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Sasseur REIT Latest News
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Jamesbond007
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13-Oct-2018 14:31
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Avoid this counter at all cost. Too risky. | |||||||||||||||||||||
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hfjdhy
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12-Oct-2018 09:35
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You are here trumpeting while Substantial Shareholder exited
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camry8151
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11-Oct-2018 09:49
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Luxury shoppers in China still buying bags, but not BMWsSYDNEY &bull China' s luxury shoppers may be shunning pricey cars, but they are still finding an appetite for handbags and champagne as the trade war plays out unevenly across the country' s high-end retailing landscape. Report cards from LVMH, home of Louis Vuitton leather goods and Dom Perignon champagne, as well as casino operators in Macau offer signs that the trade fight with the US and the accompanying economic slowdown are not entirely derailing the China-led boom in top-end retail. That is helping to offset gloomier scenarios in BMW and Mercedes showrooms and luxury real estate offices. French giant LVMH said on Tuesday that its luxury retailer DFS performed especially well at the key Chinese tourist destinations of Hong Kong and the gambling enclave of Macau, while the company' s wines and spirits business " grew rapidly" in China, too. Across the world, " all geographical areas progressed well" , LVMH said as it reported a 10 per cent jump in third-quarter sales. The economic stand-off between the US and China escalated last month when President Donald Trump slapped a 10 per cent duty on US$200 billion (S$276 billion) of Chinese imports including handbags, and said the levy will jump to 25 per cent next year. China said it would retaliate with levies on US$60 billion worth of US goods. As retailers pass on the duties to consumers, the tit-for-tat spat has raised concerns that shoppers would rein in spending. Chinese consumers make up the lion' s share of growth for the luxury business as an increasing number of families cross the income threshold to become affluent. Relief also showed up in Macau during the Golden Week holiday. Chinese tourist arrivals in the world' s largest gaming centre for the period that ended Sunday jumped 14 per cent from a year earlier. High rollers bet 10 per cent more in the first six days of this month than in the same period last year, according to Morgan Stanley. Still, the casinos' robust performance is not wiping out analyst concerns that the industry will grow at a slower pace in the next few months amid a weakening macro economy in China. Other sectors of the luxury market were not so fortunate during Golden Week. While the holiday is typically a buoyant period for new home sales, transactions this year were the lowest since at least 2014, according to China Securities. Chinese households are also baulking at committing to other big-ticket items. Jaguar Land Rover, the British marquee brand owned by Tata Motors, reported sales in China slumped 46 per cent last month. Fashion is holding up better. Chow Tai Fook Jewellery Group, the world' s biggest jewellery retailer by revenue, notched double-digit sales growth in mainland China and Hong Kong for the three months ended June. Chinese demand is " intact" , said senior analyst Deborah Aitken at Bloomberg Intelligence in London. " LVMH is the first to confirm Asian markets are buoyant." BLOOMBERG https://www.bloomberg.com/news/articles/2018-10-10/luxury-shoppers-in-china-are-still-buying-bags-but-not-bmws https://www.straitstimes.com/business/economy/luxury-shoppers-in-china-still-buying-bags-but-not-bmws-0 |
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camry8151
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11-Oct-2018 09:44
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Sharing a piece of old news, but would like to draw attention to the highlighted parts...Potential lawsuit a negative for Sasseur REIT but indemnity safeguards in placeSINGAPORE (Sept 27): A subsidiary of Sasseur REIT&rsquo s manager is facing a potential lawsuit due to a dispute between its sponsor and a building contractor. Sasseur REIT announced last evening that Hefei Sasseur Commercial Management Co has received notice legal action from Zhongjian Sanju No.2 Construction Engineering Co in China. The dispute arose out of a disagreement between the sponsor Sasseur Cayman Holding and ZS2 over the final construction sum payable for the Sasseur (Hefei) outlets, which was completed in May 2016. ZS2 is claiming a sum of RMB 148.4 million ($29.6 million) plus legal costs. ZS2 has sought and obtained interim orders from the court to freeze some of the bank accounts of Sasseur Hefei although the latter has successfully applied