Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-CIMB downgrades Parkway Life to 'neutral'

Reuters: Hot Stocks Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

STOCKS NEWS SINGAPORE-CIMB downgrades Parkway Life to 'neutral' Aug 31st 2012, 01:28 Thu Aug 30, 2012 9:28pm EDT CIMB Research downgraded Parkway Life Real Estate Investment Trust, which owns healthcare assets, to 'neutral' from 'outperform', citing high valuations as it trades at a premium. Units of Parkway Life were down 0.5 percent at S$1.925, and have gained 8.2 percent so far this year. "The market has rewarded the stock with a handsome defensive premium. At 30 percent premium over book and yield compression to 5 percent, we struggle to see significant upside," said CIMB. However, CIMB raised its target price to S$2.11 from S$1.96, taking into account a lower discount rate of 7 percent, and said possible acquisitions in Malaysia and Australia could be a re-rating catalyst. In Japan, the plans of Parkway Life's management to upgrade assets is a compelling strategy for long-term growth, said CIMB. To read a statement, click (Reporting by xx in Singapore; firstname.lastname.thomsonreuters.com) Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions