RHT Health Trust

RHT Health Trust | Hold

Target price: 81 cents

June 14 close: 76.5 cents

Broker: CGS-CIMB, June 13

The execution of the master purchase agreement with Fortis Healthcare for the disposal of the entire asset portfolio of RHT Health Trust is still ongoing, subject to unit holders' approval at an EGM.

The final consideration for RHT's asset portfolio is 46 billion rupees (S$913 million). Based on the earlier rupee/

Singdollar exchange rate of 48.5 and taking into account repayment of RHT's external borrowings of $237.9 million and settlement of transaction costs of $15.8 million, the net proceeds would work out to be 86 cents/unit. We lower our FY19/20 DPU forecast by 10 per cent/8.5 per cent.

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