow

• We raise our Parkway Life REIT's target price to S$4.20 and maintain BUY on defensive attributes and steady execution.
• Parkway Life REIT reported 2HFY24 DPU of S$7.38 cents, -2.1% h-o-h/-1.3% y-o-y. FY24 Parkway Life REIT's distribution of S$0.1492, +1% y-o-y. Lower top line from depreciating JPY was offset by gains on settlement of forward contracts.
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• Asset enhancement of Mount Elizabeth Orchard remains on track for completion by 2HFY25. Focus is on further deepening footprint in France and asset enhancement of Gleneagles Hospital.

Delivering on distribution growth.

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• Depreciation of JPY and one-off provisioning for doubtful debt of S$0.5m (related to a Japan nursing home operator) more than offset the impact of acquisitions and annual step-up in lease rentals.
• Further impact of higher borrowing cost and increase in number of units was offset by gains from settlement of forward contracts. This resulted in full year growth in Parkway Life REIT's DPU.

Strong capital management.

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Above is an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.

Read also Maybank's most recent report:
2026-02-04 Parkway Life REIT - Inorganic Engine Driving Growth; Recurring DPU Growth Maintained.

Previous report by Maybank:
2025-11-06 Parkway Life REIT - Predictable Performance; Growth In Distribution Continues.

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 Dividend Payout Dates & Corporate Actions,
Parkway Life REIT News