Religare Healthcare Trust (RHT)

Religare Healthcare Trust (RHT): Announced FY13 results which was largely in-line. DPU of 3.55c for the period 19 Oct12 to 31 Mar13 represented an annualized yield of 8.75% for unitholders who acquired the units at IPO. For FY13, RHT exceeded revenue expectations achieving total revenue of $49.6m, driven mainly by strong performance of the Hospital Income segment driven by higher occupancy rates at RHT’s two Operating Hospitals. The increase in revenue was offset by the increase in operating expenses, mainly due to an increase in depreciation expenses as a result of an increase in fixed assets taken over during the acquisition of RHT assets. Going forward, the trust note that Gurgaon Clinical Establishment, the largest asset within the RHT portfolio, is now fully operational and will be a key growth driver. Expects to benefit from the growing Healthcare Industry in India offering significant opportunities for the Trust and its unitholders. At current price, Religare trades at an annualized 8.75% yield and 1.1x P/B.