- Sasseur REIT’s EMA rental income remained stable, rising 0.9% y-o-y in RMB terms to RMB664.1mil, driven by a 3.0% y-o-y increase in the fixed component, which offset a ~4% decline in the variable component, in line with a 3.9% drop in outlet sales.
FY24 results in line with DBS estimates.
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- Consequentially, full-year Sasseur REIT's DPU declined 2.7% y-o-y to 6.082 cents, which is marginally ahead of our full-year estimates of 5.96 cents but below consensus estimates.
Occupancy soars to a record high.
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- Full-year tenant sales (-3.9% y-o-y) were saved by a strong recovery in 4Q24, with a ~5% increase in local currency terms, which offset some of the sales weakness in 3Q associated with adverse weather conditions in Chongqing and Hefei that affected three out of four of Sasseur REIT’s outlet malls.
- Year-end valuation was stable with a 1% decline in local currency terms, and flat on an S$ basis. This factors in a larger ~6% y-o-y decline in valuations at Bishan outlet mall, where valuers revised down cash flow growth assumptions at the asset.
Leaving no stone unturned to strengthen capital management.
- Read more at SGinvestors.io.
