To The Moon

$Sasseur Reit(CRPU.SI)$ Basic Profile & Key Statistics Main Sector(s): Retail Country(s) with Assets: China No. of Properties (exclude associate/fund): 4 Key Indicators Performance Highlight EMA rental income in RMB increased YoY, however, in terms of SGD, it has declined slightly due to a weaker exchange of RMB against SGD. DPU has declined YoY mainly due to the absence of one-off non-recurring tax refund in 3Q 2022 and higher interest expenses. Sales Sales for all 4 outlets have improved YoY. Asset Enhancement Initiative AEI for the Kunming outlet has been completed where both Erlanggang Chongqing Hotpot and KFC have opened in 3Q. For the Bishan outlet, the second entrance is planned and targeted to be completed by 1Q 2024. AEI for the Hefei outlet would be carried out for the upcoming opening of a leading supermarket. Related Parties Shareholding REIT Sponsor's Shareholding: Above median by 20% or more REIT Manager's Shareholding: Above median by 20% or more Directors of REIT Manager's Shareholding: Above median by 20% or more Lease Profile Committed Occupancy: ± 5% from median Income in SGD/Major Currencies: All income is received in RMB WALE: Below median by 20% or more Highest Lease Expiry within 5 Years: Above median by 20% or more; Falls in 2024 Weighted Average Land Lease Expiry: Below median by 20% or more Debt Profile Gearing Ratio: Below median by 20% or more Cost of Debt: Above median by 20% or more Fixed Rate Debt %: ± 10% from median Unsecured Debt %: Below median by 10% or more WADM: ± 10% from median Highest Debt Maturity within 5 Years: Above median by 20% or more; Falls in 2026 Interest Coverage Ratio: Above median by 10% or more Diversification Profile Top Geographical Contribution: ± 10% from median Top Property Contribution: Above median by 20% or more Top 5 Properties' Contribution: Above median by 20% or more Top Tenant Contribution: Below median by 20% or more Top 10 Tenants' Contribution: Below median by 20% or more Key Financial Metrics Property Yield: Above median by 20% or more Management Fees over Distributable Operating Income: Below median by 20% or more; $8.40 distribution for every dollar paid Distributable Operating Income on Capital: Above median by 20% or more Distributable Operating Income Margin: Above median by 20% or more Operating Distribution Proportion: ± 5% from median DPU Breakdown TTM DPU Breakdown: 88.4% from Operation 11.6% from Fees Payable/Paid in Units TTM DPU = 91.7% of Distributable Income Trends Uptrend: Interest Coverage Ratio Slight Uptrend: Operating Distributable Income on Capital Flat: NAV per Unit, Committed Occupancy, Property Yield, Operating Distributable Income Margin Slight Downtrend: DPU from Operation Relative Valuation Dividend Yield: Average for 1y, 3y & 5y P/NAV: Average for 1y, 3y & 5y Author's Opinion As compared to the previous quarter, distributable income has declined despite an increase in EMA rental income. However, no detail has been provided in this business update. In terms of debt, only 13% would be matured in 2024 and no refinancing requirement in 2025. With a 77% debt proportion at a fixed rate, further impact on interest increase should be minimal. For more information, check out REIT-TIREMENT *Disclaimer: The information presented on this blog is for educational and informational purposes only. The materials, including research and opinions, are based solely on my own findings and should not be considered as professional financial advice or a definitive statement of fact. I cannot guarantee the accuracy, completeness, or reliability of the information provided. I shall not be held liable for any errors, omissions, or losses that may occur as a result of using the information presented on this blog. It should be noted that the information presented on this blog does not constitute a buy, sell, or hold recommendation for any security. It is crucial to conduct your own thorough research and due diligence before making any investment decisions.