{"id":35676,"date":"2023-11-20T18:20:00","date_gmt":"2023-11-20T10:20:00","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=35676"},"modified":"2023-11-21T15:10:24","modified_gmt":"2023-11-21T07:10:24","slug":"company-update-sasseur-reit-sassr-sp-crpu-si-2","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/company-update-sasseur-reit-sassr-sp-crpu-si-2\/","title":{"rendered":"Company Update: Sasseur REIT (SASSR SP\/CRPU.SI)"},"content":{"rendered":"\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<p class=\"wp-block-paragraph\">Company Update: <em>20 November 202<\/em>3<\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"><strong><strong><strong>REITail Recovery<\/strong><\/strong><\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Resilient 3Q23 performance.<\/strong> Despite a 17.7% YoY decline in total distributable income per unit (DPU) to 1.512 Scts, business performance showcased steady resilience in 3Q23. Outlet sales in RMB rose by an impressive 15.9% QoQ, with a consistent 15.8% YoY increase, driven by pent-up demand and supportive local measures.<\/li><li><strong>Retail market recovery in China.<\/strong> The retail market in China experienced a robust recovery in 3Q23, supported by local authorities&#8217; measures to boost domestic consumption. A notable 18.9% YoY increase in total outlet sales in RMB marked an all-time high since its listing, fuelled by the anniversary sales and consumption-boosting initiatives.<\/li><\/ul>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<h2 class=\"has-white-color has-text-color has-background wp-block-heading\" style=\"background-color:#012169\"><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Maintain Outperform<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">We reiterate an OUTPERFORM rating on Sasseur with an upward revised target price of S$1.05 due to a lower discount rate based on rate cut expectations in 2024. Sasseur&#8217;s performance aligns with our expectations, demonstrating resilience against foreign exchange fluctuations. Potential upside catalysts include the acquisition of the Xi\u2019an and Guiyang Outlets.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"has-white-color has-text-color has-background wp-block-heading\" style=\"background-color:#012169\"><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>9M23 financials update: Forex impact and milestones<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">EMA rental income in RMB terms demonstrated a resilient 7.5% YoY growth, reaching RMB487.9mn. Unfavourable forex movements (RMB weakens against SGD) led to a 1.5% YoY decline in revenue, amounting to S$92.96mn. Despite the forex challenges, distributable income fell by 8.6% YoY to S$62.7mn in 9M23, and 9M23 DPU decreased to 4.834 Scts accordingly. 3Q23 and 9M23 RMB sales grew by respective 15.8% YoY and 18.9% YoY, showing strong outlet businesses. The overall portfolio occupancy reached a record-high of 97.9%. Chongqing Liangjiang Outlet achieved record-breaking sales in 3Q23 and 9M23. Chongqing Bishan Outlet reported a record-high occupancy of 96.3%.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"has-white-color has-text-color has-background wp-block-heading\" style=\"background-color:#012169\"><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Valuation &amp; Action<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">We maintain our OUTPERFORM rating and a higher target price of S$1.05 on Sasseur, based on DDM, with an 8.7% cost of equity and a 1.5% terminal growth rate.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"has-white-color has-text-color has-background wp-block-heading\" style=\"background-color:#012169\"><strong><strong><strong><strong><strong>Risks<\/strong><\/strong><\/strong><\/strong><\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Higher-than-expected drop in DPU if the sponsor is unable to support the 70% fixed income component. A weaker RMB is another risk factor given that 100% of sales are derived from China\u2019s retail spending.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-luminous-vivid-orange-background-color has-background\" href=\"https:\/\/www.kgieworld.sg\/securities\/resources\/ck\/files\/docs\/research\/KGI%20REPORT%20SASSEUR%20REIT_3Q23_UPDATE_2.pdf\">Read Full Report<\/a><\/div>\n<\/div>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/t.me\/kgisg\"><img fetchpriority=\"high\" decoding=\"async\" width=\"760\" height=\"208\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2021\/04\/subscribegif.gif\" alt=\"Subscribe Now\" class=\"wp-image-3937\"\/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n","protected":false},"excerpt":{"rendered":"<p>China Sunsine Chemical Holdings is a leading specialty rubber chemicals producer selling accelerators, anti-oxidant, vulcanizing agent<\/p>\n","protected":false},"author":10,"featured_media":29878,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"class_list":["post-35676","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company-reports"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" content=\"China Sunsine Chemical Holdings is a leading specialty rubber chemicals producer selling accelerators, anti-oxidant, vulcanizing agent\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"author\" content=\"Keith Tan\"\/>\n\t<meta name=\"keywords\" content=\"company 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