Stock Name: PLife REIT
Company Name: PARKWAYLIFE REIT
Research House: Phillip Securities
Phillip Securities Research in an Apr 15 research report says: "The devastating 9.0 magnitude earthquake which struck the north-east coast of Japan, triggering the massive tsunami, also disrupted power supplies owing to the crippled nuclear plants.
"The operators managed to handle the power outages and minimized the power disruption due to the implementation of electricity rationing in some of the nursing homes. Continuing its momentum, AEI and acquisition expansions made in the prior year are likely to be carried forward to this year. Taking the cue from the 40% gearing, we believe that PLife REIT could be looking at around $100 million of new acquisitions and selective AEIs in 2011.
"S-REIT yield stood at 5.95% which make our dividend yield projection for FY2011E (5.3%) and FY2012E (5.4%) fall below the market average. Revenue and NPI revised up by 3.1% and 0.5% respectively but DPU slipped by 5.3% due to higher estimates in finance costs and trust expenses. Target price of $1.81. MAINTAIN HOLD."
Company Name: PARKWAYLIFE REIT
Research House: Phillip Securities
Phillip Securities Research in an Apr 15 research report says: "The devastating 9.0 magnitude earthquake which struck the north-east coast of Japan, triggering the massive tsunami, also disrupted power supplies owing to the crippled nuclear plants.
"The operators managed to handle the power outages and minimized the power disruption due to the implementation of electricity rationing in some of the nursing homes. Continuing its momentum, AEI and acquisition expansions made in the prior year are likely to be carried forward to this year. Taking the cue from the 40% gearing, we believe that PLife REIT could be looking at around $100 million of new acquisitions and selective AEIs in 2011.
"S-REIT yield stood at 5.95% which make our dividend yield projection for FY2011E (5.3%) and FY2012E (5.4%) fall below the market average. Revenue and NPI revised up by 3.1% and 0.5% respectively but DPU slipped by 5.3% due to higher estimates in finance costs and trust expenses. Target price of $1.81. MAINTAIN HOLD."
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