- Sasseur REIT (SGX:CRPU) reported a 1H24 EMA rental income of RMB329.0mil (+0.9% y-o-y), driven by a higher fixed component. Variable components of EMA rents declined by 3.6% y-o-y as underlying tenant sales saw a 3.9% y-o-y decline.
- - Read this at SGinvestors.io -
1H24 results: DPU in line with estimates.
- For the period, Sasseur REIT's DPU saw the impact of higher income retained for the period (up ~17% y-o-y to S$3.4mil), alongside a change in management base fee structure to ~20% the cash that came into effect from the start of the year. These factors made its mark on 1H24 DPU, which saw a 5.1% y-o-y decline to 3.153 cents (on a ~92% pay-out ratio for 1H24) and in line with our full year estimates at 6.22 cents.
Forex continues to bite.
- - Read this at SGinvestors.io -
- Current AEI works at Kunming – spanning from April to Aug 2024 – may have also been a contributor of slower sales in the past quarter. High occupancy rate was maintained at 97.8%.
Beneficiary of decade-low onshore rates.
- Read more at SGinvestors.io.
