On Oct 21, Citi upgraded its target price to $4 after Parkway Life REIT's recent acquisition of a nursing home in Osaka and a lower cost of debt reflected a higher growth rate and slightly lower portfolio cap rate. Lee keeps his "neutral rating" given an about 4% total return.
Analysts from CGS International (CGSI) and Citi Research have maintained their “add” and “neutral” calls on Parkway Life REIT after the REIT reported gross revenue of $108.5 million in its 3QFY2024 ended Sept 30 business update. The REIT also reported a distribution per unit (DPU) of 11.3 cents in 9MFY2024.
CGSI’s Lock Mun Yee and Natalie Ong have kept their target price at $4.91 while Citi’s Brandon Lee has maintained his target price at $3.61. The REIT’s 9MFY2024 DPU stood relatively in line with the analysts’ estimates at 75.5% of CGSI’s FY2024 forecasts and 77% of Citi’s full-year estimates.
