Sasseur REIT - Performance In Line
- Sasseur REIT (SGX:CRPU) reported a 1Q22 DPU of S$0.01822, +3.6% y-o-y, reflecting a payout ratio of 90%. 1Q22 DPU was in line with our projections at 24.6% of our FY22F forecast.
- Portfolio occupancy improved q-o-q to 95.4%, a third sequential quarter of improvements, thanks to higher take-up at Chongqing Bishan, Hefei and Kunming Outlet Malls. 1Q22 portfolio outlet mall sales fell 3.6% y-o-y to RMB1,096.2m, dragged by weaker performance at Kunming and Bishan, as COVID-19 outbreaks across other China cities affected shopper traffic.
- Sasseur REIT’s aggregate leverage stood at 26.2% at end-1Q22, providing ample room to support growth. Sasseur REIT’s debt profile comprises 53% offshore loans and 47% onshore debt. An estimated 72% of its debt has been hedged with fixed rates.
- We leave our FY22-24F DPU estimates for Sasseur REIT unchanged and maintain our DDM-based target price of S$1.06 for Sasseur REIT.
Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.
LOCK Mun Yee CGS-CIMB Research | https://www.cgs-cimb.com 2022-05-12 2022-05-12
Previous report by CGS-CIMB:
2022-02-18 Sasseur REIT - Well Positioned For Inorganic Growth
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