Equity Snap: Parkway Life REIT (PREIT SP): Buy: 1H26 demonstrated steady growth

研报英文原文证据摘录

Equity Snap: Parkway Life REIT (PREIT SP): Buy: 1H26 demonstrated steady growth

4 August 2026

Equity Snap: Parkway Life REIT Equities REITs

(PREIT SP)

Buy: 1H26 demonstrated steady growth Singapore

◆ 1H26 results in line; September board meeting to set Joy Wang*

strategic direction for the next phase of growth HeadThe Hongkongof ASEANandEquityShanghaiResearchBankingandCorporationASEAN Property

Limited, Singapore Branch

joy.wang@hsbc.com.sg

Parkway Life REIT (PREIT SP, SGD4.22, Buy, TP SGD4.80) +65 6658 0606

(Priced as of 03 Aug 2026) Danelle Teo*

Associate, ASEAN Equity Research

1H26 results in line with DPU increasing 14.6% y/y to SGD8.77c, forming 49% of The Hongkong and Shanghai Banking Corporation

HSBC FY26e of SGD17.86c, and 50% of consensus of SGD17.6c. DPU increased Limited, Singapore Branch danelle.t.y.teo@hsbc.com.sg

due to higher rental contributions from SG hospitals due to annual rent review +65 66585497

formula and step-up lease agreements and absence of tax provision from France Gokulapriyan V*

Associate

portfolio. 1H26 NPI stood at SGD72.4m, 50% of HSBC FY26e of SGD145m, and Bangalore

53% of consensus at SGD136.4m. In 2Q, Singapore and France occupancy

remained stable at 100% while Japan improved to 94.3% (from 93% last quarter). * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

Average cost of debt also remained stable at 1.67% (from 1.66% last quarter) and not registered/ qualified pursuant to FINRA regulations

management guides for an increase of no more than c5bps for FY26. Gearing

dropped to 33.8% (from 34.2% last quarter) due to yen depreciation. NAV was

SGD2.57/unit, translating to P/B of 1.64x. The stock will trade ex-dividend on

12 August 2026.

Good Q1 hospital performance triggered additional rental uplift. The portfolio