Broker: Lim & Tan Securities
Date of Report: 4 May 2026

Excerpt from Lim & Tan Securities report.

Report Summary

• Far East Hospitality Trust (FEHT)
  Action: Accumulate
  Target Price: S\$0.71 (22.4% upside)
  Key Highlights: Gross revenue for 1Q26 rose 11.3% YoY to S\$28.1m, driven by improved performance across all segments and the newly acquired Four Points by Sheraton Nagoya. NPI increased 3.4% YoY to S\$23.8m. Income for distribution grew 12.2% YoY, supported by lower finance expenses. Aggregate leverage remains low at 33.4%, with a lower average cost of debt at 2.3%. FEHT trades at 0.7x P/B and 6.2% dividend yield. Maintain “Accumulate” with a target price of S\$0.71.
• Parkway Life REIT (Plife REIT)
  Action: Accumulate on Weakness
  Target Price: S\$4.83 (20.1% upside)
  Key Highlights: 1Q26 distributable income rose 15.1% to S\$28.8m despite currency and tenant challenges in Japan. The REIT maintains strong balance sheet (gearing 34.2%, interest coverage 8.4x, average debt cost 1.66%, no refinancing needs until Mar 2027). Portfolio is defensive and diversified with 74 properties, long lease expiries, and high lease protection. While fundamentals and returns are robust, valuation is fair; recommend “Accumulate on Weakness” with a target price of S\$4.83.

Actionable Insights:

• FEHT: Accumulate, Target Price S\$0.71 (22.4% upside)
• Plife REIT: Accumulate on Weakness, Target Price S\$4.83 (20.1% upside)

above is an excerpt from a report by Lim & Tan Securities. Clients of Lim & Tan Securities can be the first to access the full report from the Lim & Tan Securities website : https://www.limtan.com.sg