ParkwayHldgs

ParkwayHldgs: Msia SWF, Khazanah may re-list healthcare group Parkway Hldgs in 3-6 mths along with its other healthcare assets, Pantai Hospitals and Msia’s Intl Medical University. The new co Parkway Pantai Ltd (PPL) will hold a 36% stake in Parkway Life REIT as well. The assets were transferred from Khazanah vehicle Integrated Healthcare Hldgs, which itself was valued at more than $4.5b from a sale of a 30% stake to Nomura recently…

Khazanah is expected to continue to hold a 50% stake in PPL and PPL is expected to be valued at over $5.0b with a probable 20% being offered in the IPO. Previously, Parkway was acquired by Integrated Healthcare at $3.95 per share for a total of $3.5b, with the acq completed in 23 Nov…

Counters which may see a boost if the IPO goes well include, Qualitas trading at approx 13.2x current P/E and Raffles Medical at 26-27x current P/E. Parkway itself was delisted at annualized P/E of 35.2x.