SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

CapitaLand China Trust / Equity Bottom-Up

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<strong>The FTSE ST China Index is comprised of the 15 constituents of the FTSE ST All-Share Index that either report more than 50% of revenue or more than 50% of assets to China. The FTSE ST China Index has seen net institutional and net proprietary inflows of S$181 million in the 2021 YTD. </strong><br>
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<strong>The FTSE ST China Index has also continued its gains in April, bringing the 2021 YTD total return to 18.8%, with all 15 constituents generating gains. </strong><strong>This brings the five year total return of the FTSE ST China Index to 49.8%, which compares to 45.0% for the HSCEI in SGD terms, and 32.8% for the FTSE ST All Share Index. </strong><br>
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	<li><strong>In the April MTD, Hong Leong Asia, Sunpower and Yangzijiang led the Index, with the trio averaging 16.5% gains with industries spanning engine manufacturing and building materials, green investments and shipbuilding. Yangzijiang and Hong Leong Asia have also been the strongest of the 15 constituents in the 2021 YTD. </strong></li>
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The FTSE ST China Index is comprised of the 15 constituents of the FTSE ST All-Share Index that either report more than 50% of revenue or more than 50% of assets to China. The FTSE ST China Index has seen net institutional and net proprietary inflows of S$181 million in the 2021 YTD.  
	 
	
The FTSE ST China Index has also continued its gains in April, bringing the 2021 YTD total return to 18.8%, with all 15 constituents generating gains. This brings the five year total return of the FTSE ST China Index to 49.8%, which compares to 45.0% for the HSCEI in SGD terms, and 32.8% for the FTSE ST All Share Index.  
	 
	In the April MTD, Hong Leong Asia, Sunpower and Yangzijiang led the Index, with the trio averaging 16.5% gains with industries spanning engine manufacturing and building materials, green investments and shipbuilding. Yangzijiang and Hong Leong Asia have also been the strongest of the 15 constituents in the 2021 YTD. 



SG China Index Soars 19% YTD, led by HLA, Sunpower & YZJ in April

Global Special Situations & Strategy, SR Services Ltd

David Lepper

Global Special Situations & Strategy

SR Services Ltd

SR Services provides Strategic Knowledge and Solutions services for Family Offices and Corporate Business. 

We deliver this via advisory services, strategic planning, opportunity analysis/sourcing, as well as solution implementation. 

Whilst, we create intellectual discipline and operational leverage for your projects or daily activities, our ultimate objective is to empower whilst enhancing your decision making. 

Strategic Knowledge and Solutions

Cross Asset Strategy

<p>Growth as a style has been the “norm” for years, is the “norm” about to end? The continued strategies by Central Bank’s towards a “<em>lower for longer stance around interest rates</em>”, extended the underperformance of value for most of 2020. However, with the value/growth investment style ratio at 20-year lows, we present 27 names which hold characteristics worthy of further review. </p>

Growth as a style has been the “norm” for years, is the “norm” about to end? The continued strategies by Central Bank’s towards a “lower for longer stance around interest rates”, extended the underperformance of value for most of 2020. However, with the value/growth investment style ratio at 20-year lows, we present 27 names which hold characteristics worthy of further review. 

Screening the Silk Road: Q1 2021 All Cap Screening - Free Cashflow (FCF)





Singapore stocks that recently ranked highly for Growth Factor Exposure have kept pace, and been marginally stronger than Value stock counterparts in January (through to 21 Jan). The group of 20 Growth stocks averaged a 6% gain, compared to the 20 Value stocks averaging a 5% return.  
	 
	
In 2020, from April to Oct, the 20 Growth stocks doubled the returns of the 20 Value stocks, and outpaced the STI’s partial recovery. The 20 growth stocks ranked highest in terms of 3 year sales per share and earnings per share growth with in a group of more than 100 actively traded Singapore stocks. 
	 
	The strongest of the Growth stocks in the first 13 sessions were AEM Holdings and UMS Holdings averaging a 20% gain on S$40 million of net institutional inflow, while the strongest Value stock was Golden Agri-Resources with a 23% gains on S$7 million of net institutional inflow. 

 

AEM &amp; UMS Led Growth Stock Gainers in Early 2021  
Over the first 13 sessions of 2021, Singapore’s Growth stocks have edged higher than Value stocks, with respective average gains of 6% and 5%. The 20 stocks that ranked highly for growth factor exposure in mid-2020 maintain a combined market value of S$145 billion and were recipient to S$333 million of net institutional inflow over the past 13 sessions, following S$1.15 billion of net institutional outflow in 2020.  Leading the growth stocks over the past 13 sessions have been AEM Holdings and UMS Holdings which have averaged 20% gains on net institutional flows close to S$40 million. Like the Philadelphia Semiconductor Index the two stocks have posted double digit gains in the month this far, coinciding with reports of demand for semiconductors by global car manufacturers outweighing supply. While integrated circuits and semiconductors maintain an increasingly wide field of application, the Chairman and CEO of UMS Holdings did signal potential supply constraints last year, noting the resurgence of COVID-19, trade tensions and currency volatility meant the group would stay prudent and sharpen its production efficiencies and supply chain networks to cope with the challenges ahead.  Meanwhile, the strongest of the Value stocks over the past 13 sessions were Golden Agri-Resources with a 23% gain on S$7 million of net institutional inflow. Golden Agri-Resources grew its revenue 6% YoY in its 9MFY20 (ending 30 Sep), reaching almost US$5 billion, primarily attributable to higher average selling prices. However, third-quarter revenue saw a quarter-on-quarter decrease by seven percent due to lower sales volume. While the weekly moves of the Golden Agri-Resources share price were 60% correlated to the price of Crude Palm Oil between 2016 and 2018, there was little correlation from the end of 2018 through to the end of 2020.  The company noted in November that it had continued its sustainability programmes and initiatives despite the challenging situation due to the global pandemic. As of third quarter 2020, Golden Agri-Resources had achieved over 88 percent Traceability to the Plantation for its entire palm supply chain.  
The 20 stocks that ranked highly for value factor exposure in mid-2020 maintain a combined market value of S$104 billion and were recipient to S$71 million of net institutional inflow over the past 13 sessions, following S$570 million of net institutional outflow in 2020. Proportionate to market value, the 20 Value stocks saw less net institutional outflows than the 20 Growth Stocks in 2020, while also seeing less net institutional inflow in the 2021 year to 21 January.     Factor Exposures, Common Attributes and Differences in 2020 Returns  
Of the 20 stocks that ranked highest for growth factor exposure, six of the stocks also ranked among the 20 stocks with the highest value factor exposure. These were Hong Fok Corporation, Olam International, China Everbright Holdings, China Sunsine Chemical Holdings, Sasseur REIT and Yangzijiang Shipbuilding. Of the six stocks, the latter four stocks are also constituents of the FTSE ST China Index. Hong Fok Corporation, Sasseur REIT and China Sunsine Chemical Holdings also ranked among the 10 stocks with the highest multi-Factor exposure.   
The Factor Investing in Singapore Report by Nicolas Rabener and supported by Singapore Exchange was published last year and based on all available information collected on more than 100 stocks through to 30 June 2020 (click here for full report). Factor investing is a relatively new method of grouping that looks to link past and potential performances of stocks according to common factor attributes: 
 



