Parkway Life REIT

UBS raises PLife target to $1.56 from $1.46 after increasing FY10-12 EPS estimates to factor in contributions from recent $60.5m purchase of 6 nursing homes in Japan. Tips 5% earnings accretion yearly. Expects PLife to seek another round of acquisition in Japan before focusing on other markets. PLife has about $175m of debt headroom before gearing hits 40% target; gearing will rise to 32.2% from 28.5% after latest Japan acquisition. Keeps Buy call.