Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<h2>Singapore</h2><h3>SREITs results in a glance (see detailed spreadsheet and calendar attached)</h3><table class="table table-striped"><tbody><tr><td style="width: 363.047px;"> </td><td style="width: 362.953px;">MLT</td></tr><tr><td style="width: 363.047px;">Period</td><td style="width: 362.953px;">1Q22</td></tr><tr><td style="width: 363.047px;">Gross Revenue (S$ m)</td><td style="width: 362.953px;">163.7 (+23.7% YoY)</td></tr><tr><td style="width: 363.047px;">NPI (S$ m)</td><td style="width: 362.953px;">144.2 (+21.3% YoY)</td></tr><tr><td style="width: 363.047px;">DPU (S$ c)</td><td style="width: 362.953px;">2.161 (+5.7% YoY)</td></tr><tr><td style="width: 363.047px;">NAV per Unit (S$)</td><td style="width: 362.953px;">1.32</td></tr><tr><td style="width: 363.047px;">P/B (x)</td><td style="width: 362.953px;">1.59</td></tr><tr><td style="width: 363.047px;">Occupancy (%)</td><td style="width: 362.953px;">97.8</td></tr><tr><td style="width: 363.047px;">Reversion (%)</td><td style="width: 362.953px;">2.2</td></tr><tr><td style="width: 363.047px;">Gearing (%)</td><td style="width: 362.953px;">38.2</td></tr><tr><td style="width: 363.047px;">Cost of Debt (%)</td><td style="width: 362.953px;">2.2</td></tr><tr><td style="width: 363.047px;">1 Yr Fwd Yield (%)</td><td style="width: 362.953px;">4.14</td></tr><tr><td style="width: 363.047px;">Debt Hedged (%)</td><td style="width: 362.953px;">75%</td></tr><tr><td style="width: 363.047px;">Target Price</td><td style="width: 362.953px;">NA</td></tr><tr><td style="width: 363.047px;">Rating</td><td style="width: 362.953px;">NA</td></tr></tbody></table>

SingaporeSREITs results in a glance (see detailed spreadsheet and calendar attached) MLTPeriod1Q22Gross Revenue (S$ m)163.7 (+23.7% YoY)NPI (S$ m)144.2 (+21.3% YoY)DPU (S$ c)2.161 (+5.7% YoY)NAV per Unit (S$)1.32P/B (x)1.59Occupancy (%)97.8Reversion (%)2.2Gearing (%)38.2Cost of Debt (%)2.21 Yr Fwd Yield (%)4.14Debt Hedged (%)75%Target PriceNARatingNA

ASEAN Builder's Scoop (21Jul21) - MLT Steady Occ and Reversions Support 1.6x P/B

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/dasin-retail-trust" target="_blank" data-smartkarma-citation="entities:23743" rel="noopener">Dasin Retail Trust (DASIN SP)</a> terminates partnership with ARA Group; Enters into MoU with Sino-Ocean Capital Holding</h3><ul><li>The board of directors of Dasin Retail Trust Management has been informed by Mr. Zhang Zhencheng, Chairman and controlling shareholder of Dasin Retail Trust Management, as well as Aqua Wealth, a controlling unitholder of DASIN, that all relevant parties have agreed to terminate the SPA and will not be proceeding with the proposed transaction under the sales and purchase agreement</li><li>On the other hand, Mr Zhang Zhencheng had entered into a non-binding MOU with Sino-Ocean Capital Holding Limited on 5Jul21 in pursuance of a strategic partnership. Sino-Ocean Capital is a domestic real estate fund management company, and an alternative asset management company in China. Sino-Ocean Capital currently holds ~6.36% of the total issued units in DASIN via its affiliate Glory Class Ventures Limited</li><li>The Sino-Ocean Capital Partnership will involve an acquisition by Sino-Ocean Capital, Glory Class or any affiliate designated by Sino-Ocean Capital of 70.0% of the total issued share capital in Dasin Retail Trust Management from Mr. Zhang Zhencheng. In conjunction with this acquisition, Sino-Ocean Capital may also acquire such number of units in DASIN from Aqua Wealth which, when added to the units in DASIN currently held by Glory Class, will be no less than 25% of the total issued units in DASIN. The terms of the Sino-Ocean Capital Partnership will be subject to the execution of legally binding definitive documents between the parties which is expected to take place in Jul21</li><li>DASIN is also currently seeking to secure the refinancing of the offshore facilities and to that end is working to obtain the approvals for the refinancing from all the banks within the syndicate of lenders, while contemplating other possible solutions, including applying for a further extension.</li></ul>