Value stocks typically have the most inexpensive valuations or lowest valuations in terms of a screening, which in this case  applied an equal-weight combination of price-to-book (“P/B”) and price-to-earnings (“P/E”) multiples. 

 



Growth stocks typically display earnings growth and the two growth metrics used by FactorResearch for selecting stocks with Growth Factor exposure include 3-year sales-per-share and earnings-per share growth.  
	 

As shown in the table below, the Growth stocks outpaced the Value stocks for much of the year, during the tentative recovery in April, which then extended to a partial recovery through to the end of October. During that seven months, the 20 stocks with the most growth attributes doubled the returns of the 20 Singapore stocks with the most value attributes.




			Total Returns
			
			
			31 Dec 19- 
			
			
			23 Mar- 
			
			
			30 Oct-
			
			
			6 Nov-
			
			
			2021
			
		


			23-Mar
			
			
			30-Oct
			
			
			6-Nov
			
			
			31 Dec 20
			
			
			YTD
			
		


			STI
			
			
			-30%
			
			
			12%
			
			
			6%
			
			
			11%
			
			
			5%
			
		


			iEdge S-REIT Index
			
			
			-33%
			
			
			33%
			
			
			6%
			
			
			4%
			
			
			5%
			
		


			Growth (Median)
			
			
			-33%
			
			
			21%
			
			
			3%
			
			
			8%
			
			
			5%
			
		


			Value (Median)
			
			
			-34%
			
			
			16%
			
			
			1%
			
			
			8%
			
			
			4%
			
		


			Growth (Average)
			
			
			-33%
			
			
			32%
			
			
			3%
			
			
			11%
			
			
			6%
			
		


			Value (Average)
			
			
			-33%
			
			
			17%
			
			
			1%
			
			
			11%
			
			
			5%
			
		

 Source: SGX StockFacts, Refinitiv and Bloomberg (Data as of 20 January 2021)

 

The big moves down in March, then up in November, saw little difference in the performance of the two different styles of stocks- Growth and Value.  
This meant that in Singapore and globally, Growth stocks outperformed Value stocks in 2020. However, for the first two weeks of 2021, like the last two months of 2020, there has been little difference in the performance of Growth and Value stocks in Singapore. The performances of each of the 20 Growth stocks and Value stocks are tabled below, with the first table sort by the highest growth factor exposure and the second table sort by the highest value factor exposure.




			20 Stocks that Ranked Highest for Growth Exposure  
			
			
			Code
			
			
			Mkt Cap S$M
			
			
			2020 Total Return 
			
			
			2021 Total Return to 20 Jan
			
			
			2020 Net Insti Flow S$M
			
			
			2021 YTD Net Insti Flow S$M 
			
		


			AEM Holdings
			
			
			AWX
			
			
			1129
			
			
			75%
			
			
			19%
			
			
			16.4
			
			
			24.6
			
		


			Cosco Shipping International
			
			
			F83
			
			
			661
			
			
			-15%
			
			
			5%
			
			
			-2.2
			
			
			-0.4
			
		


			BRC Asia
			
			
			BEC
			
			
			367
			
			
			3%
			
			
			6%
			
			
			1.3
			
			
			-1.3
			
		


			Dasin Retail Trust
			
			
			CEDU
			
			
			591
			
			
			-1%
			
			
			-3%
			
			
			-1.2
			
			
			-0.2
			
		


			China Everbright Water
			
			
			U9E
			
			
			672
			
			
			-25%
			
			
			4%
			
			
			-13.3
			
			
			-2.3
			
		


			GSH Corp
			
			
			BDX
			
			
			389
			
			
			-46%
			
			
			6%
			
			
			0.3
			
			
			0.0
			
		


			PropNex
			
			
			OYY
			
			
			298
			
			
			62%
			
			
			3%
			
			
			2.5
			
			
			-1.1
			
		


			Sasseur REIT
			
			
			CRPU
			
			
			983
			
			
			0%
			
			
			-1%
			
			
			-35.2
			
			
			-2.7
			
		


			Yangzijiang Shipbuilding
			
			
			BS6
			
			
			4195
			
			
			-11%
			
			
			14%
			
			
			-172.8
			
			
			43.1
			
		


			Frencken Group
			
			
			E28
			
			
			611
			
			
			47%
			
			
			8%
			
			
			9.9
			
			
			5.2
			
		


			Hong Fok Corp
			
			
			H30
			
			
			600
			
			
			-5%
			
			
			-4%
			
			
			6.1
			
			
			-1.4
			
		


			UOL Group
			
			
			U14
			
			
			6507
			
			
			-5%
			
			
			0%
			
			
			43.5
			
			
			-5.5
			
		


			Lippo Malls Indonesia Retail
			
			
			D5IU
			
			
			204
			
			
			-67%
			
			
			10%
			
			
			-14.9
			
			
			0.5
			
		


