Parkway Life REIT (PREIT SP) Initiate at Buy: Steady compounder

研报英文原文证据摘录

Parkway Life REIT (PREIT SP) Initiate at Buy: Steady compounder

10 July 2026

Parkway Life REIT (PREIT SP) EquitiesREITs

Initiate at Buy: Steady compounder Singapore

◆ Singapore’s largest healthcare SREIT with a strong track

INITIATE AT BUY

record of growing its portfolio and DPU since listing

◆ Balance sheet capacity and competitive cost of capital TARGET PRICE (SGD) PREVIOUS TARGET (SGD)

provides an edge that can accelerate inorganic growth 4.80 −

◆ Initiate at Buy with a DDM-based TP of SGD4.80 SHARE PRICE (SGD) UPSIDE/DOWNSIDE

Singapore’s largest healthcare-focused REIT. Parkway Life REIT (PREIT) has a 4.09 +17.4%

(as of 09 Jul 2026)

cSGD2.6bn portfolio diversified across Singapore hospitals and nursing homes in

Japan and France. Supported by ageing demographics and rising healthcare MARKET DATA

expenditure across the three countries, backed by lease agreements with embedded Market cap (SGDm) 2,669 Free float 67%

Market cap (USDm) 2,063 BBG PREIT SP

growth, and a management team that focuses on accretive acquisitions, PREIT has 3m ADTV (USDm) 4 RIC PWLR.SI

delivered uninterrupted distribution per unit (DPU) growth across its 18-year listing

history. With the completion of a major asset enhancement initiative (AEI) and a well FINANCIALS AND RATIOS (SGD)

Year to 12/2025a 12/2026e 12/2027e 12/2028e

capitalised balance sheet, PREIT is ideally positioned to continue delivering steady HSBC EPS 0.23 0.17 0.17 0.18

DPU growth both through organic rental growth and inorganic accretive acquisitions. HSBC EPS (prev) na na na na

Change (%) na na na na

Steady DPU compounder with upside from hospital revenue. Approximately 92% Consensus EPS 0.17 0.18 0.19 0.19

of gross revenue has contractual downside protection, while over 75% of gross PE (x) 17.5 23.7 23.5 22.9