- Sasseur REIT (SGX:CRPU)'s 3Q23 results were within expectations. 9M23 rental income in S$/RMB terms was 75%/75% of our FY23e estimates. No change in Sasseur REIT’s FY23 guidance.
- - Read this at SGinvestors.io -
- Depreciation of RMB by 8.2% y-o-y and higher financing cost continue being a drag for Sasseur REIT. EMA rental income for 3Q23 in S$ terms slid by 1.5% y-o-y, and DPU decreased by 17.7% (S$2.1m one-time tax refund in 3Q22; without that, DPU would be down 9.7% y-o-y). 9M23 DPU of S$0.04834 was in line with our expectations and formed 75% of our FY23e forecast.
- - Read this at SGinvestors.io -
The Positives
3Q23 outlet sales up 15.8% (RMB 1.11bn) on the back of successful promotional events.
- Sales for Kunming increased by 25.5% q-o-q in the face of completion of tenant rebalancing.
- Chongqing Liangjiang is still the proxy of retail recovery with y-o-y improvement of 19.2% and contributing to 57.4% of total sales.
The portfolio occupancy achieved a record high of 97.9% (+0.7% y-o-y).
- Read more at SGinvestors.io.