			Keppel Pacific Oak US REIT
			
			
			CMOU
			
			
			881
			
			
			-8%
			
			
			3%
			
			
			-11
			
			
			-1.8
			
		


			China Sunsine
			
			
			QES
			
			
			466
			
			
			-1%
			
			
			-3%
			
			
			-0.7
			
			
			-1.4
			
		


			DBS Group Holdings
			
			
			D05
			
			
			67297
			
			
			2%
			
			
			5%
			
			
			-605.8
			
			
			170.1
			
		


			Olam International
			
			
			O32
			
			
			5241
			
			
			-11%
			
			
			7%
			
			
			-29.8
			
			
			3.9
			
		


			Venture Corp
			
			
			V03
			
			
			5933
			
			
			25%
			
			
			5%
			
			
			168.6
			
			
			3.0
			
		


			UMS Holdings
			
			
			558
			
			
			693
			
			
			10%
			
			
			20%
			
			
			18.6
			
			
			15.0
			
		


			Oversea-Chinese Banking Corp
			
			
			O39
			
			
			47422
			
			
			-4%
			
			
			5%
			
			
			-531.8
			
			
			86.2
			
		


			Median
			
			
			 
			
			
			 
			
			
			-3%
			
			
			5%
			
			
			 
			
			
			 
			
		


			Average
			
			
			 
			
			
			 
			
			
			1%
			
			
			6%
			
			
			 
			
			
			 
			
		

 Source: SGX StockFacts, Refinitiv and Bloomberg (Data as of 20 January 2021) 
 




			20 Stocks that Ranked Highest for Value Exposure  
			
			
			Code
			
			
			Mkt Cap S$M
			
			
			2020 Total Return 
			
			
			2021 Total Return to 20 Jan
			
			
			2020 Net Insti Flow S$M
			
			
			2021 YTD Net Insti Flow S$M 
			
		


			Yanlord Land
			
			
			Z25
			
			
			2202
			
			
			-2%
			
			
			2%
			
			
			-19.4
			
			
			-9.3
			
		


			HPH Trust
			
			
			NS8U
			
			
			2597
			
			
			24%
			
			
			14%
			
			
			-3.7
			
			
			-1.7
			
		


			China Everbright
			
			
			U9E
			
			
			672
			
			
			-25%
			
			
			4%
			
			
			-13.3
			
			
			-2.3
			
		


			Hong Fok
			
			
			H30
			
			
			600
			
			
			-5%
			
			
			-4%
			
			
			6.1
			
			
			-1.4
			
		


			OUE
			
			
			LJ3
			
			
			1032
			
			
			-16%
			
			
			-3%
			
			
			1.3
			
			
			-0.3
			
		


			GuocoLand
			
			
			F17
			
			
			1952
			
			
			-19%
			
			
			8%
			
			
			-11.3
			
			
			0.1
			
		


			Frasers Property
			
			
			TQ5
			
			
			3726
			
			
			-25%
			
			
			2%
			
			
			-8.1
			
			
			-1.2
			
		


			YZJ Shipbuilding
			
			
			BS6
			
			
			4195
			
			
			-11%
			
			
			14%
			
			
			-172.8
			
			
			43.1
			
		


			China Sunsine
			
			
			QES
			
			
			466
			
			
			-1%
			
			
			-3%
			
			
			-0.7
			
			
			-1.4
			
		


			Golden Agri-Resources
			
			
			E5H
			
			
			2488
			
			
			-30%
			
			
			23%
			
			
			-9.1
			
			
			6.5
			
		


			Tianjin Zhongxin
			
			
			T14
			
			
			2295
			
			
			7%
			
			
			3%
			
			
			-10.5
			
			
			-0.6
			
		


			CapitaLand
			
			
			C31
			
			
			17812
			
			
			-9%
			
			
			5%
			
			
			-58.7
			
			
			32.2
			
		


			Asian Pay Television
			
			
			S7OU
			
			
			210
			
			
			-23%
			
			
			-3%
			
			
			-5.2
			
			
			-1.6
			
		


			Singapore Press
			
			
			T39
			
			
			1942
			
			
			-47%
			
			
			8%
			
			
			-204.8
			
			
			7.8
			
		


			BHG Retail REIT
			
			
			BMGU
			
			
			299
			
			
			-16%
			
			
			6%
			
			
			15.2
			
			
			0.0
			
		


			Jardine Matheson
			
			
			J36
			
			
			54782
			
			
			3%
			
			
			1%
			
			
			-2.2
			
			
			-0.5
			
		


			Olam International
			
			
			O32
			
			
			5241
			
			
			-11%
			
			
			7%
			
			
			-29.8
			
			
			3.9
			
		


			Oxley
			
			
			5UX
			
			
			974
			
			
			-35%
			
			
			7%
			
			
			-0.2
			
			
			0.2
			
		


			Sasseur REIT
			
			
			CRPU
			
			
			983
			
			
			0%
			
			
			-1%
			
			
			-35.2
			
			
			-2.7
			
		


			Chip Eng Seng
			
			
			C29
			
			
			345
			
			
			-24%
			
			
			0%
			
			
			-7.8
			
			
			-0.1
			
		


			Median
			
			
			 
			
			
			 
			
			
			-14%
			
			
			4%
			
			
			 
			
			
			 
			
		


			Average
			
			
			 
			
			
			 
			
			
			-13%
			
			
			5%
			
			
			 
			
			
			 
			
		

 Source: SGX StockFacts, Refinitiv and Bloomberg (Data as of 19 January 2021)

 

As noted above, the above Growth and Value stocks include three stocks that also rank among the 10 highest stocks for multifactor exposure which includes Size, Momentum, Low Volatility, Quality and Dividend Yield. Quality exposure can also be used in conjunction with value exposure in order to attempt avoiding so-called Value traps. Of the 20 stocks with the highest value exposure tabled above, seven stocks: Hong Fok Corporation, Yangzijiang Shipbuilding, China Sunsine Chemical Holdings, Tianjin Zhongxin Pharmaceutical Co, BHG Retail REIT, Jardine Matheson and Sasseur REIT also ranked among the 50 stocks with the highest quality factor exposure. 



