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Tining on 15:10:23....trading at $0.680 ... 😁 🤑 🤑 🤑 😍 🤩 🤠 🥳
Last Friday Trading Summary: Hope Monday a better day to HoOO-say:
0.645 - 2 trades - 41,900
0.650 - 15 trades - 132,000
0.655 - 14 trades - 405,800
0.660 - 27 trades - 480,900
0.665 - 19 trades - 300,000
0.670 - 7 trades - 78,300
🤑 0.675 - 1 trade (Only) - 300 only.Last Cls
Last Cls @0:655 (Bid) - 352,100 Vs (Ask) 0,660 - 84,000
teeth1953 ( Date: 03-Nov-2023 17:43) Posted:
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Up abeat to $06,55 up .10 cts
teeth1953 ( Date: 03-Nov-2023 16:25) Posted:
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After so many donkeys days now is moving. Happy Happy UP...😀 😃 😄 😁 🤑 🤑 🤑 😍 🤩 🤠 🥳
actan99 ( Date: 03-Nov-2023 08:54) Posted:
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Up liao
Good ah. just buy any dips and accumalate.
teeth1953 ( Date: 31-Aug-2023 06:30) Posted:
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Start trading at 7 for a good day to Sasseur Real Estate Investment Trust.
actan99 ( Date: 18-Aug-2023 11:18) Posted:
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Results has been very good compared with other reits.
Very good price now wor. Pays high and frequent dividends too.
Dyodd.
Very good price now wor. Pays high and frequent dividends too.
Dyodd.
sasseur_real_estate_investment_trust_prospectus_dated_21_march_2018.pdf (sasseurreit.com)
Link to the IPO prospectus.
Page 325 onwards is the section that talks about the various EMAs.
Link to the IPO prospectus.
Page 325 onwards is the section that talks about the various EMAs.
Can you provide the URLof just one piblication stating the date EMA will end? I really cannot find any information on the dateline.
Alignment ( Date: 16-Aug-2023 10:47) Posted:
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CGS-CIMB lowers Sasseur REIT&rsquo s TP to 95 cents
CGS-CIMB Research analyst Lock Mun Yee is keeping &ldquo add&rdquo on Sasseur REIT CRPU 0.00% at a lower target price of 95 cents from $1 previously after the group released its 1HFY2023 ended June results, indicating a mix of challenges and positive developments.
During the six-month period, the REIT&rsquo s 1HFY2023 entrusted management agreement (EMA) rental income totaled $63.5 million, marking a y-o-y decrease of 3.6%. The decline can be primarily attributed to an 8.7% depreciation of the Chinese renminbi (RMB) against the Singapore dollar (SGD).
However, in local currency terms, EMA rental income displayed an encouraging growth of 8% y-o-y. This growth was driven by an in-built 3% annual escalation in rents and a substantial 20.8% increase in the variable income component. The latter was supported by an impressive 20.5% surge in 1H23 outlet sales.
Distribution income to unitholders experienced a modest decline of 1.6% y-o-y, amounting to $41 million. This decline was attributed to higher interest costs and a larger amount of retained income, totaling $2 million.
The payout ratio for 1HFY2023 was 93.3%, resulting in a distribution per unit (DPU) of 3.32 cents.
&ldquo We cut our FY2023 to FY2025 DPU by 4.67% to 6.07% to factor in a weaker RMB to SGD exchange rate of RMB 5.20 to $1 (versus RMB 4.90 to $1 previously),&rdquo notes the analyst in her report dated Aug 14.
The analyst also points out that despite the challenges posed by currency depreciation, Sasseur&rsquo s outlet mall sales demonstrated robust growth throughout 1HFY2023.
Portfolio occupancy improved q-o-q to reach 97.2%, and this growth was primarily driven by increased take-up at the Kunming outlet, aided by enhanced F& B offerings. Tenant sales within the portfolio experienced a significant y-o-y surge of 20.5%, reaching RMB 2.25 billion ($413 million).
Lock observes that this is &ldquo significantly higher&rdquo than China&rsquo s overall retail sales growth of 8% in 1HFY2023, according to the National Bureau of Statistics of China.
See also: PhillipCapital upgrades CDL to ' buy' on City Developments, but lowers target price to $8.22
Notably, the Hefei Outlet exhibited the most notable growth of 30%, driven by a low base in 1HFY2022, whilst Chongqing Liangjiang achieved a remarkable 20.3% rise in tenant sales.
The analyst understands that the REIT effectively managed lease expiries for 2HFY2023, with 90% of these leases already pre-committed.
The REIT&rsquo s focus on curating diverse and experiential brand concepts is expected to further enhance shoppers' experience and contribute positively to the REIT' s performance. A series of mega sales events planned for 2HFY2023, including the signature anniversary sales, bolsters the REIT&rsquo s optimism for the latter half of the year.
Sasseur' s gearing stood at 26.2% at the end of 1HFY2023, offering a comfortable level of debt headroom for future growth.