to the same courts to lift the freeze on the key bank accounts. Sasseur REIT&rsquo s manager believes there will not be any disruptions to the operations of Sasseur Hefei and Hefei outlets. Sponsor Sasseur Cayman is also adamant the ZS2 claims are baseless and without merit, and will vigorously defend the case. In the sale and purchase agreement for the acquisition of Hefei outlets, the sponsor did undertake to indemnify the manager against claims such as construction payables that were not payable for in the SPA. &ldquo An amount of RMB117.5 million was provided for in respect of the construction payables incurred by ZS2, the claim of RMB148.4 million is RMB30.9 million over the amount provided for in the SPA, which we believe will be indemnified by the sponsor,&rdquo says the manager of Sasseur REIT. In a Thursday flash note, DBS Group Research says the legal action arising from a dispute is &ldquo unfortunate&rdquo but notes that the manager has been &ldquo fast in addressing any potential disruptions&rdquo . &ldquo As such, as the bank accounts at Sasseur Hefei have been unfrozen,&rdquo says lead analyst Derek Tan, &ldquo and daily operations should continue without any material disruptions.&rdquo In addition, if the REIT is indemnified from the RMB30.9 million in claims, there will &ldquo not be material impact to the distributions to the REIT&rdquo , adds Tan. As Hefei mall contribute close to 25%-28% of Sasseur REIT&rsquo s cash revenues over FY18F-19F, any potential disruption to cashflows and the ability for the onshore entities to pay tenants and repatriate monies back to unitholders to be declared as distributions in Singapore, will not be viewed positively by investors. &ldquo Newly listed, with a short operating history and looking to mint a track record of solid performance to investors, we believe that the timing of this news might dent investor confidence in the near term,&rdquo says Tan. That said, he believes there should be ample safeguards in place to prevent any impact to distributions. Year to date, units in Sasseur REIT are down 11% to 72 cents. https://www.theedgesingapore.com/potential-lawsuit-negative-sasseur-reit-indemnity-safeguards-place |
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Jamesbond007
Veteran |
29-Sep-2018 09:20
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S-chip. | |||||||||||||||||||||
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Jamesbond007
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28-Sep-2018 21:49
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Beware of what you are getting into. Time will tell. | |||||||||||||||||||||
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laksaman57
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28-Sep-2018 19:06
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https://www.theedgesingapore.com/potential-lawsuit-negative-sasseur-reit-indemnity-safeguards-place | |||||||||||||||||||||
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hfjdhy
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25-Sep-2018 22:25
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Conveniently missed the latest Ligitation Announcement
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camry8151
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21-Sep-2018 17:03
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超 级 奥 莱 风 暴 席 卷 全 国 ， 砂 之 船 周 年 庆 业 绩 屡 创 新 高 ！http://biz.ifeng.com/a/20180917/45171207_0.shtml?from=timeline |
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camry8151
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20-Sep-2018 10:36
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This article by NextInsight chronicles recent visit by several analysts, investors and NextInsight to Sasseur' s outlet malls in Chongqing, Bishan, Hefei, and Nanjing on a multi-city hop (4 cities in 4 days) by high-speed rail, air and road. https://www.nextinsight.net/story-archive-mainmenu-60/940-2018/12442-sasseur-reit-aha-now-you-get-to-see-what-a-big-chinese-shopping-crowd-is |
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camry8151
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19-Sep-2018 20:00
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Chongqing Outlets&rsquo first-day anniversary sales sets new national record for outlet mall&rsquo s one day sales in China