Growth Stocks Edge Higher with Value Stocks in Early 2021

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      <img src='https://api2.sgx.com/sites/default/files/2020-10/Capture_2.PNG' alt='Sasseur REIT - CEO' />
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    <div class='content-caption'>Sasseur REIT - CEO</div>
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<p>Through his diverse career spanning more than three decades, engineer by training Anthony Ang has always tried to define success on his own terms.<br><br>
One dictum that resonates with him is the warning inherent in American Catholic monk and author Thomas Merton’s observation: “People may spend their whole lives climbing the ladder of success only to find, once they reach the top, that the ladder is leaning against the wrong wall.”<br><br>
“I wouldn’t want to try and prescribe the best definition of success, but many who have gone before have suggested that success and happiness do not generally consist of only having material wealth and status, but also of possessing the right values and goals in life,” said the CEO of the manager of SGX-listed Sasseur REIT.<br><br>
One of Ang’s role models is Austrian neurologist and psychiatrist Viktor Frankl – a Holocaust survivor and author of “Man’s Search for Meaning”, a bestseller that chronicles his experiences as a prisoner in Nazi concentration camps during World War II.<br><br>
“Frankl, one of my favourite authors, focused on the need for meaning and purpose in life – something that transcends our existence and taps the best energies within us,” he added.<br><br>
Although Ang graduated with a Bachelor of Science degree in Mechanical Engineering with First Class Honours from London’s Imperial College, he found that his interests lay elsewhere.<br><br>
“For my generation, studying engineering as a discipline was seen as the best way to unlock a great career and future, but I couldn’t envisage myself sitting at a drafting table for hours every day – I preferred a more frontline job,” he recalled.<br><br>
So in 1979, Ang began his career with Singapore’s Economic Development Board, rising up the ranks to become the Regional Director of EDB’s North America operations, during which he picked up effective policy-making and investment skills for a range of industries.<br><br>
That became a springboard for his subsequent career moves spanning a plethora of sectors: from Executive Director and Group General Manager of Armstrong Industrial Corporation running its manufacturing operations, to Senior Vice President of Vertex Management overseeing venture capital investments, and Executive Vice President of GIC Real Estate – which marked his first foray into the property sector.<br><br>
Ang, who also holds a Master of Business Administration degree from INSEAD, later went on to take up various CEO appointments within the ARA Group, including its flagship US$1.13 billion ARA Asia Dragon Fund, and Hong Kong-listed Fortune REIT.<br><br><strong>Buoyant Prospects</strong><br><br>
Ang – currently Singapore’s Non-Resident Ambassador to the Republic of Tunisia – was appointed to helm the manager of Sasseur REIT in 2017.<br><br>
“Looking back, you realise that life can change very quickly, but there’s no point worrying about what is to come,” he pointed out.<br><br>
“Instead, just do your best, be resilient – find ways around problems – and most importantly, stay positive and enjoy the journey. A belief in God can also be a positive anchor.”<br><br>
Making its trading debut on SGX Mainboard in March 2018, Sasseur REIT is the first listed retail outlet mall REIT in Asia. With an initial portfolio of four retail outlet malls located in the cities of Chongqing, Kunming and Hefei, the REIT offers investors the opportunity to invest in China’s fast-growing retail outlet mall sector.<br><br>
Some of the most popular brands in its portfolio include Coach, +39 Space (with Prada, Dior, Gucci and other Italian luxury brands), FILA, Adidas and Nike.<br><br>
Sasseur REIT is managed by Sasseur Asset Management Pte Ltd. Its Sponsor – Sasseur Cayman Holding Ltd – was founded in 1989 by Vito Xu, Chairman of both the Sponsor and the REIT manager. The Sponsor is one of the leading premium outlet mall groups in China, focused on the development and operation of retail outlet malls in the country.<br><br>
The Sponsor’s strategic shareholders are L Catterton Asia – a private equity fund partnership between L Capital of the LVMH Group and Catterton of the US – and Ping An Real Estate Co Ltd, a subsidiary of Ping An Insurance (Group) Co of China Ltd, a Fortune Global 500 enterprise.<br><br>
Through these parties, the REIT can forge strategic partnerships, as well as leverage an extensive real estate network to grow its portfolio of brands and assets.<br><br>
Last September, Sasseur REIT won Best Retail REIT (Platinum), Best CEO (Platinum) and Best Investor Relations (Gold) at the Asia Pacific Best of the Breeds REITs Awards™ 2019. Three months later, the REIT was included in FTSE EPRA NAREIT Global Emerging Index.<br><br>
Sasseur REIT has outperformed many of its Singapore REIT peers, ranking amongst the top five performers with a total return of 52% in 2019. It also emerged as the top-performing China S-REIT for the financial year ended 31 December 2019.<br><br>
One of the REIT’s key value propositions is its unique Entrusted Management Agreement (EMA) model, Ang noted. Under this lease arrangement, rental income paid to the REIT comprises a fixed component rent as well as a variable rent that is tied to the performance of underlying tenant sales.<br><br>
“This model provides a stable fixed income that grows at 3% annually, offering downside protection in unexpected situations and disruptions, such as COVID-19, which resulted in temporary closure of our outlet malls,” he said. “There is also the variable component that is pegged to sales in our outlets, offering potential income upside.”<br><br>
And Sasseur REIT has a radically different business model, Ang added. “We have a hybrid lease structure, comprising 100% sales-based leases with no fixed rental – where rental income for the outlet is collected as a percentage of sales of the branded goods tenants – as well as a combination of both sales-based and fixed rentals for some special tenants in lifestyle activities or F&amp;B.”<br><br>
“We believe that this, together with the EMA income model, sets Sasseur apart from other REITs, as they align the interests of the manager with that of our tenants and the REIT, or our unitholders.”<br><br><strong>Conspicuous Consumption </strong><br><br>
Medium to longer term growth drivers for the REIT include burgeoning demand for luxury brands from China’s mushrooming middle class, and potential acquisitions in the form of mall assets owned by the Sponsor.<br><br>
“The outlet mall business is one of the country’s fastest growing retail segments, supported by increased spending power and aspirations of middle-class Chinese consumers,” Ang said.<br><br>
China’s outlet malls are forecast to become the largest globally, exceeding that of the US by 2030, according to independent research data.<br><br>
Outlet malls also function as counter-cyclical elements in the economy, benefiting from downturns when budgets shrink and consumers seek better value-for-money bargains, he added.<br><br>
As for the potential assets that can be injected into Sasseur REIT, the Sponsor has two right-of-first-refusal (ROFR) and nine pipeline properties. These include four new mall assets located along the more affluent coastal cities of Shenzhen, Xiamen, Yangzhou and Shanghai – scheduled to open later this year and over the next few years, operated by the Sponsor.<br><br>
ROFR assets are those where the REIT has priority of choice when the Sponsor decides to sell, while pipeline assets are third-party owned but operated by the Sponsor, and become ROFR assets for the REIT if acquired by the Sponsor.<br><br>
“When you look at the REIT industry, size matters. Currently, we have S$1.6 billion worth of assets under management, and if you do not have at least S$3 billion in AUM, you’re not considered significant, so acquisitions are key to our growth,” Ang pointed out.<br><br>
“We want to make an acquisition every two to three years – this is the kind of consistency that investors look for. And it’s not a problem to acquire every other year in the future, due to the number of ROFR and pipeline assets available, and also because our Sponsor is a leader in this industry.”<br><br><strong>Lifestyle Destinations</strong><br><br>
In terms of the challenges presented by the rise of e-commerce on the outlet mall industry, Ang sees mitigated impact. “We believe our outlets have competitive advantages over e-commerce, such as non-overlapping product segments, and lower sales commissions for merchants – they pay average sales commissions of approximately 20% on e-commerce platforms, versus 10%-16% on sales as rental at our outlet malls.”<br><br>
Sasseur’s outlet malls are also designed as lifestyle destinations, enhancing the shopping activity by offering multi-faceted experiences that include playgrounds, an indoor zoo and sports concepts. “That’s how we pull in our shoppers,” he added.<br><br>
Heightened marketing, robust safety measures at the outlets, as well as enhanced customer engagement efforts by the REIT, particularly during COVID-19 closures between January and March this year, have helped its outlet malls to reopen successfully and perform strongly.<br><br>
Its four outlet malls generated combined sales of 835.7 million yuan for the second quarter ended 30 June 2020, 18.6% lower year-on-year and comparing favourably with other retail businesses hit by the pandemic.<br><br>
This figure is also 56% higher than the combined sales of 534.5 million yuan in the first quarter, underscoring the fact that business recovery is well underway across its portfolio.<br><br>
“We believe the hit from COVID-19 on our outlet business will be short-lived,” Ang said. “As the situation in China continues to improve, we expect the remaining quarters of this year to deliver stronger performances, and sales to return to pre-pandemic levels.”<br><br>
China’s retail sales rose for the first time in August since the coronavirus pandemic began, gaining 0.5% year-on-year, reversing a drop of 1.1% in July and a plunge of 20.5% in the January to February period.<br><br>
Meanwhile, what keeps the genial 65-year-old going is the satisfaction he derives from playing the role of a rainmaker – effecting real and positive change, whether at work, at play, or just interacting with those who cross his path.<br><br>
“I enjoy solving a problem, figuring something out, or doing something completely new,” he said. “Of course, this involves human relationships – people must enjoy working with you, and be able to trust you, because that’s when things happen.”<br><br>
Key principles that he has passed on to his son, 28, and daughter 29, include a strong moral code, and the capacity to learn and adapt continually. “I always tell them, don’t worry about the future and stop comparing yourself with others,” he said with a chuckle.<br><br>
“In my mind, the key to success is very simple – have a goal but do not limit yourself; have the best possible education, gather as much life experience as you can, and always look for meaning in all you do.”</p>