SingaporeDasin Retail Trust (DASIN SP) terminates partnership with ARA Group; Enters into MoU with Sino-Ocean Capital HoldingThe board of directors of Dasin Retail Trust Management has been informed by Mr. Zhang Zhencheng, Chairman and controlling shareholder of Dasin Retail Trust Management, as well as Aqua Wealth, a controlling unitholder of DASIN, that all relevant parties have agreed to terminate the SPA and will not be proceeding with the proposed transaction under the sales and purchase agreementOn the other hand, Mr Zhang Zhencheng had entered into a non-binding MOU with Sino-Ocean Capital Holding Limited on 5Jul21 in pursuance of a strategic partnership. Sino-Ocean Capital is a domestic real estate fund management company, and an alternative asset management company in China. Sino-Ocean Capital currently holds ~6.36% of the total issued units in DASIN via its affiliate Glory Class Ventures LimitedThe Sino-Ocean Capital Partnership will involve an acquisition by Sino-Ocean Capital, Glory Class or any affiliate designated by Sino-Ocean Capital of 70.0% of the total issued share capital in Dasin Retail Trust Management from Mr. Zhang Zhencheng. In conjunction with this acquisition, Sino-Ocean Capital may also acquire such number of units in DASIN from Aqua Wealth which, when added to the units in DASIN currently held by Glory Class, will be no less than 25% of the total issued units in DASIN. The terms of the Sino-Ocean Capital Partnership will be subject to the execution of legally binding definitive documents between the parties which is expected to take place in Jul21DASIN is also currently seeking to secure the refinancing of the offshore facilities and to that end is working to obtain the approvals for the refinancing from all the banks within the syndicate of lenders, while contemplating other possible solutions, including applying for a further extension.

ASEAN Builder's Scoop (6Jul21) - DASIN Terminates ARA Partnership

<h2>Singapore</h2>
<h3>SREITs results in a glance (see detailed spreadsheet and calendar attached)</h3>
<table class="table table-striped">
<tbody>
<tr>
<td style="width: 136.6pt;">
 
