P-Life Reit: Kim Eng maintains buy, raising TP to $1.94 from $1.64. Highlight recent visits & meetings with management gave renewed confidence on Reit’s outlook. Notes that grp is intensifying its asset managements initiative and eyeing acquisitions in Australia & Malaysia, while Bank of New York’s recent entry as a substantial share holder at $1.56 would set a support on share price…..
Expects Reit to acquire a few more properties worth at least $200m and with recent term loans signed at low credit spread of ard 110 basis pts, grp will have no refinancing needs until FY13.
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