- 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.
- - Read this at SGinvestors.io -
- 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.
- - Read this at SGinvestors.io -
- 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.
- Read more at SGinvestors.io.
