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Parkway Life Real Estate Investment Trust (C2PU) Fair Value & Analysis

Real Estate · SG · Market cap 2.7B SGD

PL Parkway Life Real Estate Investment Trust C2PU · SG
Price4.10 SGD
Fair Value1.99 SGD
Upside-51.5%
Quality53/100
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Expensive Growth
Highly profitable · 103.3% net margin
Low debt · generates free cash flow
Mixed vs. peers (8/15)
Evidence: High Range 1.17 SGD – 2.81 SGD Share as image

Fair value as of: Aug 13, 2026

From 16 valuation models · updated 4 days ago

Share price −1.4% over the past month.

A solid business, but screening 51% overvalued on our models.

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What matters now

  • The price sits above even our optimistic bull case (2.81 SGD). The favourable scenario is already priced in.
  • Solid but not exceptional quality (53/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (1.17 SGD to 2.81 SGD) leaves room in how you read the outcome.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (5 years)

4.44 SGD 3.03 SGD Fair Value 1.99 SGD May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 3.03 SGD – 4.44 SGD · fair‑value band 1.17 SGD – 2.81 SGD · the 4.10 SGD price screens above the 1.99 SGD fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Parkway Life Real Estate Investment Trust (C2PU) currently trades at 4.10 SGD, while our model-based Fair Value estimate is 1.99 SGD, implying the stock looks roughly 51.5% overvalued today. The Quality Score stands at 53/100 (solid quality), in the Real Estate sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Trailing-twelve-month revenue stands at 155M SGD. Revenue declined 2.1% year over year. It earns a return on equity of 10.0%. Net debt stands at 836M SGD. Fundamentals as of Aug 13, 2026

Our scenario range runs from 1.17 SGD (bear case) to 2.81 SGD (bull case); at 4.10 SGD, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 6% below its 52-week high and 7% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -49% fair-value upside, at -51%, C2PU screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF 0.1000 SGD 80
Residual Income 2.17 SGD 2.36 SGD 2.99 SGD 76
Rev-Margin DCF 0.4600 SGD 1.08 SGD 74
All 16 models by family
DCF Models
FCF DCF 0.1600 SGD 38
5Y Revenue Exit 0.4600 SGD 1.19 SGD 39
5Y EBITDA Exit 0.5400 SGD 1.66 SGD 2.93 SGD 41
10Y Revenue Exit 0.2000 SGD 0.8300 SGD 36
10Y EBITDA Exit 0.1500 SGD 1.00 SGD 2.09 SGD 37
Dividend Discount
Gordon GGM 0.8800 SGD 1.68 SGD 2.66 SGD 70
DDM Multi-Stage 0.8800 SGD 1.33 SGD 1.79 SGD 61
Multiples
P/S Multiple 1.16 SGD 1.55 SGD 1.94 SGD 58
P/B Multiple 2.98 SGD 3.98 SGD 4.97 SGD 55
EV/EBIT 2.15 SGD 3.21 SGD 4.27 SGD 53
EV/EBITDA 1.43 SGD 2.25 SGD 3.06 SGD 54
EV/Revenue 0.1500 SGD 0.6500 SGD 1.15 SGD 43
Asset-Based
NCAV (Graham) 1.28 SGD 1.71 SGD 2.56 SGD 50
Growth DCF
Growth DCF 0.1000 SGD 80
Rev-Margin DCF 0.4600 SGD 1.08 SGD 74
Economic Profit
Residual Income 2.17 SGD 2.36 SGD 2.99 SGD 76

Widest divergence: Economic Profit (2.36 SGD) versus DCF Models (0.4600 SGD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 155M SGD
Revenue growth (YoY) -2.1%
Net margin 103%
Return on equity 10.0%
Free cash flow 36.1M SGD FY2025
P/E ratio 17.8
More key figures
Operating margin 80.9%
EPS (TTM) 0.2300 SGD
EPS growth (YoY) +206%
Net debt 836M SGD FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 53/100

Of which business quality 52 · Market factors (momentum, volatility) 60

Profitability 39
Margins and returns on capital today
Quality Growth 43
Are margins and returns improving?
Cashflow 52
Earnings quality: real cash, not paper profit
Fin. Strength 60
Balance sheet, leverage, solvency risk
Investment 50
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 43
Price trend over the last 3–12 months (market factor)
52W Momentum 43
Distance to the 52-week high (market factor)
Net Issuance 69
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Parkway Life Real Estate Investment Trust is a unit trust constituted pursuant to the trust deed (as amended) (the Trust Deed) between Parkway Trust Management Limited (the Manager) and HSBC Institutional Trust Services (Singapore) Limited (the Trustee).

