External broker reports(aggregated public sources), KGI Securities Singapore

KGI Securities

External broker reports(aggregated public sources)

KGI Securities Singapore

We are a pioneer Securities & Derivatives, Trading and Clearing Member of Singapore Exchange as well as a pioneer member of ICE Futures Singapore & ICE Clear Singapore. We offer our valued clients round the clock (24 hour) single-touch point for multi-asset clients and 24 hour high-touch desk for global products. 

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Equity Bottom-Up

<ul><li>Company Update:28 November 2025 Operational strength. Sasseur REIT delivered a resilient 3Q25 performance, with 10.8% YoY outlet sales growth, occupancy remaining high at 98.5%, and a WALE of 2.0 years.</li><li>The results were supported by strong tenant retention and longer lease commitments from sports, lifestyle and domestic fashion brands.</li><li>3Q25 EMA rental income rose 4.9% YoY to RMB166.3mn, driven by a 9.7% increase in the variable component on strong outlet sales.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Company Update:28 November 2025 Operational strength. Sasseur REIT delivered a resilient 3Q25 performance, with 10.8% YoY outlet sales growth, occupancy remaining high at 98.5%, and a WALE of 2.0 years.The results were supported by strong tenant retention and longer lease commitments from sports, lifestyle and domestic fashion brands.3Q25 EMA rental income rose 4.9% YoY to RMB166.3mn, driven by a 9.7% increase in the variable component on strong outlet sales.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Company Report: Sasseur REIT (SASSR SP): REIT-Vitalisation Continues Amid Macro Conditions

Director and Founding Member, Corporate Monitor Limited

Tan Yee Peng

Director and Founding Member

Strengthening Corporate Performance

Corporate Monitor Limited

Corporate Monitor was established to encourage better performance of companies, particularly companies listed on the SGX, and hold their management and boards to account, for the benefit of their shareholders and stakeholders.

Thematic (Sector/Industry)

<ul>
<li>This is Corporate Monitor Limited’s (CML) third report on the Singapore REITs (“S-REITs”) and Business Trust (“BT”) sector.</li>
<li>Our first report discussed the sector’s management fee structures. Our second report delved into S-REIT and BT performance and other fees.</li>
<li>From this fee study, CML concluded that the fees are excessive and unreasonable. </li>
</ul>


This is Corporate Monitor Limited’s (CML) third report on the Singapore REITs (“S-REITs”) and Business Trust (“BT”) sector.
Our first report discussed the sector’s management fee structures. Our second report delved into S-REIT and BT performance and other fees.
From this fee study, CML concluded that the fees are excessive and unreasonable. 


Singapore Reits & Business Trust Sector: An Analysis of the Issuance of Units to Pay for Managers’ Fees

Managing Director, Golden Section Capital

Garreth Elston

Managing Director

Golden Section Equity Research

Golden Section Capital

Golden Section Capital is a private international investment, specialist independent equity research, and corporate finance consulting services provider focussing on real estate and infrastructure. 

Paid for corporate research on Real Estate and Infrastructure companies. Plus independent pieces on various real estate companies and themes.

<ul>
<li>The iEdge Singapore Next 50 is effectively a global growth proxy, with ~51% of revenues generated offshore, sharply reducing reliance on Singapore’s domestic and banking cycles.</li>
<li>Its mid-cap, real-asset and industrial skew creates structurally different earnings drivers from the STI, tied to trade flows, infrastructure, healthcare, and technology capex rather than credit growth.</li>
<li>The index offers diversification without governance compromise, using Singapore’s regulatory framework as a platform to access faster-growing ASEAN, Indian, and global markets.</li>
</ul>


The iEdge Singapore Next 50 is effectively a global growth proxy, with ~51% of revenues generated offshore, sharply reducing reliance on Singapore’s domestic and banking cycles.
Its mid-cap, real-asset and industrial skew creates structurally different earnings drivers from the STI, tied to trade flows, infrastructure, healthcare, and technology capex rather than credit growth.
The index offers diversification without governance compromise, using Singapore’s regulatory framework as a platform to access faster-growing ASEAN, Indian, and global markets.


The Global Footprint of the iEdge Singapore Next 50

<ul>
<li>Of the 30 companies that constitute the Straits Times Index (STI), Real Estate Investment Trusts (REITs) have long been a cornerstone.</li>
<li>For investors seeking growth and diversification beyond the blue-chip giants, the iEdge Singapore Next 50 indices present a compelling hunting ground beyond the 30 largest companies on the SGX. </li>
<li>These indices track the next 50 largest stocks after the top 30 SGX stocks ranked by market capitalization, and are home to a dynamic cohort of REITs.</li>
</ul>


Of the 30 companies that constitute the Straits Times Index (STI), Real Estate Investment Trusts (REITs) have long been a cornerstone.
For investors seeking growth and diversification beyond the blue-chip giants, the iEdge Singapore Next 50 indices present a compelling hunting ground beyond the 30 largest companies on the SGX. 
These indices track the next 50 largest stocks after the top 30 SGX stocks ranked by market capitalization, and are home to a dynamic cohort of REITs.


