Religare Healthcare Trust

Religare Healthcare Trust: CIMB maintains Add with $0.93 TP. House brought RHT on a non-deal roadshow in KL and investors were largely positive on the growth prospects and stability of the assets. Concerns continue to stem from forex exposure. RHT trades at c.10% FY14 yield and 1.0x P/BV. Overall, maintain DPU estimates and DDM-based target price (discount rate of 11.7%). Continue rating as Add with surprise in earnings deliveries and acquisition as catalysts.