<p> </p>

<p><strong>Sasseur REIT</strong><br><br>
Sasseur REIT is the first retail outlet mall REIT listed in Asia. Sasseur REIT offers investors the unique opportunity to invest in the fast-growing retail outlet mall sector in the People’s Republic of China through its initial portfolio of four quality retail outlet mall assets strategically located in fast-growing cities in China, such as Chongqing, Kunming and Hefei, with a net lettable area of 312,844 square metres. The REIT is established to invest principally, directly or indirectly, in a diversified portfolio of income-producing real estate, as well as real estate-related assets, which are used primarily for retail outlet mall purposes, with an initial focus on Asia.</p>

<p>Sasseur REIT is managed by the Manager, an indirect wholly owned subsidiary of the Sponsor, Sasseur Cayman Holding Ltd. The Sponsor Group is one of the leading premium outlet groups in China, and ranked within the top 500 service companies in the country. With about 30 years of experience in art-commerce, the Sponsor Group has attained recognition in Asia as a leading outlet operator that adopts the strategic approach of integrating emotion, aesthetics, scenario planning and prudent capital management.<br><br>
The company website is: <a href="http://www.sasseurreit.com"><strong>www.sasseurreit.com</strong></a>.<br><br>
Click <a href="https://www.sgx.com/securities/equities/CRPU"><strong>here</strong> </a>for the company's StockFacts page.<br><br>
For the three months ended 30 June 2020 financial results, click <a href="http://ir.listedcompany.com/tracker.pl?type=6&amp;id=793096&amp;"><strong>here</strong></a>.</p>