</td>
<td style="width: 136.55pt;">
DASIN
</td>
<td style="width: 136.55pt;">
SASSR
</td>
<td style="width: 136.55pt;">
BHGREIT
</td>
<td style="width: 136.55pt;">
CLCT
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
Period
</td>
<td style="width: 136.55pt;">
1Q21
</td>
<td style="width: 136.55pt;">
1Q21
</td>
<td style="width: 136.55pt;">
1Q21
</td>
<td style="width: 136.55pt;">
1Q21
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
Gross Revenue (S$ m)
</td>
<td style="width: 136.55pt;">
Not Disclosed in SGD terms; RMB127.3m (+87.4% YoY); or RMB101.6m if w/o Shunde Metro Mall and Tanbei Metro Mall (+51.0% YoY)
</td>
<td style="width: 136.55pt;">
EMA Rental Income: 34.1 (+23.4% YoY)
</td>
<td style="width: 136.55pt;">
Not Disclosed
</td>
<td style="width: 136.55pt;">
Not Disclosed
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
NPI (S$ m)
</td>
<td style="width: 136.55pt;">
Not Disclosed
</td>
<td style="width: 136.55pt;">
EMA Rental Income (Excluding straight-line adjustments): 32.3 (+27.8% YoY)
</td>
<td style="width: 136.55pt;">
Not Disclosed
</td>
<td style="width: 136.55pt;">
264.2 (RMB)
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
DPU (S$ c)
</td>
<td style="width: 136.55pt;">
Not Disclosed
</td>
<td style="width: 136.55pt;">
1.759 (+31.9% YoY)
</td>
<td style="width: 136.55pt;">
Not Disclosed
</td>
<td style="width: 136.55pt;">
Not Disclosed
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
NAV per Unit (S$)
</td>
<td style="width: 136.55pt;">
1.41 (Based on 4Q20)
</td>
<td style="width: 136.55pt;">
0.922
</td>
<td style="width: 136.55pt;">
Not Disclosed
</td>
<td style="width: 136.55pt;">
Not Disclosed
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
P/B (x)
</td>
<td style="width: 136.55pt;">
0.510
</td>
<td style="width: 136.55pt;">
1.00
</td>
<td style="width: 136.55pt;">
0.64 (Based on 4Q20 NAV)
</td>
<td style="width: 136.55pt;">
0.94 (Based on 4Q20 NAV)
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
Occupancy (%)
</td>
<td style="width: 136.55pt;">
96.1
</td>
<td style="width: 136.55pt;">
93.5
</td>
<td style="width: 136.55pt;">
92.1
</td>
<td style="width: 136.55pt;">
Retail: 94.4 Business Parks: 92.1
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
Reversion (%)
</td>
<td style="width: 136.55pt;">
NA
</td>
<td style="width: 136.55pt;">
Not Disclosed
</td>
<td style="width: 136.55pt;">
Not Disclosed
</td>
<td style="width: 136.55pt;">
Not Disclosed
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
Gearing (%)
</td>
<td style="width: 136.55pt;">
37.2
</td>
<td style="width: 136.55pt;">
27.6
</td>
<td style="width: 136.55pt;">
35.6
</td>
<td style="width: 136.55pt;">
35.1
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
Cost of Debt (%)
</td>
<td style="width: 136.55pt;">
NA
</td>
<td style="width: 136.55pt;">
3.3
</td>
<td style="width: 136.55pt;">
3.8
</td>
<td style="width: 136.55pt;">
2.51
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
1 Yr Fwd Yield (%)
</td>
<td style="width: 136.55pt;">
6.99
</td>
<td style="width: 136.55pt;">
7.46
</td>
<td style="width: 136.55pt;">
NA
</td>
<td style="width: 136.55pt;">
6.21
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
Debt Hedged (%)
</td>
<td style="width: 136.55pt;">
NA
</td>
<td style="width: 136.55pt;">
Not Disclosed
</td>
<td style="width: 136.55pt;">
60% of offshore loans
</td>
<td style="width: 136.55pt;">
~70
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
Target Price
</td>
<td style="width: 136.55pt;">
S$0.81
</td>
<td style="width: 136.55pt;">
NA
</td>
<td style="width: 136.55pt;">
NA
</td>
<td style="width: 136.55pt;">
NA
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
Rating
</td>
<td style="width: 136.55pt;">
BUY
</td>
<td style="width: 136.55pt;">
NA
</td>
<td style="width: 136.55pt;">
NA
</td>
<td style="width: 136.55pt;">
NA
</td>
</tr>
</tbody>
</table>
<h3>
<a href="https://www.smartkarma.com/entities/dasin-retail-trust" target="_blank" data-smartkarma-citation="entities:23743" rel="noopener">Dasin Retail Trust (DASIN SP)</a> 1Q21 Business Updates – Revenue recovered to 94% of pre-Covid level; ARA’s strategic stake underscores GBA’s potential</h3>
<ul>
<li>1Q21 revenue (in RMB terms; on same-mall basis) increased 51.0% YoY to ~RMB101.6m. Total revenues of the four malls (IPO portfolio), namely Shiqi Metro Mall, Xiaolan Metro Mall, Ocean Metro Mall and Dasin E-Colour, has recovered to 94% of 1Q19 (pre-pandemic)’s level. Including Shunde Metro Mall and Tanbei Metro Mall (8Jul20), 1Q21 revenue (in RMB terms) increased 87.4% YoY to ~RMB127.3m</li>
<li>Overall portfolio committed occupancy stabilized at 96.1% (vs. 96.5% in 4Q20 and 96.1% in 3Q20). ~9,085sqm (12.7% of total Ocean Metro Mall NLA) of “furniture and finishing” space at the mall has been reconfigured in 4Q20 into a children’s education area, which brought a positive rental reversion of ~46%. Portfolio WALE stood at 5.9 years by NLA and 3.6 years by GRI. ~31.1% of GRI will be due for renewal in FY21E</li>
<li>Portfolio gearing stands at 37.2% (vs. 37.8% in 4Q20 and 38.5% in 3Q20). DASIN is currently negotiating with banks for extension of loans amounting to S$235.2m, which are due on 18Jul21</li>
<li>Mr. Zhang Zhencheng, Chairman and controlling shareholder of the Trustee-Manager, as well as Aqua Wealth Holdings Limited (a controlling unitholder of the Trust), had entered into a sale and purchase agreement with ARA DSRT (Holdings) and ARA Real Estate Investors 22 in pursuance of a strategic partnership with ARA Asset Management. ARA will acquire 50% of interest in the Trustee-Manager from Mr. Zhang Zhencheng, as well as ~5.0% of interest in DASIN from Aqua Wealth Holdings Limited in two separate tranches. The sale of 50% stake in Trustee-Manager and first tranche of DASIN’s units (2.5% stake) is expected to complete by May21</li>
<li>DASIN currently trades at 7.0% FY21E yield and 0.51x P/B.</li>
</ul>
Comments: 1Q21 Revenue forms 23.6% of our full-year FY21E revenue (based on avg. 1Q21 RMB/SGD of 4.8727). We are encouraged by Dasin E-Colour’s strong revenue recovery (to near pre-Covid level) despite a challenging occupancy profile of 86.5% (vs. portfolio average of 96.1% and 1Q20’s 91.9%), thus translating to a robust passing rent at ~RMB125.6psm pm with +107% YoY reversions. Meanwhile, its 2 mature assets, namely Shiqi Metro Mall and Xiaolan Metro Mall (contributed to ~45.6% of 1Q21 revenue), appear to be on track for a sustained recovery – upticks in both occupancy rates and passing rents. The two newly acquired Shunde Metro Mall and Tanbei Metro Mall should provide inorganic boost to with its full-year contributions (vs. 6 mths contributions in FY20). Notwithstanding a challenging leasing market (portfolio occupancy remains below pre-Covid level of 97-98%), DASIN’s lease structure with high fixed components (fixed rent and fixed rent with built-in escalation) at 82.8%% of Mar21 GRI, offer income stability somewhat. We have a BUY rating with TP of S$0.81/Unit for DASIN.
<section class="figure">
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/207/030/original/image021.png?1621332221" class="editor-image img-responsive" data-smartkarma-image-id="207030"></figure>
</section>

