Here’s why this is as good as it’s going to get for Religare Health Trust

AEIs, growing India demand are already priced in.

Though the future looks bright for Religare Health Trust (RHT) thanks to its expansion plans and exposure to the burgeoning demand for healthcare services in India, a report by DBS asserts that these attractive features are already priced in.

Further, RHT’s DPU could still face pressure from 2017 following management decision to slash distribution payout.

Looking ahead, DBS expects RHT to see decent organic growth on back of a strong outlook in the Indian healthcare sector and steady increase in average revenue per operating head.

Meanwhile, inorganic initiatives include current development projects at BG Road and Ludhiana, which add 279 beds (investment value of $48.2m) by FY17. Also, RHT has planned asset enhancement initiatives at various clinical establishments, adding 292 beds (investment value of about $20m) over FY16-17.

DBS also notes that RHT has significant debt headroom. The firm’s gearing sits at 18% as at end-March 2016, making it one of the lowest Singapore REIT/property business trust space. This allows RHT to easily shoulder its expansion plans, and/or pursue accretive acquisitions.

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