Full company description

Parkway Life Real Estate Investment Trust is a unit trust constituted pursuant to the trust deed (as amended) (the Trust Deed) between Parkway Trust Management Limited (the Manager) and HSBC Institutional Trust Services (Singapore) Limited (the Trustee). On 12 July 2007, the Trust was declared as an authorized unit trust scheme under the Trustees Act, Chapter 337. The Trustee is under a duty to take into custody and hold the assets of the Trust and its subsidiaries (the Group) in trust for the holders (Unitholders) of units in the Trust. On 23 August 2007, the Trust was admitted to the Official List of the Singapore Exchange Securities Trading Limited and was included under the Central Provident Fund Investment Scheme on the same date. The principal activity of the Trust is to invest primarily in income-producing real estate and/or real estate-related assets in the Asia-Pacific region (including Singapore) that are used primarily for healthcare and/or healthcare-related purposes (including but not limited to, hospitals, healthcare facilities and real estate and/or real estate assets used in connection with healthcare research, education, and the manufacture or storage of drugs, medicine and other healthcare goods and devices), whether wholly or partially owned, and whether directly or indirectly held through the ownership of special purpose vehicles whose primary purpose is to own such real estate. Parkway Life Real Estate Investment Trust is domiciled in Singapore and was established on July 07, 2007.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Parkway Life Real Estate Investment Trust reported revenue of 156M SGD in FY2025 versus 121M SGD in FY2021, a compound +6.6%/yr. Reported net income was 153M SGD in FY2025, compounding −17.6%/yr from FY2021.

Growth Quality 53/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
156M SGD
Latest YoY
+7.7%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+6.3%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+5.2%
Avg. growth/yr (12Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.3%
Revenue +6.6%/yr
FY21 121M SGD
FY22 130M SGD
FY23 147M SGD
FY24 145M SGD
FY25 156M SGD
Net income −17.6%/yr
FY21 332M SGD
FY22 41.1M SGD
FY23 100M SGD
FY24 95.0M SGD
FY25 153M SGD

C2PU screens 51% overvalued. Compare with Welltower Inc →

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Cite: Fair Value Calculator (2026). "Parkway Life Real Estate Investment Trust Fair Value". https://www.fairvalue-calculator.com/stock/C2PU

Peer Group

REIT - Healthcare Facilities · 26 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 53 · Above median
Fair Value upside −52% · Bottom 25%
Return on equity (TTM) 10% · Top 25%
Return on assets 3% · Above median
Net margin (TTM) 103% · Top 25%
Operating margin (TTM) 81% · Top 25%
Revenue growth -2% · Bottom 25%
Dividend yield (TTM) 2.4% · Bottom 25%
Debt / equity 0.43× · Lower than median

Valuation Multiples vs REIT - Healthcare Facilities median · lower = cheaper

P/E (TTM) 17.8× · Cheaper than median
P/B 1.25× · Cheaper than median
P/S (TTM) 13.47× · Pricier than 75% of peers
P/FCF 58.0× · Pricier than 75% of peers
EV/EBITDA 50.9× · Pricier than 75% of peers
PEG 4.93× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 0
FUTURE 0 · sector 30
PAST 40 · sector 22
HEALTH 79 · sector 73
DIVIDEND 49 · sector 100

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more REIT - Healthcare Facilities stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Welltower Inc WELL $230.27 $41.85 -82%
Ventas, Inc VTR $89.01 $17.91 -80%
Omega Healthcare Investors, Inc OHI $45.87 $33.54 -27%
Healthpeak Properties, Inc DOC $20.66 $6.95 -66%
American Healthcare REIT, Inc AHR $52.59 $10.94 -79%
CareTrust REIT, Inc CTRE $39.16 $22.79 -42%
Healthcare Realty Trust Incorporated HR $19.21 $20.60 +7%
Aedifica NV AED €68.10 €34.97 -49%
Chartwell Retirement Residences CSHUN C$21.17 C$3.49 -84%
Sabra Health Care REIT, Inc SBRA $20.19 $10.49 -48%

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Frequently asked questions

Is Parkway Life Real Estate Investment Trust (C2PU) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 1.99 SGD versus a price of 4.10 SGD, about −51% (overvalued).
What is the fair value of C2PU?
Our model-based fair value for Parkway Life Real Estate Investment Trust is 1.99 SGD (as of Aug 13, 2026), built from audited fundamentals. The current price is 4.10 SGD.
What is the quality score of C2PU?
Parkway Life Real Estate Investment Trust has a Quality Score of 53/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Parkway Life Real Estate Investment Trust (C2PU)?
Parkway Life Real Estate Investment Trust reported trailing-twelve-month revenue of about 155M SGD (latest available figure, as of Aug 13, 2026).
What is the net profit margin of C2PU?
The net profit margin of Parkway Life Real Estate Investment Trust is about 103.3%, meaning it keeps roughly 103.3% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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