Singapore
SREITs results in a glance (see detailed spreadsheet and calendar attached)




 


DASIN


SASSR


BHGREIT


CLCT




Period


1Q21


1Q21


1Q21


1Q21




Gross Revenue (S$ m)


Not Disclosed in SGD terms; RMB127.3m (+87.4% YoY); or RMB101.6m if w/o Shunde Metro Mall and Tanbei Metro Mall (+51.0% YoY)


EMA Rental Income: 34.1 (+23.4% YoY)


Not Disclosed


Not Disclosed




NPI (S$ m)


Not Disclosed


EMA Rental Income (Excluding straight-line adjustments): 32.3 (+27.8% YoY)


Not Disclosed


264.2 (RMB)




DPU (S$ c)


Not Disclosed


1.759 (+31.9% YoY)


Not Disclosed


Not Disclosed




NAV per Unit (S$)


1.41 (Based on 4Q20)


0.922


Not Disclosed


Not Disclosed




P/B (x)


0.510


1.00


0.64 (Based on 4Q20 NAV)


0.94 (Based on 4Q20 NAV)




Occupancy (%)


96.1


93.5


92.1


Retail: 94.4 Business Parks: 92.1




Reversion (%)


NA


Not Disclosed


Not Disclosed


Not Disclosed




Gearing (%)