Meanwhile, the REIT has a debt maturity profile of 3.3 years, with no significant refinancing requirements until FY2026.
Notably, approximately 77.2% of its borrowings are pegged to stable rates or hedged into fixed rates.
&ldquo We estimate Sasseur has potential debt headroom of around $811.4 million (assuming 50% gearing). This will enable Sasseur to focus on inorganic growth drivers for the REIT, in our view. Within its sponsor portfolio, it has a right of first refusal for the Xian and Guiyang outlets,&rdquo adds Lock.
The analyst likes Sasseur for &ldquo its exposure to the more resilient outlet mall segment of the retail value chain&rdquo while its EMA rental income structure provides a stable base.
Re-rating catalysts include better-than-projected tenant sales that will boost its variable income component and a highly visible sponsor asset pipeline for inorganic growth.
Conversely, downside risks include a high cost of capital that will erode Sasseur&rsquo s positive accretion yield gap, slower-than-expected sales at its outlet malls or a slowdown in discretionary consumption in China , that can lead to declining tenant sales at its outlets.
The EMA is an agreement that has a specified end date - this is disclosed in various Sasseur publications.
Obviously the EMA could just be renewed on its current terms. But it might not. The current terms enhance the income for the REIT at the expense of the sponsor, so there is a temptation for the sponsor to amend it.
Obviously the EMA could just be renewed on its current terms. But it might not. The current terms enhance the income for the REIT at the expense of the sponsor, so there is a temptation for the sponsor to amend it.
How do you know when will EMA stop?
Alignment ( Date: 13-Aug-2023 15:14) Posted:
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Insights REITS --- Is Lendlease REIT a buy at 9% dividend yield? 15 Aug 2023. Lendlease REIT has achieved a high occupancy for its retail malls in Singapore. However, its relatively high debt levels has led to an increase interest cost and a decline in distributions.
What happened?. What investors may like about Lendlease REIT (SGX: JYEU) .
JEM contributes positively to Lendlease REIT
What investors may not like about Lendlease REIT (SGX: JYEU)
#2 ? High debt levels could limit growth opportunities
What would Beansprout do?
What happened? When compare to Sassser?..
Alignment ( Date: 13-Aug-2023 15:14) Posted:
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Based on the current share prices, Sasseur' s dividend yield is higher.
One question about dividend sustainability for Sasseur is what happens when the EMA ends. Still over 4 years away but at some point the market will begin to focus on it more.
One question about dividend sustainability for Sasseur is what happens when the EMA ends. Still over 4 years away but at some point the market will begin to focus on it more.
Is CLCT paying a higher dividend yield than Sasseur? I wonder what is the dividend yield of Sasseur and will it be sustainable for the next 3 years.
The company messed up in having a big refinancing wall in early 2023 rather than a more balanced maturity profile like some other REITs.
Hence their interest cost is much higher at 5.9% average in 1H23 despite a relatively low gearing. CLCT' s interest cost is 230bps lower for instance - makes a big difference to DPU.
In that 5.9% interest context it' s not a surprise that they are using some cashflow to pay down debt. The price of structuring their debt with all of it maturing at the same time.
Hence their interest cost is much higher at 5.9% average in 1H23 despite a relatively low gearing. CLCT' s interest cost is 230bps lower for instance - makes a big difference to DPU.
In that 5.9% interest context it' s not a surprise that they are using some cashflow to pay down debt. The price of structuring their debt with all of it maturing at the same time.
😝 For the 2QFY2023, DPU fell by 7.2% y-o-y to 1.473 cents.
🤑 Unitholders will receive their DPUs on Sept 26.
🤑 Units in Sasseur REIT closed flat @72.5 cents (Aug 11).
checkmate ( Date: 11-Aug-2023 21:51) Posted:
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Distributable income was only SGD$0.1m (0.4%) lower YoY, even after the 8% forex blow.
What I did not expect was they actually retained 10% of distributable income to pay down debt, becoming the SREIT with the lowest gearing ratio. Bummer!
What I did not expect was they actually retained 10% of distributable income to pay down debt, becoming the SREIT with the lowest gearing ratio. Bummer!
teeth1953 ( Date: 11-Aug-2023 21:42) Posted:
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Sasseur REIT reports 1HFY2023 DPU of 3.322 cents, 2.6% lower y-o-y, due to lower renminbi and higher finance costs....》 》 》
》 》 》 😂 🤣 😅 😁 😄 https://www.theedgesingapore.com/capital/results/sasseur-reit-reports-1hfy2023-dpu-3322-cents-26-lower-y-o-y-due-lower-renminbi-and
》 》 》 😂 🤣 😅 😁 😄 https://www.theedgesingapore.com/capital/results/sasseur-reit-reports-1hfy2023-dpu-3322-cents-26-lower-y-o-y-due-lower-renminbi-and
checkmate ( Date: 10-Aug-2023 17:48) Posted:
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