PLife REIT’s 2HFY2022 DPU of 7.32 cents is marginally above UOBKH’s expectations. Its gross revenue and NPI grew 14.2% and 18% y-o-y respectively during the period.
UOB Kay Hian analyst Jonathan Koh has upgraded Parkway Life REIT (SGX:C2PU
) (PLife REIT) to “buy” with a higher target price of $4.49 from $4.43 previously.
Koh says PLife REIT appeals to risk-averse investors who value its defensive strength due to its healthcare orientation and long weighted average lease expiry of 17 years. He notes that the unit price has corrected up to 22% since UOBKH’s last downgrade to “hold” on July 15, 2021.