37.2


27.6


35.6


35.1




Cost of Debt (%)


NA


3.3


3.8


2.51




1 Yr Fwd Yield (%)


6.99


7.46


NA


6.21




Debt Hedged (%)


NA


Not Disclosed


60% of offshore loans


~70




Target Price


S$0.81


NA


NA


NA




Rating


BUY


NA


NA


NA





Dasin Retail Trust (DASIN SP) 1Q21 Business Updates – Revenue recovered to 94% of pre-Covid level; ARA’s strategic stake underscores GBA’s potential

1Q21 revenue (in RMB terms; on same-mall basis) increased 51.0% YoY to ~RMB101.6m. Total revenues of the four malls (IPO portfolio), namely Shiqi Metro Mall, Xiaolan Metro Mall, Ocean Metro Mall and Dasin E-Colour, has recovered to 94% of 1Q19 (pre-pandemic)’s level. Including Shunde Metro Mall and Tanbei Metro Mall (8Jul20), 1Q21 revenue (in RMB terms) increased 87.4% YoY to ~RMB127.3m
Overall portfolio committed occupancy stabilized at 96.1% (vs. 96.5% in 4Q20 and 96.1% in 3Q20). ~9,085sqm (12.7% of total Ocean Metro Mall NLA) of “furniture and finishing” space at the mall has been reconfigured in 4Q20 into a children’s education area, which brought a positive rental reversion of ~46%. Portfolio WALE stood at 5.9 years by NLA and 3.6 years by GRI. ~31.1% of GRI will be due for renewal in FY21E
Portfolio gearing stands at 37.2% (vs. 37.8% in 4Q20 and 38.5% in 3Q20). DASIN is currently negotiating with banks for extension of loans amounting to S$235.2m, which are due on 18Jul21
Mr. Zhang Zhencheng, Chairman and controlling shareholder of the Trustee-Manager, as well as Aqua Wealth Holdings Limited (a controlling unitholder of the Trust), had entered into a sale and purchase agreement with ARA DSRT (Holdings) and ARA Real Estate Investors 22 in pursuance of a strategic partnership with ARA Asset Management. ARA will acquire 50% of interest in the Trustee-Manager from Mr. Zhang Zhencheng, as well as ~5.0% of interest in DASIN from Aqua Wealth Holdings Limited in two separate tranches. The sale of 50% stake in Trustee-Manager and first tranche of DASIN’s units (2.5% stake) is expected to complete by May21
DASIN currently trades at 7.0% FY21E yield and 0.51x P/B.

Comments: 1Q21 Revenue forms 23.6% of our full-year FY21E revenue (based on avg. 1Q21 RMB/SGD of 4.8727). We are encouraged by Dasin E-Colour’s strong revenue recovery (to near pre-Covid level) despite a challenging occupancy profile of 86.5% (vs. portfolio average of 96.1% and 1Q20’s 91.9%), thus translating to a robust passing rent at ~RMB125.6psm pm with +107% YoY reversions. Meanwhile, its 2 mature assets, namely Shiqi Metro Mall and Xiaolan Metro Mall (contributed to ~45.6% of 1Q21 revenue), appear to be on track for a sustained recovery – upticks in both occupancy rates and passing rents. The two newly acquired Shunde Metro Mall and Tanbei Metro Mall should provide inorganic boost to with its full-year contributions (vs. 6 mths contributions in FY20). Notwithstanding a challenging leasing market (portfolio occupancy remains below pre-Covid level of 97-98%), DASIN’s lease structure with high fixed components (fixed rent and fixed rent with built-in escalation) at 82.8%% of Mar21 GRI, offer income stability somewhat. We have a BUY rating with TP of S$0.81/Unit for DASIN.




ASEAN Builder's Scoop (18May21) - DASIN strategic investment from ARA

Partner, River Valley Asset Management

River Valley Asset Management

Partner

Singapore-based boutique asset management firm

River Valley Asset Management is a Singapore-based boutique asset management firm. Our team at RVAM strongly believes in being a trusted steward of our clients' wealth across generations.

