SGX:C2PU

Stock Analysis Report

Parkway Life Real Estate Investment Trust

Executive Summary

Parkway Life Real Estate Investment Trust (“PLife REIT”) is one of Asia’s largest listed healthcare REITs by asset size.

Snowflake

Fundamentals

Established dividend payer with proven track record.

Share Price & News

How has Parkway Life Real Estate Investment Trust's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: C2PU has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-0.3%

C2PU

0.2%

SG REITs

-0.6%

SG Market


1 Year Return

25.5%

C2PU

16.9%

SG REITs

3.8%

SG Market

Return vs Industry: C2PU exceeded the SG REITs industry which returned 16.9% over the past year.

Return vs Market: C2PU exceeded the SG Market which returned 3.8% over the past year.


Shareholder returns

C2PUIndustryMarket
7 Day-0.3%0.2%-0.6%
30 Day-0.6%-2.8%3.4%
90 Day6.9%-0.03%2.4%
1 Year31.1%25.5%24.2%16.9%8.0%3.8%
3 Year54.5%34.3%48.2%22.2%19.9%7.1%
5 Year75.3%37.1%55.8%12.1%11.6%-7.0%

Price Volatility Vs. Market

How volatile is Parkway Life Real Estate Investment Trust's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Parkway Life Real Estate Investment Trust undervalued compared to its fair value and its price relative to the market?

12.91x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: C2PU (SGD3.25) is trading above our estimate of fair value (SGD2.69)

Significantly Below Fair Value: C2PU is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: C2PU is good value based on its PE Ratio (12.9x) compared to the REITs industry average (14.1x).

PE vs Market: C2PU is good value based on its PE Ratio (12.9x) compared to the SG market (13.3x).


Price to Earnings Growth Ratio

PEG Ratio: C2PU's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: C2PU is overvalued based on its PB Ratio (1.7x) compared to the SG REITs industry average (1x).


Next Steps

Future Growth

How is Parkway Life Real Estate Investment Trust forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

-10.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: C2PU's earnings are forecast to decline over the next 3 years (-10.8% per year).

Earnings vs Market: C2PU's earnings are forecast to decline over the next 3 years (-10.8% per year).

High Growth Earnings: C2PU's earnings are forecast to decline over the next 3 years.

Revenue vs Market: C2PU's revenue (0.9% per year) is forecast to grow slower than the SG market (5.4% per year).

High Growth Revenue: C2PU's revenue (0.9% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: C2PU's Return on Equity is forecast to be low in 3 years time (7.2%).


Next Steps

Past Performance

How has Parkway Life Real Estate Investment Trust performed over the past 5 years?

8.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: C2PU has large one-off items impacting its financial results.

Growing Profit Margin: C2PU's current net profit margins (131.6%) are higher than last year (91.2%).


Past Earnings Growth Analysis

Earnings Trend: C2PU's earnings have grown by 8.1% per year over the past 5 years.

Accelerating Growth: C2PU's earnings growth over the past year (49.4%) exceeds its 5-year average (8.1% per year).

Earnings vs Industry: C2PU earnings growth over the past year (49.4%) exceeded the REITs industry 4.6%.


Return on Equity

High ROE: C2PU's Return on Equity (13.5%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Parkway Life Real Estate Investment Trust's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: C2PU has a high level of physical assets or inventory.

Debt Coverage by Assets: C2PU's debt is not covered by short term assets (assets are 0.1x debt).


Financial Institutions Analysis

Asset Level: C2PU's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if C2PU has a sufficient allowance for bad loans.

Low Risk Liabilities: C2PU reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if C2PU has an acceptable proportion of non-loan assets held.

Low Risk Deposits: C2PU has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if C2PU has an appropriate level of bad loans.


Next Steps

Dividend

What is Parkway Life Real Estate Investment Trust's current dividend yield, its reliability and sustainability?

3.96%

Current Dividend Yield


Dividend Yield vs Market

company4.0%marketbottom25%2.5%markettop25%5.5%industryaverage5.4%forecastin3Years4.1%

Current dividend yield vs market & industry

Notable Dividend: C2PU's dividend (3.96%) is higher than the bottom 25% of dividend payers in the SG market (2.5%).

High Dividend: C2PU's dividend (3.96%) is low compared to the top 25% of dividend payers in the SG market (5.52%).


Stability and Growth of Payments

Stable Dividend: C2PU's dividends per share have been stable in the past 10 years.

Growing Dividend: C2PU's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (89.6%), C2PU's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: C2PU's dividends in 3 years are forecast to be covered by earnings (97.7% payout ratio).


Next Steps

Management

What is the CEO of Parkway Life Real Estate Investment Trust's salary, the management and board of directors tenure and is there insider trading?

8.8yrs

Average management tenure


CEO

Yean Chau Yong (53yo)

10.9yrs

Tenure

0

Mr. Yean Chau Yong has been Chief Executive Officer at Parkway Trust Management Limited, the manager of Parkway Life REIT since December 2008. Mr. Yong has been Executive Director at Parkway Trust Managem ...