Chongqing Outlets has one of the strongest international brands offering in Chongqing. Comprising a net lettable area (&ldquo NLA&rdquo ) of 50,885 sqm, it has 408 stores with approximately 600 brands. Occupancy rate was 98.6% as at 30 June 2018. Chongqing Outlets is also strategically located in the northeast of Chongqing City, one of the largest, fastest growing and prosperous cities in China. It is well positioned at a mere 7km from the Guanyinqiao retail hub, 20km from the Jiefangbei retail hub, 10km from Chongqing Jiangbei International Airport, and easily accessible via two Chongqing Rail Transit Line stations. Since commencing operations in 2008, middle- and upper-class consumers with higher disposable income have been its primary target customers and Chongqing Outlets has been very successful in attracting this group of customers with its unique experiential shopping business model. Mr. Anthony Ang, Chief Executive Officer of Sasseur REIT manager said, &ldquo The stellar performance of our portfolio outlets will position Sasseur REIT very well in terms of stonger EMA rental income and distributable income contribution. The Sasseur REIT Outlets all benefit from having a first-mover advantage, less competition, lower land costs and greater local government support in targeting second and third-tier cities with sizeable and growing middleclass population and high GDP growth. With our Bishan, Hefei and Kunming Outlets still relatively young and fast-growing in sales, we foresee tremendous potential for the REIT&rsquo s initial portfolio to deliver sustainable growth to unitholders.&rdquo http://investor.sasseurreit.com/newsroom/20180919_190957_CRPU_WBT4KCAW808IR67Q.1.pdf https://mp.weixin.qq.com/s?__biz=MzAxNDMyODIyNQ==& mid=2652103496& idx=1& sn=52d7bcaceff093c9e18b9d01013fd077& chksm=80724b86b705c290ed5cf02f32ebf80842d08c972fd396c2fd48d1500661581f1afc38f2ec15& mpshare=1& scene=1& srcid=0915yiAzUwFePSUKQ50DwIdu& pass_ticket=yT58K%2BsbU9Uz1CqEYuDoWNOyBHlJgtTz8bCV1xmmC7e2DKncHHH2gZQf1L7%2Ftwpr#rd |
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camry8151
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18-Sep-2018 11:42
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DBS Group Research initiated coverage on Sasseur REIT! Rating: BUY Target Price: S$0.91 (28% upside) Summary:
Sasseur REIT (SASSR) is the first S-REIT with exposure to the fast growing Chinese outlet mall industry which is projected to grow at a CAGR of 24% between 2016-2021. Its initial portfolio consists of four outlet malls located in Chongqing, Bishan, Hefei and Kunming. Thus far, tenant sales for the malls have exceeded IPO forecasts, growing at 13-136% y-o-y in RMB terms and we project overall portfolio tenant sales to increase by 16-24% p.a. over the next two years.
SASSR has a unique model via the Entrusted Management Agreement (EMA) with its Sponsor. Under the EMA, 70% of the group&rsquo s revenues are fixed, growing at 3% per annum providing the REIT with downside protection. The remaining 30% of revenues is pegged to 4-5% of a property&rsquo s tenant sales which provides leverage to the success of the mall. Furthermore, all operating costs for the mall are borne by the Sponsor, with the Sponsor guaranteeing a minimum revenue for at least two years should the REIT not hit its IPO forecasts.
SASSR&rsquo s Sponsor has extended the right of first refusal (ROFR) over two properties and three pipeline properties which would triple the REIT&rsquo s gross floor area (GFA). With gearing at 33-34%, the SASSR is well positioned to execute its inorganic strategy, providing upside risk to our estimates. |
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camry8151
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18-Sep-2018 11:39
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Sasseur REIT participated in the SGX-SAC Small/Mid Cap Corporate Access Symposium.
Sasseur REIT offers investors exposure to the fastest growing retail segment in China that of outlet mall industry. This segment, bolstered by the growing middle class in China, is set to expand at 25% annually for the next 5 years to approximately RMB 640 billion by 2030 (largest in the world ahead of the US). Additionally, Sasseur REIT offers investors security as an investment in a REIT listed on the mainboard of the SGX, given the stringent compliances imposed by SGX to ensure a high standard of corporate governance of companies listed on the exchange. The presence of an experienced management team, comprising Singaporean veterans in the REITs space then, further bolsters Sasseur REIT&rsquo s attractiveness as a safe haven investment. This, coupled with Sasseur REIT&rsquo s attractive dividend yield of 8.4% based on its 30 June 2018 closing price of S$0.73, makes it a solid investment pick for potential investors. http://investor.sasseurreit.com/newsroom/20180917_182754_CRPU_OW7JJDHFAZXBTBY9.1.pdf |
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camry8151
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17-Sep-2018 11:30
