Lock Mun Yee, an analyst from CGS-CIMB, reiterated the Buy rating on Sasseur Real Estate Investment Trust (CRPU – Research Report). The associated price target is S$0.85.
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Lock Mun Yee has given his Buy rating due to a combination of factors that highlight the stability and potential growth of Sasseur Real Estate Investment Trust. The REIT’s entrusted management agreement (EMA) rental income for the first quarter of 2025 was in line with expectations, demonstrating a stable income base despite a slight dip in tenant sales. The portfolio occupancy remained robust at 98.9%, indicating strong demand for its properties.
Additionally, Sasseur REIT maintains a low gearing ratio of 25.9%, which provides financial flexibility and reduces risk. The management’s strategic refinancing efforts, including securing a green loan and optimizing funding costs, further strengthen the financial position. The REIT’s focus on the resilient outlet mall segment and potential acquisition opportunities add to its growth prospects. These factors collectively support the Buy rating, with potential re-rating catalysts including improved tenant sales and discretionary consumption in China.