MARKET CAP : $659M (@ $1.09 SP)

NET TANGIBLE ASSETS (1H 18) :$0.81 PER SHARE

ADJUSTED NTA PER SHARE: $1.01 PER SHARE (includes CBRE Ellis Value of existing sites and Work in Progress)

EST. DIVIDEND YIELD : 4.5%

The main reasons we like the stock are as follows:

• Relatively good yield (4.5%) for a company  in this sector  due to higher proportion of care beds.
• Good “brownfields” development opportunities  within its existing portfolio.
• Shareholders with significant holdings will be looking to exit in the short term. This will be putting a short term cap on the share price. These funds will be able to sell their holdings one day after the company’s FY result due in July.