REITs Beyond the STI: A Review of the REIT Components of the iEdge Singapore Next 50 Indices

Invest, Trade and Save in Singapore, Syfe

Syfe

Invest, Trade and Save in Singapore

Syfe is an investment platform offering Managed Portfolios, Brokerage services, and Cash Management solutions to help people build wealth for a better future.

<ul>
<li>Singapore’s retail REITs have proven to be among the more resilient segments within the broader S-REIT universe.</li>
<li>By early 2025, high shopper footfall, recovering tenant sales, and positive rental reversions are now the norm across well-managed portfolios. Suburban malls, anchored in necessity trades like groceries, healthcare, and Food and Beverage (F&amp;B), led the recovery, with some even exceeding pre-Covid revenue metrics.</li>
<li>Prime malls have also regained momentum, buoyed by international tourism and luxury brand expansion. Occupancy rates are now typically north of 96%, and mall operators are again achieving mid- to high-single-digit rent uplifts on lease renewals, clear signs of restored landlord pricing power.</li>
</ul>


Singapore’s retail REITs have proven to be among the more resilient segments within the broader S-REIT universe.
By early 2025, high shopper footfall, recovering tenant sales, and positive rental reversions are now the norm across well-managed portfolios. Suburban malls, anchored in necessity trades like groceries, healthcare, and Food and Beverage (F&amp;B), led the recovery, with some even exceeding pre-Covid revenue metrics.
Prime malls have also regained momentum, buoyed by international tourism and luxury brand expansion. Occupancy rates are now typically north of 96%, and mall operators are again achieving mid- to high-single-digit rent uplifts on lease renewals, clear signs of restored landlord pricing power.


Singapore Retail REITs: Show Resilience And Relevance

Singapore

Sasseur Real Estate Investment Trust is a Singapore-based real estate investment trust that invests in a diversified portfolio of income-producing retail outlet malls and related real estate assets, primarily in China. Its portfolio includes four outlet malls located in Chongqing, Hefei, and Kunming. The company was founded in Singapore in 2017.

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Sasseur (SASSR SP)

Company Report: Sasseur REIT (SASSR SP): REIT-Vitalisation Continues Amid Macro Conditions

Sasseur REIT delivered a resilient 3Q25 performance, with 10.8% YoY outlet sales growth, occupancy remaining high at 98.5%, and a WALE of 2.0 years.

KGI Securities

Singapore Reits & Business Trust Sector: An Analysis of the Issuance of Units to Pay for Managers’ Fees

This is Corporate Monitor Limited’s (CML) third report on the Singapore REITs (“S-REITs”) and Business Trust (“BT”) sector. Our first report...

Corporate Monitor Limited

The Global Footprint of the iEdge Singapore Next 50

The iEdge Singapore Next 50 index delivers global growth, diversified earnings, and lower STI correlation, using Singapore governance to invest in...

Golden Section Capital

REITs Beyond the STI: A Review of the REIT Components of the iEdge Singapore Next 50 Indices

Large capitalization S-REITs are a cornerstone of the STI, but investors can find growth and diversification in the REITs of the iEdge Singapore...

Golden Section Capital

Singapore Retail REITs: Show Resilience And Relevance

Singapore’s retail REITs have proven to be among the more resilient segments within the broader S-REIT universe. By early 2025, high shopper...

Syfe

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Company Report: Sasseur REIT (SASSR SP): REIT-Vitalisation Continues Amid Macro Conditions

Sasseur REIT delivered a resilient 3Q25 performance, with 10.8% YoY outlet sales growth, occupancy remaining high at 98.5%, and a WALE of 2.0 years.

KGI Securities

Singapore Reits & Business Trust Sector: An Analysis of the Issuance of Units to Pay for Managers’ Fees

This is Corporate Monitor Limited’s (CML) third report on the Singapore REITs (“S-REITs”) and Business Trust (“BT”) sector. Our first report...

Corporate Monitor Limited

The Global Footprint of the iEdge Singapore Next 50

​The iEdge Singapore Next 50 index delivers global growth, diversified earnings, and lower STI correlation, using Singapore governance to invest in...

Golden Section Capital

REITs Beyond the STI: A Review of the REIT Components of the iEdge Singapore Next 50 Indices

​Large capitalization S-REITs are a cornerstone of the STI, but investors can find growth and diversification in the REITs of the iEdge Singapore...

Golden Section Capital

Singapore Retail REITs: Show Resilience And Relevance

Singapore’s retail REITs have proven to be among the more resilient segments within the broader S-REIT universe. By early 2025, high shopper...

Syfe

The iEdge Singapore Next 50 index delivers global growth, diversified earnings, and lower STI correlation, using Singapore governance to invest in...

Large capitalization S-REITs are a cornerstone of the STI, but investors can find growth and diversification in the REITs of the iEdge Singapore...