Parkway Life Reit

Parkway Life Reit: CIMB maintains Outperform and $1.91 target. Returns from tour of nursing homes in Japan, impressed by quality of the assets and facilities. Tips Pway Life as key beneficiary of rapidly ageing Japanese population and implementation of the Long Term Care Insurance, which should fuel growth in the nursing homes industry. Forecasts DPU of 8.3cts for FY10E, which translates to decent 5.2% yield.