External broker reports(aggregated public sources), KGI Securities Singapore

KGI Securities

External broker reports(aggregated public sources)

KGI Securities Singapore

We are a pioneer Securities & Derivatives, Trading and Clearing Member of Singapore Exchange as well as a pioneer member of ICE Futures Singapore & ICE Clear Singapore. We offer our valued clients round the clock (24 hour) single-touch point for multi-asset clients and 24 hour high-touch desk for global products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Outstanding 4Q23 performance. Despite a 4.6% YoY decline in total distributable income per unit (DPU) to 6.249 Scts in FY23, the business performance showcased better-than-expected results in 4Q23.</li><li>4Q23 DPU rose 8.7% YoY to 1.415 Scts. Outlet sales in RMB rose by an impressive 84.6% YoY, with a consistent 16.2% MoM increase, driven by the outlets’ Red Festival and year-end promotions.</li><li>Amidst growing consumer caution towards domestic spending, outlet sales have witnessed a notable resurgence, benefiting from the prevailing trend of economizing on consumption in the country.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Outstanding 4Q23 performance. Despite a 4.6% YoY decline in total distributable income per unit (DPU) to 6.249 Scts in FY23, the business performance showcased better-than-expected results in 4Q23.4Q23 DPU rose 8.7% YoY to 1.415 Scts. Outlet sales in RMB rose by an impressive 84.6% YoY, with a consistent 16.2% MoM increase, driven by the outlets’ Red Festival and year-end promotions.Amidst growing consumer caution towards domestic spending, outlet sales have witnessed a notable resurgence, benefiting from the prevailing trend of economizing on consumption in the country.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sasseur REIT (SASSR SP/CRPU.SI) - REIT-Laxing Consumption

External broker reports(aggregated public sources), RHB Invest

RHB Invest

RHB Investment Bank is one of the leading capital market players in Malaysia. Supported by an award-winning research team of experienced product specialists, RHB Group Investment Banking offers a full range of investment banking products and services covering primary markets, such as advisory (corporate & debt restructuring, mergers and acquisitions, takeovers), fundraising via both equity and debt instruments, and secondary markets including securities trading for both institutional and retail clients. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>1Q23 tenant sales jumped 17.9% YoY. We expect FY23e tenant sales to rise by 25% given the re-opening in China, 18 days of closure a year ago and the shift in consumption towards bargains in outlet malls.</li><li>1Q23 DPU of 1.849 cents was highest since listing.</li><li>Stable income base guaranteed by the sponsor with 3% annual rental escalation provides a cushion 5.4% dividend yield from this fixed component alone. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

1Q23 tenant sales jumped 17.9% YoY. We expect FY23e tenant sales to rise by 25% given the re-opening in China, 18 days of closure a year ago and the shift in consumption towards bargains in outlet malls.1Q23 DPU of 1.849 cents was highest since listing.Stable income base guaranteed by the sponsor with 3% annual rental escalation provides a cushion 5.4% dividend yield from this fixed component alone. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sasseur REIT - Riding On Robust Consumption

External broker reports(aggregated public sources), UOB Kay Hian

UOB Kay Hian

Backed by the UOB Group, UOB Kay Hian is one of Asia’s largest brokerage firms. Headquartered in Singapore, we are supported by more than 80 branches worldwide including a growing network of offices across Southeast Asia, Greater China, the United Kingdom and North America. Our global footprint and strong international presence have enabled us to feel the pulse of key financial markets and deliver incisive intelligence across industry sectors and asset classes. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Sasseur REIT (SGX:CRPU) reported 1Q23 DPU of 1.849 cents (+1.5% y-o-y), which is slightly above our expectations.</li><li>Sasseur REIT retained S$0.9m in 1Q23 for working capital purposes (1Q22: S$2.5m).</li><li>Payout ratio was 96.2% in 1Q23. Sasseur REIT's rental income increased 7.7% y-o-y in 1Q23.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sasseur REIT (SGX:CRPU) reported 1Q23 DPU of 1.849 cents (+1.5% y-o-y), which is slightly above our expectations.Sasseur REIT retained S$0.9m in 1Q23 for working capital purposes (1Q22: S$2.5m).Payout ratio was 96.2% in 1Q23. Sasseur REIT's rental income increased 7.7% y-o-y in 1Q23.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sasseur REIT - 1Q23 Slightly Above Expectation

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ec-world-reit" target="_blank" data-smartkarma-citation="entities:22842" rel="noopener">EC World Reit (ECWREIT SP)</a> 2Q22 DPU -9.5% YoY; Hit by the pre-termination compensation, though top-line remains stable</li>
<li>
<a href="https://www.smartkarma.com/entities/sasseur-reit" target="_blank" data-smartkarma-citation="entities:26807" rel="noopener">Sasseur REIT (SASSR SP)</a> 2Q22 DPU -1.6% YoY; Weak performance of variable rental income though occupancy improving</li>
<li>
<a href="https://www.smartkarma.com/entities/cromwell-european-real-estate" target="_blank" data-smartkarma-citation="entities:25889" rel="noopener">Cromwell European REIT (CERT SP)</a> 1H22 DPU +2.3% YoY; Weaknesses in I&amp;L reversions, overall portfolio metrics remain stable</li>
</ul>



EC World Reit (ECWREIT SP) 2Q22 DPU -9.5% YoY; Hit by the pre-termination compensation, though top-line remains stable

Sasseur REIT (SASSR SP) 2Q22 DPU -1.6% YoY; Weak performance of variable rental income though occupancy improving

Cromwell European REIT (CERT SP) 1H22 DPU +2.3% YoY; Weaknesses in I&amp;L reversions, overall portfolio metrics remain stable


ASEAN Builder's Scoop (12Aug22) - ECWREIT Steady Top-Line Due to Master Leases

<ul><li><a href="https://www.smartkarma.com/entities/capitaland-investment-ltd-si" target="_blank" data-smartkarma-citation="entities:33774" rel="noopener">CapitaLand Investment (CLI SP)</a> 1Q22 Business Updates – FUM flat QoQ but lodging business picking up the slacks</li><li><a href="https://www.smartkarma.com/entities/sasseur-reit" target="_blank" data-smartkarma-citation="entities:26807" rel="noopener">Sasseur REIT (SASSR SP)</a> 1Q22 DPU +3.6% YoY; Weathering the storm with robust occupancy</li><li><a href="https://www.smartkarma.com/entities/bhg-retail-reit" target="_blank" data-smartkarma-citation="entities:21021" rel="noopener">BHG Retail REIT (BHGREIT SP)</a> 1Q22 Business Updates – Steady and robust occupancy</li></ul>

CapitaLand Investment (CLI SP) 1Q22 Business Updates – FUM flat QoQ but lodging business picking up the slacksSasseur REIT (SASSR SP) 1Q22 DPU +3.6% YoY; Weathering the storm with robust occupancyBHG Retail REIT (BHGREIT SP) 1Q22 Business Updates – Steady and robust occupancy

ASEAN Builder's Scoop (12May22) - CLI Flat FUM but Lodging Picking Up

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)