<p> </p>

<p><strong>About kopi-C: the Company brew</strong></p>

<p><strong>Text: Jennifer Tan-Stanisic</strong><br><strong>Photo: Company file</strong><br><br><em>kopi-C </em>is a regular column on the SGX Research website that features C-level executives of leading companies listed on Singapore Exchange. These interviews are profiles of senior management aimed at helping investors better understand the individuals who run these corporations.<br><br>
For previous editions of <em>kopi-C: the Company brew,</em> please click <a href="http://edm.sgx.com/a/hBd-CspB86%24MfB90noBAABR54ZH/link10"><strong>here</strong></a>.  <br><br>
For more information, or if you would like your senior executives to be featured on SGX Market Dialogues, please send suggestions to <a href="///C:/Users/tanje/Desktop/Working%20Files/kopi-C/jennifer.t@sgx.com"><strong>jennifer.t@sgx.com</strong></a>.</p>
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    Sasseur REIT - CEO


Through his diverse career spanning more than three decades, engineer by training Anthony Ang has always tried to define success on his own terms.  
One dictum that resonates with him is the warning inherent in American Catholic monk and author Thomas Merton’s observation: “People may spend their whole lives climbing the ladder of success only to find, once they reach the top, that the ladder is leaning against the wrong wall.”  
“I wouldn’t want to try and prescribe the best definition of success, but many who have gone before have suggested that success and happiness do not generally consist of only having material wealth and status, but also of possessing the right values and goals in life,” said the CEO of the manager of SGX-listed Sasseur REIT.  
One of Ang’s role models is Austrian neurologist and psychiatrist Viktor Frankl – a Holocaust survivor and author of “Man’s Search for Meaning”, a bestseller that chronicles his experiences as a prisoner in Nazi concentration camps during World War II.  
“Frankl, one of my favourite authors, focused on the need for meaning and purpose in life – something that transcends our existence and taps the best energies within us,” he added.  
Although Ang graduated with a Bachelor of Science degree in Mechanical Engineering with First Class Honours from London’s Imperial College, he found that his interests lay elsewhere.  
“For my generation, studying engineering as a discipline was seen as the best way to unlock a great career and future, but I couldn’t envisage myself sitting at a drafting table for hours every day – I preferred a more frontline job,” he recalled.  
So in 1979, Ang began his career with Singapore’s Economic Development Board, rising up the ranks to become the Regional Director of EDB’s North America operations, during which he picked up effective policy-making and investment skills for a range of industries.  
That became a springboard for his subsequent career moves spanning a plethora of sectors: from Executive Director and Group General Manager of Armstrong Industrial Corporation running its manufacturing operations, to Senior Vice President of Vertex Management overseeing venture capital investments, and Executive Vice President of GIC Real Estate – which marked his first foray into the property sector.  
Ang, who also holds a Master of Business Administration degree from INSEAD, later went on to take up various CEO appointments within the ARA Group, including its flagship US$1.13 billion ARA Asia Dragon Fund, and Hong Kong-listed Fortune REIT.  Buoyant Prospects  
Ang – currently Singapore’s Non-Resident Ambassador to the Republic of Tunisia – was appointed to helm the manager of Sasseur REIT in 2017.  
“Looking back, you realise that life can change very quickly, but there’s no point worrying about what is to come,” he pointed out.  
“Instead, just do your best, be resilient – find ways around problems – and most importantly, stay positive and enjoy the journey. A belief in God can also be a positive anchor.”  
Making its trading debut on SGX Mainboard in March 2018, Sasseur REIT is the first listed retail outlet mall REIT in Asia. With an initial portfolio of four retail outlet malls located in the cities of Chongqing, Kunming and Hefei, the REIT offers investors the opportunity to invest in China’s fast-growing retail outlet mall sector.  
Some of the most popular brands in its portfolio include Coach, +39 Space (with Prada, Dior, Gucci and other Italian luxury brands), FILA, Adidas and Nike.  
Sasseur REIT is managed by Sasseur Asset Management Pte Ltd. Its Sponsor – Sasseur Cayman Holding Ltd – was founded in 1989 by Vito Xu, Chairman of both the Sponsor and the REIT manager. The Sponsor is one of the leading premium outlet mall groups in China, focused on the development and operation of retail outlet malls in the country.  
The Sponsor’s strategic shareholders are L Catterton Asia – a private equity fund partnership between L Capital of the LVMH Group and Catterton of the US – and Ping An Real Estate Co Ltd, a subsidiary of Ping An Insurance (Group) Co of China Ltd, a Fortune Global 500 enterprise.  
Through these parties, the REIT can forge strategic partnerships, as well as leverage an extensive real estate network to grow its portfolio of brands and assets.  
Last September, Sasseur REIT won Best Retail REIT (Platinum), Best CEO (Platinum) and Best Investor Relations (Gold) at the Asia Pacific Best of the Breeds REITs Awards™ 2019. Three months later, the REIT was included in FTSE EPRA NAREIT Global Emerging Index.  
Sasseur REIT has outperformed many of its Singapore REIT peers, ranking amongst the top five performers with a total return of 52% in 2019. It also emerged as the top-performing China S-REIT for the financial year ended 31 December 2019.  
One of the REIT’s key value propositions is its unique Entrusted Management Agreement (EMA) model, Ang noted. Under this lease arrangement, rental income paid to the REIT comprises a fixed component rent as well as a variable rent that is tied to the performance of underlying tenant sales.  
“This model provides a stable fixed income that grows at 3% annually, offering downside protection in unexpected situations and disruptions, such as COVID-19, which resulted in temporary closure of our outlet malls,” he said. “There is also the variable component that is pegged to sales in our outlets, offering potential income upside.”  
And Sasseur REIT has a radically different business model, Ang added. “We have a hybrid lease structure, comprising 100% sales-based leases with no fixed rental – where rental income for the outlet is collected as a percentage of sales of the branded goods tenants – as well as a combination of both sales-based and fixed rentals for some special tenants in lifestyle activities or F&amp;B.”  
“We believe that this, together with the EMA income model, sets Sasseur apart from other REITs, as they align the interests of the manager with that of our tenants and the REIT, or our unitholders.”  Conspicuous Consumption   
Medium to longer term growth drivers for the REIT include burgeoning demand for luxury brands from China’s mushrooming middle class, and potential acquisitions in the form of mall assets owned by the Sponsor.  
“The outlet mall business is one of the country’s fastest growing retail segments, supported by increased spending power and aspirations of middle-class Chinese consumers,” Ang said.  
China’s outlet malls are forecast to become the largest globally, exceeding that of the US by 2030, according to independent research data.  
Outlet malls also function as counter-cyclical elements in the economy, benefiting from downturns when budgets shrink and consumers seek better value-for-money bargains, he added.  
As for the potential assets that can be injected into Sasseur REIT, the Sponsor has two right-of-first-refusal (ROFR) and nine pipeline properties. These include four new mall assets located along the more affluent coastal cities of Shenzhen, Xiamen, Yangzhou and Shanghai – scheduled to open later this year and over the next few years, operated by the Sponsor.  
ROFR assets are those where the REIT has priority of choice when the Sponsor decides to sell, while pipeline assets are third-party owned but operated by the Sponsor, and become ROFR assets for the REIT if acquired by the Sponsor.  
“When you look at the REIT industry, size matters. Currently, we have S$1.6 billion worth of assets under management, and if you do not have at least S$3 billion in AUM, you’re not considered significant, so acquisitions are key to our growth,” Ang pointed out.  
“We want to make an acquisition every two to three years – this is the kind of consistency that investors look for. And it’s not a problem to acquire every other year in the future, due to the number of ROFR and pipeline assets available, and also because our Sponsor is a leader in this industry.”  Lifestyle Destinations  
In terms of the challenges presented by the rise of e-commerce on the outlet mall industry, Ang sees mitigated impact. “We believe our outlets have competitive advantages over e-commerce, such as non-overlapping product segments, and lower sales commissions for merchants – they pay average sales commissions of approximately 20% on e-commerce platforms, versus 10%-16% on sales as rental at our outlet malls.”  
Sasseur’s outlet malls are also designed as lifestyle destinations, enhancing the shopping activity by offering multi-faceted experiences that include playgrounds, an indoor zoo and sports concepts. “That’s how we pull in our shoppers,” he added.  
Heightened marketing, robust safety measures at the outlets, as well as enhanced customer engagement efforts by the REIT, particularly during COVID-19 closures between January and March this year, have helped its outlet malls to reopen successfully and perform strongly.  
Its four outlet malls generated combined sales of 835.7 million yuan for the second quarter ended 30 June 2020, 18.6% lower year-on-year and comparing favourably with other retail businesses hit by the pandemic.  
This figure is also 56% higher than the combined sales of 534.5 million yuan in the first quarter, underscoring the fact that business recovery is well underway across its portfolio.  
“We believe the hit from COVID-19 on our outlet business will be short-lived,” Ang said. “As the situation in China continues to improve, we expect the remaining quarters of this year to deliver stronger performances, and sales to return to pre-pandemic levels.”  
China’s retail sales rose for the first time in August since the coronavirus pandemic began, gaining 0.5% year-on-year, reversing a drop of 1.1% in July and a plunge of 20.5% in the January to February period.  
Meanwhile, what keeps the genial 65-year-old going is the satisfaction he derives from playing the role of a rainmaker – effecting real and positive change, whether at work, at play, or just interacting with those who cross his path.  
“I enjoy solving a problem, figuring something out, or doing something completely new,” he said. “Of course, this involves human relationships – people must enjoy working with you, and be able to trust you, because that’s when things happen.”  
Key principles that he has passed on to his son, 28, and daughter 29, include a strong moral code, and the capacity to learn and adapt continually. “I always tell them, don’t worry about the future and stop comparing yourself with others,” he said with a chuckle.  
“In my mind, the key to success is very simple – have a goal but do not limit yourself; have the best possible education, gather as much life experience as you can, and always look for meaning in all you do.”