Management Age and Tenure

8.8yrs

Average Tenure

50yo

Average Age

Experienced Management: C2PU's management team is seasoned and experienced (8.8 years average tenure).


Board Age and Tenure

3.1yrs

Average Tenure

53.5yo

Average Age

Experienced Board: C2PU's board of directors are considered experienced (3.1 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

BuyS$1,395,22204 Oct 19
Cohen & Steers Capital Management, Inc.
EntityCompany
Shares448,600
Max PriceS$3.11
BuyS$365,04702 Oct 19
Cohen & Steers Capital Management, Inc.
EntityCompany
Shares116,900
Max PriceS$3.13
BuyS$4,547,54918 Jun 19
Cohen & Steers Capital Management, Inc.
EntityCompany
Shares1,491,000
Max PriceS$3.05
BuyS$3,934,14123 Apr 19
Cohen & Steers Capital Management, Inc.
EntityCompany
Shares1,356,600
Max PriceS$2.90
BuyS$1,050,67115 Feb 19
Cohen & Steers Capital Management, Inc.
EntityCompany
Shares373,600
Max PriceS$2.81
BuyS$2,398,36125 Jan 19
Cohen & Steers Capital Management, Inc.
EntityCompany
Shares885,200
Max PriceS$2.71

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Management Team

  • Seak Tan (51yo)

    Chief Investment Officer of Parkway Trust Management Limited

    • Tenure: 0yrs
  • Wan Mei Chan

    Joint Company Secretary of Park way Trust Management Limited

    • Tenure: 6.7yrs
  • Yean Chau Yong (53yo)

    CEO & Executive Director of Parkway Trust Management Limited

    • Tenure: 10.9yrs
  • Wayne Lee

    Assistant VP and Head of Investment & Special Project

    • Tenure: 0.6yrs
  • Hock Leong Loo (49yo)

    CFO and Head of Corporate Services & Investor Relations of Parkway Trust Management Limited

    • Tenure: 10.8yrs
  • Chin Teo

    VP & Head of Projects of Parkway Trust Management Limited

    • Tenure: 0yrs
  • Chen Yin Liu (43yo)

    Chief Portfolio Officer of Parkway Trust Management Limited

    • Tenure: 0yrs
  • Shawn Yap

    VP & Head of Asset Management of Parkway Trust Management Limited

    • Tenure: 0yrs
  • Patricia Ng

    VP & Head of Finance of Parkway Trust Management Limited

    • Tenure: 0yrs
  • Lai Chan

    Joint Company Secretary of Park way Trust Management Limited

    • Tenure: 0yrs

Board Members

  • Soon Teck Low (54yo)

    Non-Executive Director of Parkway Trust Management Limited

    • Tenure: 2.8yrs
    • Compensation: S$47.25k
  • Jennifer Lee (66yo)

    Independent Director of Parkway Trust Management Limited

    • Tenure: 3.4yrs
    • Compensation: S$73.50k
  • Yean Chau Yong (53yo)

    CEO & Executive Director of Parkway Trust Management Limited

    • Tenure: 10.9yrs
  • Rossana Binti Ahmad Rashid (53yo)

    Non-Executive Director of Parkway Trust Management Limited

    • Tenure: 4yrs
    • Compensation: S$47.25k
  • Suet Wun Lim (59yo)

    Non-Executive Director of Parkway Trust Management Limited

    • Tenure: 5.8yrs
    • Compensation: S$47.25k
  • Sui Ling Cheah (48yo)

    Independent Director of Parkway Trust Management Limited

    • Tenure: 2.6yrs
    • Compensation: S$73.50k
  • Kelvin Loh (45yo)

    Non-Executive Director at Parkway Trust Management Limited

    • Tenure: 0.8yrs
  • Kian Guan Ho (74yo)

    Chairman of Parkway Trust Management Limited

    • Tenure: 2.6yrs
    • Compensation: S$94.50k

Company Information

Parkway Life Real Estate Investment Trust's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Parkway Life Real Estate Investment Trust
  • Ticker: C2PU
  • Exchange: SGX
  • Founded: 2007
  • Industry: Health Care REITs
  • Sector: Real Estate
  • Market Cap: S$1.966b
  • Shares outstanding: 605.00m
  • Website: https://www.plifereit.com

Location

  • Parkway Life Real Estate Investment Trust
  • 80 Robinson Road, No. 02-00
  • Singapore
  • 68898
  • Singapore

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
C2PUSGX (Singapore Exchange)YesUNITSSGSGDAug 2007
3P51DB (Deutsche Boerse AG)YesUNITSDEEURAug 2007
PRKW.FOTCPK (Pink Sheets LLC)YesUNITSUSUSDAug 2007

Biography

Parkway Life Real Estate Investment Trust (“PLife REIT”) is one of Asia’s largest listed healthcare REITs by asset size. It invests in income-producing real estate and real estate related assets that are u ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/11/17 12:47
End of Day Share Price2019/11/15 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.