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SG : Parkway Life REIT - Coming into its own

The potential renewal of Singapore hospitals’ master lease agreement (MLA) is a catalyst for share price outperformance. We anticipate DPU CAGR of 4.8% over FY20-23F post MLA renewal, not including any potential future inorganic growth exercises. Upgrade to Add with a higher DDM-based TP of S$4.80.


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