 

Sasseur REIT  
Sasseur REIT is the first retail outlet mall REIT listed in Asia. Sasseur REIT offers investors the unique opportunity to invest in the fast-growing retail outlet mall sector in the People’s Republic of China through its initial portfolio of four quality retail outlet mall assets strategically located in fast-growing cities in China, such as Chongqing, Kunming and Hefei, with a net lettable area of 312,844 square metres. The REIT is established to invest principally, directly or indirectly, in a diversified portfolio of income-producing real estate, as well as real estate-related assets, which are used primarily for retail outlet mall purposes, with an initial focus on Asia.

Sasseur REIT is managed by the Manager, an indirect wholly owned subsidiary of the Sponsor, Sasseur Cayman Holding Ltd. The Sponsor Group is one of the leading premium outlet groups in China, and ranked within the top 500 service companies in the country. With about 30 years of experience in art-commerce, the Sponsor Group has attained recognition in Asia as a leading outlet operator that adopts the strategic approach of integrating emotion, aesthetics, scenario planning and prudent capital management.  
The company website is: www.sasseurreit.com.  
Click here for the company's StockFacts page.  
For the three months ended 30 June 2020 financial results, click here.

 

About kopi-C: the Company brew

Text: Jennifer Tan-Stanisic Photo: Company file  kopi-C is a regular column on the SGX Research website that features C-level executives of leading companies listed on Singapore Exchange. These interviews are profiles of senior management aimed at helping investors better understand the individuals who run these corporations.  
For previous editions of kopi-C: the Company brew, please click here.    
For more information, or if you would like your senior executives to be featured on SGX Market Dialogues, please send suggestions to jennifer.t@sgx.com.



