Parkway Life REIT

Parkway Life REIT: DBSV maintains Buy, raises target to $1.84 from $ 1.59. Lifts DPU forecasts by 5% to derive FY10-11E yields of 5.2%, 6% respectively. Believes opportunities for investment in Japan, Msia continue to be strong. Estimates $200m acquisitions for FY11F, which should continue to fuel growth. Expects funding to be part equity, part debt, thus maintaining gearing slack for opportunistic purchases. Says asset enhancement opportunities in Japan, Spore could also supplement growth.