PLife – Lim and Tan

• We are downgrading PLife to HOLD following the expiry of the right of first refusal granted by Parkway Holdings, which is today part of IHH Healthcare.
  
• The expiry suggests:
  

  a. Mt Elizabeth Novena may not be sold to PLife;
  

  b. hope for dual listing of Plife in Malaysia may not materialize.
  

• PLife’s 5% yield, which still has upside given Singapore’s high inflation, is expected however to provide cushion.