Thursday, August 4, 2011

PARKWAY LIFE REIT: Unique Structure (limtan)

04 August 2011
S$1.90 - PLIFE.SI
• What likely justifies yesterday’s new high for the hospital reit is disclosure that the minimum guaranteed rent from the 3 hospitals (Mt E, Gleneagles and East Shore) will rise 5.3% in the Aug 23’11 - Aug 22’12 period over the previous lease period.

• This is as provided under the arrangement with Parkway Holdings when PLife was first set up (and which we would not rule out Khazanah Nasional which now owns Parkway Holdings, “hoping / wanting” to undo at some point). And this in turn makes PLife an “inflation play”.

• Otherwise, there is little new in the June quarter numbers released this morning: Distributable Income rising 13.4% y-o-y (reflecting contributions from acquisitions in 2010) but 0.1% q-o-q. DPU is 2.37 cents or 9.48 cents annualized. Gearing is 34%, allowing for more acquisitions, last being in Japan, where PLife now has 29 nursing homes and 1 healthcare production facility.

• Based on DPU of 9.37 cents for the 12 months to Jun’11, and annualized DPU of 9.48 cents, yield is 4.9% and 5% respectively.

• Given PLife’s unique structure, a BUY can still be justified.

Source/转贴/Extract/Excerpts: Limtan
Publish date:04/08/11

No comments:

Post a Comment

Warren E. Buffett(沃伦•巴菲特)
Be fearful when others are greedy, and be greedy when others are fearful
别人贪婪时我恐惧, 别人恐惧时我贪婪
投资只需学好两门课: 一,是如何给企业估值,二,是如何看待股市波动
吉姆·罗杰斯(Jim Rogers)

乔治·索罗斯(George Soros)



高估期间, 卖对, 不卖也对, 买是错的。
低估期间, 买对, 不买也是对, 卖是错的。

Tan Teng Boo

There’s no such thing as defensive stocks.Every stock can be defensive depending on what price you pay for it and what value you get,
  • Selected Indexes 52 week range

  • Margin of Safety

    Investment Clock

    World's First Interactive Investment Clock