Each of our fund managers has years of rich portfolio management experience over multiple market cycles at world-class investment houses. We bring our clients the combined strength of our investment team to manage their financial portfolios and to provide bespoke guidance on all aspects of their financial health.

We offer multi-asset class expert investment advice to accredited investors who are family offices, high net worth individuals and institutional investors to preserve and grow our clients' wealth.

The fund management team of the company includes Homiyar Vasania, Anand Ramachandran and Jamshed Desai.

As a mature economy with stable businesses, Singapore's equity benchmarks are dominated by Banks &amp; Government Linked Companies (GLC's) which have grown large over time. The large listed companies in Singapore (private as well as GLC’s) are now facing headwinds from tight labour markets resulting in rising costs and, in the absence of growth, the need to focus on raising productivity.  It is therefore not surprising that the Singapore markets do not excite the average investor. However, within this space we have been finding many hidden gems which have consistently delivered and increasingly fit the needs of a Singaporean investor looking for stable returns in a low growth environment: the REIT marketplace. Over the last seven years the REIT index has delivered over 10% p.a. annualized return which stands in stark contrast to the meagre 4% returns from benchmark STI index.

As a mature economy with stable businesses, Singapore's equity benchmarks are dominated by Banks &amp; Government Linked Companies (GLC's) which have grown large over time. The large listed companies in Singapore (private as well as GLC’s) are now facing headwinds from tight labour markets resulting in rising costs and, in the absence of growth, the need to focus on raising productivity.   It is therefore not surprising that the Singapore markets do not excite the average investor. However, within this space we have been finding many hidden gems which have consistently delivered and increasingly fit the needs of a Singaporean investor looking for stable returns in a low growth environment: the REIT marketplace. Over the last seven years the REIT index has delivered over 10% p.a. annualized return which stands in stark contrast to the meagre 4% returns from benchmark STI index.

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

<ul><li>The month of May saw the iEdge S-Reit Index decline 3.0 per cent in total return on the back of persistent inflation and growing expectations of a June rate hike, reversing its 0.6 per cent gains in April.</li><li>By sub-segments, retail S-Reits, which averaged total returns of 0.9 per cent in May, is the only S-Reits sub-segment which averaged positive total returns.</li><li>On the other hand, office S-Reits underperformed for the month, averaging 9.9 per cent declines in total returns.</li></ul>

The month of May saw the iEdge S-Reit Index decline 3.0 per cent in total return on the back of persistent inflation and growing expectations of a June rate hike, reversing its 0.6 per cent gains in April.By sub-segments, retail S-Reits, which averaged total returns of 0.9 per cent in May, is the only S-Reits sub-segment which averaged positive total returns.On the other hand, office S-Reits underperformed for the month, averaging 9.9 per cent declines in total returns.

REIT Watch – Retail S-REITs among top performers in May

Singapore

Dasin Retail Trust is a Singapore-based retail property trust that invests in and develops income-producing real estate, primarily retail malls, in Greater China, with a focus on the Guangdong-Hong Kong-Macau Greater Bay Area. Its portfolio includes seven retail malls in Zhongshan, Zhuhai, and Foshan cities in Guangdong, PRC. The trust was listed on the Singapore Exchange on January 20, 2017, and is headquartered in Singapore.

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Dasin Retail Trust (DASIN SP)

ASEAN Builder's Scoop (21Jul21) - MLT Steady Occ and Reversions Support 1.6x P/B

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ASEAN Builder's Scoop (6Jul21) - DASIN Terminates ARA Partnership

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ASEAN Builder's Scoop (18May21) - DASIN strategic investment from ARA

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Singapore - The Hidden Gems

As a mature economy with stable businesses, Singapore's equity benchmarks are dominated by Banks & Government Linked Companies (GLC's) which...

River Valley Asset Management

REIT Watch – Retail S-REITs among top performers in May

The month of May saw the iEdge S-Reit Index decline 3.0 per cent in total return on the back of persistent inflation and growing expectations of a...

Singapore Exchange Ltd (SGX)

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52-week Range

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