Outperform: CIMB, 01 December, 2012 (ST)
RELIGARE HEALTH TRUST
Broker: CIMB,
Recommendation: Outperform
Fair value: 95 cents
SPONSORED by Fortis Healthcare, the second-largest hospital chain by revenue in India, Religare Health Trust (RHT) will be the first Singapore-listed trust to offer unique exposure to the growing Indian health-care market.
The forward yields of 9.7 per cent to 10 per cent (for ordinary unit holders) are among the highest within the Singapore market, and are attractive against listed peers.
RHT's service fee revenues and terms are structured for stability and upside potential.
We expect catalysts from earnings delivery and execution.