UOBKayhian on 27 Jan 2014
FY14F DPU Yld (%): 5.1
FY15F DPU Yld (%): 5.2
Results in line with expectations. Parkway Life REIT (PLife) reported 4Q13 distributable income of S$17.0m (+4.5% yoy, +5.8% qoq) and DPU of 2.82 cents (+4.5% yoy, +6.0% qoq). Full year DPU of 10.75 cents (+4.2%) is in line with our expectation, accounting for 99.5% of our estimate. Maintain HOLD and target price of S$2.47, based on DDM (required rate of return:6.4%, terminal:1.8%). Entry price is at S$2.15.
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