P-life Reit

P-life Reit: OSK maintain Neutral, TP $2.46. Key takeaways from SReit conference are: 1) ceteris paribus, DPU would continue to rise, due to its lease structures that have downside protection; 2) PREIT will continue to look for acquisitions in the region, with more focus on Japan; 3) balance sheet remains healthy, with gearing at 33%. House continue to like PREIT for its stable DPU growth and defensive nature. However, think its prospects and resilience has been priced in.