PLife – Lim and Tan

• Newton Investment, the British arm of Bank of New York Mellon, has emerged as the buyer of the entire block of 56.25 mln units sold by TPG on Sept 22nd at $1.56 each.

• We are positive about this development, given that Newton Investment is known for its thematic style of investments, and also for having a reputation as one of the most vocal and active institutional investors.

• Our confidence in the healthcare reit is therefore enhanced by the extra “eyes” watching over it.

• Based on DPU of 2.09 cents for Q2, the yield is still attractive at 5.2%.

• Maintain BUY.