Sasseur REIT Taps Aspirations of China’s Middle Class

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<p><em><strong>These equity research reports are not written by the SGX</strong>.&nbsp;SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.</em></p>
<p>COMPANY RESULTS</p>
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<h2>Sasseur REIT (SASSR SP)</h2>
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<h3>2Q20: Rapid Recovery In Outlet Sales</h3>
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<p>China’s success in managing the COVID-19 pandemic has sped up its economic recovery, which Sasseur was able to ride on. Sasseur’s four outlet malls achieved a strong 56% qoq recovery in sales, and we expect the growth momentum to extend into 2H20. Chinese consumers have a penchant for affordable branded goods offered by outlet malls and Sasseur is benefitting from pent-up demand and “revenge” shopping. Sasseur provides attractive 2021 distribution yield of 8.6% and trades at P/NAV of 0.9x. Maintain BUY with target price of S$0.99.</p>
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<p><strong>2Q20 RESULTS</strong></p>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/157/592/original/image_721939679111599496039809.png?1599496041" class="editor-image img-responsive" data-smartkarma-image-id="157592"></figure>
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<p><strong>RESULTS</strong></p>
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<li>Sasseur REIT reported 2Q20 DPU of 1.512 S cents (-6.0% yoy), bringing 1H20 DPU to 2.846 S cents (-12.8% yoy). 1H20 represented 46% of our 2020 DPU forecast. Results are in line with our expectations as the negative impact from the 7-week closure of outlet malls in 1Q20 was already baked into our forecast.</li>
<li><strong>Outlet sales show signs of steady recovery</strong>. Total outlet sales for the four malls were Rmb835.7m in 2Q20, which is 56.3% higher qoq and represents a swift recovery on a sequential basis. Total sales for 2Q20 was Rmb396m for Chongqing (+70.3% qoq), Rmb78.6m for Bishan (+51.5% qoq) and Rmb217.7m for Hefei (+69.6% qoq). Sasseur benefitted from pent-up demand and “revenge” shopping as the Chinese economy recovers from strict lockdowns earlier in the year.</li>
<li><strong>Portfolio occupancy remained resilient at 93.6%</strong> (-1.2ppt qoq). Occupancy for 2Q20 was 100% for Chongqing (flat qoq), 94.7% for Hefei (-0.8ppt qoq) and 97.3% for Kunming (+1.3ppt qoq). Occupancy for Bishan eased 2.3ppt qoq to 84.2% due to bunching up of lease expiry. Sasseur’s total VIP members increased by 14.1% ytd to 1.8m despite the COVID-19 pandemic.</li>
<li><strong>Variable component of EMA rental income has rebounded</strong>. Sasseur’s Entrusted Management Agreement (EMA) model provides downside protection from sales volatility as the fixed component income comprises approximately 70% of resultant rent with an annual step-up of 3%. For 2Q20, the variable component of EMA rental income increased 55.4% qoq to Rmb38.5m, reflecting the strong rebound in shopper traffic and tenant sales.</li>
<li>Sasseur REIT is maintaining its payout ratio at 100% and did not retain any cash.</li>
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<p><strong>KEY FINANCIALS</strong></p>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/157/593/original/image_318205014121599496081486.png?1599496082" class="editor-image img-responsive" data-smartkarma-image-id="157593"></figure>
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These equity research reports are not written by the SGX.&nbsp;SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.
COMPANY RESULTS




Sasseur REIT (SASSR SP)




2Q20: Rapid Recovery In Outlet Sales





China’s success in managing the COVID-19 pandemic has sped up its economic recovery, which Sasseur was able to ride on. Sasseur’s four outlet malls achieved a strong 56% qoq recovery in sales, and we expect the growth momentum to extend into 2H20. Chinese consumers have a penchant for affordable branded goods offered by outlet malls and Sasseur is benefitting from pent-up demand and “revenge” shopping. Sasseur provides attractive 2021 distribution yield of 8.6% and trades at P/NAV of 0.9x. Maintain BUY with target price of S$0.99.




2Q20 RESULTS





RESULTS





Sasseur REIT reported 2Q20 DPU of 1.512 S cents (-6.0% yoy), bringing 1H20 DPU to 2.846 S cents (-12.8% yoy). 1H20 represented 46% of our 2020 DPU forecast. Results are in line with our expectations as the negative impact from the 7-week closure of outlet malls in 1Q20 was already baked into our forecast.
Outlet sales show signs of steady recovery. Total outlet sales for the four malls were Rmb835.7m in 2Q20, which is 56.3% higher qoq and represents a swift recovery on a sequential basis. Total sales for 2Q20 was Rmb396m for Chongqing (+70.3% qoq), Rmb78.6m for Bishan (+51.5% qoq) and Rmb217.7m for Hefei (+69.6% qoq). Sasseur benefitted from pent-up demand and “revenge” shopping as the Chinese economy recovers from strict lockdowns earlier in the year.
Portfolio occupancy remained resilient at 93.6% (-1.2ppt qoq). Occupancy for 2Q20 was 100% for Chongqing (flat qoq), 94.7% for Hefei (-0.8ppt qoq) and 97.3% for Kunming (+1.3ppt qoq). Occupancy for Bishan eased 2.3ppt qoq to 84.2% due to bunching up of lease expiry. Sasseur’s total VIP members increased by 14.1% ytd to 1.8m despite the COVID-19 pandemic.
Variable component of EMA rental income has rebounded. Sasseur’s Entrusted Management Agreement (EMA) model provides downside protection from sales volatility as the fixed component income comprises approximately 70% of resultant rent with an annual step-up of 3%. For 2Q20, the variable component of EMA rental income increased 55.4% qoq to Rmb38.5m, reflecting the strong rebound in shopper traffic and tenant sales.
Sasseur REIT is maintaining its payout ratio at 100% and did not retain any cash.





KEY FINANCIALS


































Non-SGX Report: Sasseur REIT (SASSR SP): 2Q20: Rapid Recovery In Outlet Sales

Singapore

Sasseur Real Estate Investment Trust (“Sasseur REIT”) is the first outlet REIT listed in Asia. Sasseur REIT’s property portfolio comprises four outlets with an estimated appraised value of RMB 8.5 billion and net lettable area of 310,241 square metres. The outlets are strategically located in the high-growth cities of Chongqing, Hefei and Kunming in China and well-positioned to ride on the growth of the rising spending power of the Chinese middle class.

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Sasseur REIT (SASSR SP)

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Sasseur REIT Taps Aspirations of China’s Middle Class

Through his diverse career spanning more than three decades, engineer by training Anthony Ang has always tried to define...

Singapore Exchange Ltd (SGX)

Non-SGX Report: Sasseur REIT (SASSR SP): 2Q20: Rapid Recovery In Outlet Sales

These equity research reports are not written by the SGX. SGX supports the distribution of the research reports by external contributors....

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