Parkwaylife Real Estate

  • TickerPREIT
Jonathan Koh
  • Jonathan Koh

Parkway Life REIT (PREIT SP) - Comprehensive strategic collaboration t...

PREIT’s strategic collaboration with sponsor IHH Healthcare is comprehensive, encompassing the extension of master leases, renewal capex and ROFR to acquire Mount Elizabeth Novena Hospital. Cumulatively, total rental growth is 39.4% in Year 4 of the new 20-year lease term and exceeds our expectations. The package is accretive to DPU by 32% and NAV per share by 26% in 2026 (Year 4). Unit price performance has been spectacular, gaining 23.3% ytd. Downgrade to HOLD. Target price: S$4.72.

Jonathan Koh ... (+2)
  • Jonathan Koh
  • Lucas Teng Yao Yang

Singapore Daily - Thursday, July 15, 2021

KEY HIGHLIGHTS Update ComfortDelGro Corporation (CD SP/BUY/S$1.60/Target: S$1.90): Catching a ride and awaiting an Aussie bounce. Parkway Life REIT (PREIT SP/HOLD/S$4.77/Target: S$4.72): Comprehensive strategic collaboration that surpasses our expectations. Downgrade to HOLD. TRADERS’ CORNER Sembcorp Industries (SCI SP): Trading Buy Singapore Press Holdings (SPH SP): Trading Buy

Jonathan Koh
  • Jonathan Koh

Parkway Life REIT (PREIT SP) - 1Q21: Positive outlook from lease exten...

DPU grew 3% yoy in 1Q21 even though divestment of P-Life Matsudo was completed in Jan 21. We expect master leases for the three private hospitals in Singapore to be extended by 15 years with a step-up in rents of 12% in the first year. Management is also exploring expansion to developed markets in Europe. The resiliency and scarcity of PREIT’s healthcare assets are highly valued due to the prolonged COVID-19 pandemic. Maintain BUY. Target price: S$4.38.

Clement Ho Jia Xing ... (+2)
  • Clement Ho Jia Xing
  • Jonathan Koh

Singapore Daily - Monday, April 26, 2021

KEY HIGHLIGHTS Results Frasers Centrepoint Trust (FCT SP/BUY/S$2.45/Target: S$3.06): 1HFY21: Maintaining resiliency; increasing dominance and scale. iFAST Corp (IFAST SP/BUY/S$6.35/Target: S$7.96): 1Q21: Scaling up on growing AUA. Parkway Life REIT (PREIT SP/BUY/S$4.16/Target: S$4.38): 1Q21: Positive outlook from lease extension and overseas expansion. TRADERS’ CORNER Mapletree Industrial Trust (MINT SP): Trading Buy StarHub (STH SP): Trading Buy

Jonathan Koh
  • Jonathan Koh

Parkway Life REIT (PREIT SP) - Thriving and winning through collaborat...

We expect the extension of master leases for three hospitals in Singapore to come with an increase in rents of 12% for the first year of the new 15-year master leases, downside protection with annual rent revision at CPI + 1% and a new option to extend for another 15 years (23 Aug 37 to 22 Aug 52). The comprehensive package will foster future collaborations with its sponsor. Maintain BUY. Target price: S$4.38.

Jonathan Koh
  • Jonathan Koh

Parkway Life REIT (PREIT SP) - Comprehensive strategic collaboration t...

PREIT’s strategic collaboration with sponsor IHH Healthcare is comprehensive, encompassing the extension of master leases, renewal capex and ROFR to acquire Mount Elizabeth Novena Hospital. Cumulatively, total rental growth is 39.4% in Year 4 of the new 20-year lease term and exceeds our expectations. The package is accretive to DPU by 32% and NAV per share by 26% in 2026 (Year 4). Unit price performance has been spectacular, gaining 23.3% ytd. Downgrade to HOLD. Target price: S$4.72.

Jonathan Koh ... (+2)
  • Jonathan Koh
  • Lucas Teng Yao Yang

Singapore Daily - Thursday, July 15, 2021

KEY HIGHLIGHTS Update ComfortDelGro Corporation (CD SP/BUY/S$1.60/Target: S$1.90): Catching a ride and awaiting an Aussie bounce. Parkway Life REIT (PREIT SP/HOLD/S$4.77/Target: S$4.72): Comprehensive strategic collaboration that surpasses our expectations. Downgrade to HOLD. TRADERS’ CORNER Sembcorp Industries (SCI SP): Trading Buy Singapore Press Holdings (SPH SP): Trading Buy

Jonathan Koh
  • Jonathan Koh

Parkway Life REIT (PREIT SP) - 1Q21: Positive outlook from lease exten...

DPU grew 3% yoy in 1Q21 even though divestment of P-Life Matsudo was completed in Jan 21. We expect master leases for the three private hospitals in Singapore to be extended by 15 years with a step-up in rents of 12% in the first year. Management is also exploring expansion to developed markets in Europe. The resiliency and scarcity of PREIT’s healthcare assets are highly valued due to the prolonged COVID-19 pandemic. Maintain BUY. Target price: S$4.38.

Clement Ho Jia Xing ... (+2)
  • Clement Ho Jia Xing
  • Jonathan Koh

Singapore Daily - Monday, April 26, 2021

KEY HIGHLIGHTS Results Frasers Centrepoint Trust (FCT SP/BUY/S$2.45/Target: S$3.06): 1HFY21: Maintaining resiliency; increasing dominance and scale. iFAST Corp (IFAST SP/BUY/S$6.35/Target: S$7.96): 1Q21: Scaling up on growing AUA. Parkway Life REIT (PREIT SP/BUY/S$4.16/Target: S$4.38): 1Q21: Positive outlook from lease extension and overseas expansion. TRADERS’ CORNER Mapletree Industrial Trust (MINT SP): Trading Buy StarHub (STH SP): Trading Buy

Jonathan Koh
  • Jonathan Koh

Parkway Life REIT (PREIT SP) - Thriving and winning through collaborat...

We expect the extension of master leases for three hospitals in Singapore to come with an increase in rents of 12% for the first year of the new 15-year master leases, downside protection with annual rent revision at CPI + 1% and a new option to extend for another 15 years (23 Aug 37 to 22 Aug 52). The comprehensive package will foster future collaborations with its sponsor. Maintain BUY. Target price: S$4.38.

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