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Parkway Life Real Estate Investment Trust

C2PU.SI
57
REIT - Healthcare Facilities · Real Estate
Price
$4.10
+0.01 (+0.24%)
Market Cap
$2.68B
Exchange
SES
Winston Score
57
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Sep 4, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Strong
Growth
Mixed
Cash Flow
Weak
Stability
Exceptional
Valuation
Mixed
Dividends
Good

Share count rising — dilution

+7.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 605.0M (2021) → 652.7M (2025)

Winston Score History

The full picture

Parkway Life Real Estate Investment Trust (PLife REIT) is recognized as one of Asia's foremost publicly listed healthcare REITs based on its significant asset holdings. The trust's investment strategy focuses on acquiring income-generating real estate and associated assets predominantly utilized for healthcare and related services. This comprehensive mandate covers hospitals, various medical facilities, and properties supporting healthcare research, education, and the production or warehousing of pharmaceuticals, medical goods, and devices. As of December 31, 2020, PLife REIT managed a robust and geographically diversified portfolio comprising 54 properties across the Asia Pacific region, with a total valuation of approximately S$2.02 billion. Its Singaporean assets include the largest collection of strategically located private hospitals: Mount Elizabeth Hospital, Gleneagles Hospital, and Parkway East Hospital. Furthermore, its Japanese holdings encompass 50 high-quality nursing home and care facilities situated in various prefectures. The trust also possesses strata-titled units within the MOB Specialist Clinics in Kuala Lumpur, Malaysia.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-1.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+20.7% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

S$0/ year

0.0% of revenue

Research and development spending

Cash Position

Cash flow positive

S$59M cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Parkway Life Real Estate Investment Trust's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
73.9%
Premium pricing power — 73.9% gross margin
Profit after running costs
Operating Margin
66.8%
Excellent — 66.8% operating margin
Return on the money invested
ROCE
3.5%
Weak — 3.5% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
+2.6%
Nearly flat sales (+2.6% YoY)
Profit growth
EPS YoY
+94.5%
Earnings growing fast (+94.5% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
0%
Weak — only 0% of profit becomes cash
Spare cash per sale
FCF Margin
0.0%
Thin free cash flow (0.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.54
Conservative — low debt load (0.54)
Covers its interest
Interest Cover
100.00x
Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
15.9x
Fair value — P/E 15.9

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
-6.0
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
4.28%
Healthy income — 4.28% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
-3.2%
Dividend cut (-3.2% YoY) — warning sign

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