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The resilience of outlet malls in ChinaONLINE shopping may be changing the physical retail landscape and affecting traditional mall operators. But one segment of the industry seems to remain unfazed - outlet malls. In March this year, Sasseur real estate investment trust (Reit) made its debut on the Singapore bourse at 80.5 Singapore cents apiece, slightly above its offer price of 80 Singapore cents. As the first outlet mall Reit to be listed in Asia, Sasseur' s S$396 million initial public offering (IPO) has made it one of the highest IPO listings in recent times. Asked how the physical retail space in China has been impacted by e-commerce, chief executive of Sasseur Reit Anthony Ang notes that he is " not too concerned" , as the outlet mall industry in China is still poised for growth. " The perspective is that people think e-commerce takes over everything. But e-commerce only covers about 17 per cent of retail in China. There' s still 83 per cent more out there, and outlet is one of them," Mr Ang says. He adds that China' s outlet mall industry has been growing at a steady rate of about 30 per cent year on year over the past five years, with the sector projected to grow at 24 per cent per annum over the next three years, according to an independent market research by China Insights Consultancy. In fact, the study notes that by 2030, China is expected to become the world' s largest outlet mall market by sales revenue, outstripping even the US. Interestingly, two of Sasseur Reit' s cornerstone investors - Chinese Internet giant JD.com, and Nasdaq-listed branded goods platform Secoo Holdings - are companies in the e-commerce space themselves. As Mr Ang points out, the merging of both offline and online tools in today' s retail environment is becoming increasingly common, and while the firm has a physical presence from its portfolio malls, it also leverages on technology to promote the brand, and collect data on consumer preferences. To illustrate, half of the sales from its malls come from its 1.2 million VIP members, and social media is used to not only create buzz, but also better engage customers. Citing the phenomenon of phubbing (or phone snubbing), Mr Ang adds that the human experience doesn' t merely exist on the phone, and that people will want to emphasise face-to-face interaction. " People are social beings, we need to see people, and we cannot eat online," quips Mr Ang. Other reasons the outlet mall industry may not be easily shaken by e-commerce include the " confidence of authenticity" because the brands themselves operate these shops, as opposed to the danger of fake goods from online purchases, he says. He adds that outlet malls also offer products that are priced differently from online retail, where smaller-ticket items are usually sold. And the idea is for Sasseur' s outlet malls to become a lifestyle centre for China' s rising middle class, which has a greater capacity for discretionary spending. This is also part of the reason Sasseur chose to focus on high-growth Tier-2 cities in China, which have a rapidly expanding middle class population. Having malls located in Tier-2 suburban areas meant that entry costs were lower, and the group could enjoy first-mover advantage in a market that is underserved, Mr Ang says. Still, the Reit manager did face some challenges along the way, one of which included listing a company from China. In order to list a China company in Singapore, there were tax leakages, structural issues, and policy or political risk that the group had to manage, Mr Ang says. He adds that other difficulties the group faced included getting recognition, and coming up with its unique business model. Unlike conventional retail Reits that typically focus on rental income growth as a measure of operating performance, Sasseur focuses on the sales growth of its outlet malls. This means that the bulk of its rental is based on turnover rent. Besides having activities for kids and sports aficionados at its malls, Sasseur Reit also intends to continue enhancing shoppers' experience with its " super outlet" business model. This includes developing its concept of a " super farm" , which is an attempt to inject nostalgia and recreate traditional country life within its outlet malls. Looking ahead, Sasseur Reit has a pipeline of potential properties available for acquisition, with two right-of-first-refusal properties in Xi' an and Guiyang, and three properties in Nanjing, Hangzhou and Changchun. Assuming these properties are acquired, the gross floor area of its initial portfolio could more than triple, the manager says. Sasseur Reit' s initial portfolio comprises four outlet malls in Chongqing, Bishan, Hefei and Kunming. And while global volatility abounds, the Reit manager is of the view that China' s consumption remains strong. " We believe that the outlet business in China is less exposed to global trade risk and external macro trends, as outlet malls in China are focused on the domestic consumption of the Chinese middle class," the group said in its maiden financial results on Aug 6. For the period from March 28 to June 30, distribution per unit came in at 1.587 Singapore cents, 4.6 per cent ahead of its IPO projection, while portfolio occupancy rate stood at 94.5 per cent. Net property income, recorded as " entrusted management agreement" rental income, was S$32.3 million, 3 per cent higher than its own forecast. Essentially, the Reit in Singapore serves as a " capital recycling platform" , where the group takes in money from the listing to build more malls so they can keep growing, Mr Ang says. Beyond China, the Reit' s sponsor, Sasseur Cayman Holding, also believes that its business model can travel, and is now looking at other South-east Asian countries. Says Mr Ang: " Potentially, the sponsor may even come to Singapore, establish themselves, and use Singapore as a base to expand their business." https://www.businesstimes.com.sg/companies-markets/the-resilience-of-outlet-malls-in-china |
