Religare Health Trust

Religare Health Trust: Value is emerging as REIT’s FY14 estimated DPU yield climbs above 9% versus SG REIT’s simple average of 6.4% in the wake of the recent sell-down. In terms of P/B, RHT trades at a relatively appealing 0.97x versus healthcare peers First REIT’s 1.45x and Parkway Life REIT’s 1.58x. In its latest FY13 results released in May, RHT’s performance was largely in line with its IPO forecasts. On prospects, Gurgaon Clinical Establishment, the largest asset within its portfolio, is now fully operational and will be a key growth driver. Management expects to further benefit from the burgeoning yet under-provided Indian healthcare industry, which offers significant opportunities for the hospital trust.