Wednesday, August 14, 2013

Religare Health Trust

Religare Health Trust: 1QFY14 Distributable income grew 5.6% y/y to $11.3m on the back of a 1% y/y increase in gross revenue to $28m. DPU of 2¢ was in line with expectations, whereas revenue was slightly higher than expected due to a lower FX rate than projected. NAV per unit declined 8% to $0.834 while the stock trades at P/B of 1.0x. The group remains positive on achieving its projected DPU of 8.17¢ for FYMar14, implying a distribution yield of 9.5% based on the last closing price of $0.86.

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