- Sasseur REIT (SGX:CRPU) reported Entrusted Management Agreement (EMA) rental income of S$32.6m for 1Q24 (-1.4% y-o-y), which is in line with our expectations.
Growth from escalation of fixed component.
- - Read this at SGinvestors.io -
- In Singapore dollar terms, rental income dipped 1.4% y-o-y to S$32.6m as the renminbi depreciated 4.1% y-o-y against the Singapore dollar.
1Q23 was a high base boosted by revenge spending.
- 1Q23 was a high base boosted by pent-up demand and revenge spending after the policy U-turn with the sudden removal of all COVID-19 measures. Thus, outlet sales declined 2.6% y-o-y in 1Q24.
- Only the Hefei outlet clocked positive growth of 2.9% y-o-y for outlet sales due to contributions from new tenants after the optimisation of tenant mix.
Consumers switched to affordable domestic fashion brands and sportswear.
- - Read this at SGinvestors.io -
Portfolio occupancy improved 0.3ppt q-o-q to 97.9% in 1Q24.
- Read more at SGinvestors.io.
Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.
Jonathan KOH CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 2024-05-15
Previous report by UOB:
2024-02-26 Sasseur REIT - Benefitting From Consumption Downgrade.
Price targets by 2 other brokers at Sasseur REIT Target Prices.
Listing of research reports at Sasseur REIT Analyst Reports.
Relevant links:
Sasseur REIT Share Price History,
Sasseur REIT Announcements,
Sasseur REIT Dividends & Corporate Actions,
Sasseur REIT News Articles