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camry8151
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16-Sep-2018 13:42
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Sasseur REIT' s Chongqing Outlets' 10th Anniversary first-day sale exceeded 100 million yuan. Note that Chongqing Outlets is one of the initial portfolio assets in Sasseur REIT. https://www.linkedin.com/feed/update/urn:li:activity:6446963622823464960 https://m.facebook.com/story.php?story_fbid=1938214989810290& id=909732199199156 |
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camry8151
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14-Sep-2018 12:04
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Still don' t understand what Sasseur REIT' s " entrusted manager agreement" (EMA) is all about? This article here gives a layman explanation on their EMA model and how investors are protected on the downside and still get to participate in the growth of China' s outlet mall industry. https://www.nextinsight.net/story-archive-mainmenu-60/940-2018/12172-sasseur-reit-8-things-to-know |
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camry8151
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13-Sep-2018 14:45
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Sasseur REIT is on YouTube now. https://www.youtube.com/channel/UCsl7ORpa04kYwCZv4T70MOw |
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camry8151
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13-Sep-2018 14:24
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THE manager sponsor of Sasseur real estate investment trust (Reit) - which owns four retail outlet malls in China - on Wednesday said that it has signed a partnership with one of its cornerstone investors to boost sales channels. Through a " memorandum of strategic partnership" , the Reit sponsor Sasseur Cayman Holding will work with Secoo Holdings to expand the channels to sell luxury goods in China via an " omni-channel network" . Such networks refer to multiple channels that include physical and online store presence. Secoo is an integrated online platform for upscale goods, said Sasseur. In a media statement, Anthony Ang, CEO of Sasseur Reit' s manager, said: &ldquo The partnership with Secoo ... adds a new dimension to our usual offline channel of outlet malls while sharpening our competitive advantage in the industry. As we seek to jointly explore new marketing opportunities centring on upscale lifestyles, we are committed to deliver a better shopping experience for our consumers, with the aim of solidifying revenue growth for Sasseur Reit.&rdquo Units of Sasseur Reit closed on Wednesday at S$0.72, up half a Singapore cent or 0.7 per cent. https://www.businesstimes.com.sg/companies-markets/sasseur-inks-partnership-with-cornerstone-investor-to-boost-sales-network |
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camry8151
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13-Sep-2018 10:12
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Secoo Holding Limited (NASDAQ:SECO), Asia' s largest online integrated upscale products and services platform, today announced that it has signed a Memorandum of Strategic Partnership with our Sponsor, SASSEUR Group, a leading operator of outlets mall in Asia. Notably, Secoo is also one of the cornerstone investors of Sasseur REIT (CRPU:SGX). Other cornerstone investors of the REIT include e-commerce giant JD.com, Singapore' s CKK Holdings which owns the Charles & Keith group of companies, and Entrepolis, a private investment firm of Robert Yap, the executive chairman of local logistics firm YCH Group. https://www.nasdaq.com/press-release/secoo-announces-strategic-partnership-with-sasseur-group-20180910-00386 |
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camry8151
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11-Sep-2018 21:43
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Sasseur Group started anniversary sale season and five of its outlets at Hefei, Kunming, Xi&rsquo an, Changchun, and Nanjing led the first wave. What catches my attention is that they rake in more than RMB129.5 million sales in 1 day.
" All five outlets broke their single-day sales record on the first day of the anniversary sale. Notably, sales of the Xi&rsquo an Outlets, one of Sasseur REIT&rsquo s ROFR properties, exceeded RMB30 million, which marked a new high for 1 st anniversary first day sales. Previously, the record was held by the Nanjing Outlets which recorded RMB14.0 million in sales two years ago."
Interesting...Hefei and Kunming outlets are in the REIT, whereas the rest are ROFR or pipeline properties. http://infopub.sgx.com/FileOpen/Sasseur%20-%20PR%20-%20Anniversary%20Sale%20-%2020180910.ashx?App=Announcement& FileID=524671 |
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