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uSMART Securities

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uSMART Securities Pte Ltd

uSMART Securities (Singapore) Pte. Ltd (uSMART SG),is a leading securities company regulated by MAS and we hold a Capital Markets Services (CMS) License under the Securities and Futures Act 2001. We provide smart, professional and outstanding one-stop financial services to our clients, to best serve investors' needs and investment journey.

Equity Bottom-Up

<ul><li>Sasseur REIT owns four outlet malls in China through an Entrusted Management Agreement structure that combines fixed income with sales-linked participation.</li><li>The structure provides greater near-term income visibility than a conventional turnover-rent model, but DPU remains sensitive to outlet sales, RMB translation and the Sponsor-related operating framework.</li><li>Earnings have entered a recovery phase. FY25 DPU stabilised at 6.138 cents, while 1H26 portfolio sales rose 7.4% YoY, operating EMA income increased 6.8% and DPU grew 10.2% to 3.366 cents.</li></ul>

Sasseur REIT owns four outlet malls in China through an Entrusted Management Agreement structure that combines fixed income with sales-linked participation.The structure provides greater near-term income visibility than a conventional turnover-rent model, but DPU remains sensitive to outlet sales, RMB translation and the Sponsor-related operating framework.Earnings have entered a recovery phase. FY25 DPU stabilised at 6.138 cents, while 1H26 portfolio sales rose 7.4% YoY, operating EMA income increased 6.8% and DPU grew 10.2% to 3.366 cents.

Sasseur REIT: DPU Recovery Gains Traction as Financing Costs Fall

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

KGI Securities

External broker reports(aggregated public sources)

KGI Securities Singapore

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<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>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 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

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

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ec-world-reit" target="_blank" data-smartkarma-citation="entities:22842" rel="noopener">EC World Reit (ECWREIT SP)</a> 2Q22 DPU -9.5% YoY; Hit by the pre-termination compensation, though top-line remains stable</li>
<li>
<a href="https://www.smartkarma.com/entities/sasseur-reit" target="_blank" data-smartkarma-citation="entities:26807" rel="noopener">Sasseur REIT (SASSR SP)</a> 2Q22 DPU -1.6% YoY; Weak performance of variable rental income though occupancy improving</li>
<li>
<a href="https://www.smartkarma.com/entities/cromwell-european-real-estate" target="_blank" data-smartkarma-citation="entities:25889" rel="noopener">Cromwell European REIT (CERT SP)</a> 1H22 DPU +2.3% YoY; Weaknesses in I&amp;L reversions, overall portfolio metrics remain stable</li>
</ul>



EC World Reit (ECWREIT SP) 2Q22 DPU -9.5% YoY; Hit by the pre-termination compensation, though top-line remains stable

Sasseur REIT (SASSR SP) 2Q22 DPU -1.6% YoY; Weak performance of variable rental income though occupancy improving

Cromwell European REIT (CERT SP) 1H22 DPU +2.3% YoY; Weaknesses in I&amp;L reversions, overall portfolio metrics remain stable


ASEAN Builder's Scoop (12Aug22) - ECWREIT Steady Top-Line Due to Master Leases

<ul><li><a href="https://www.smartkarma.com/entities/capitaland-investment-ltd-si" target="_blank" data-smartkarma-citation="entities:33774" rel="noopener">CapitaLand Investment (CLI SP)</a> 1Q22 Business Updates – FUM flat QoQ but lodging business picking up the slacks</li><li><a href="https://www.smartkarma.com/entities/sasseur-reit" target="_blank" data-smartkarma-citation="entities:26807" rel="noopener">Sasseur REIT (SASSR SP)</a> 1Q22 DPU +3.6% YoY; Weathering the storm with robust occupancy</li><li><a href="https://www.smartkarma.com/entities/bhg-retail-reit" target="_blank" data-smartkarma-citation="entities:21021" rel="noopener">BHG Retail REIT (BHGREIT SP)</a> 1Q22 Business Updates – Steady and robust occupancy</li></ul>

CapitaLand Investment (CLI SP) 1Q22 Business Updates – FUM flat QoQ but lodging business picking up the slacksSasseur REIT (SASSR SP) 1Q22 DPU +3.6% YoY; Weathering the storm with robust occupancyBHG Retail REIT (BHGREIT SP) 1Q22 Business Updates – Steady and robust occupancy

ASEAN Builder's Scoop (12May22) - CLI Flat FUM but Lodging Picking Up

<ul><li><a href="https://www.smartkarma.com/entities/sasseur-reit" target="_blank" data-smartkarma-citation="entities:26807" rel="noopener">Sasseur REIT (SASSR SP)</a> 4Q21 DPU -1.8% YoY; Record high DPU despite retention, attractive 8.7% yield  </li><li><a href="https://www.smartkarma.com/entities/genting-singapore-ltd" target="_blank" data-smartkarma-citation="entities:439" rel="noopener">Genting Singapore (GENS SP)</a> RWS to start S$400m expansion in 2Q22</li><li>Property executives cites rising inflation and interest rates as major risks</li></ul>

Sasseur REIT (SASSR SP) 4Q21 DPU -1.8% YoY; Record high DPU despite retention, attractive 8.7% yield  Genting Singapore (GENS SP) RWS to start S$400m expansion in 2Q22Property executives cites rising inflation and interest rates as major risks

ASEAN Builder's Scoop (18Feb22) - SASSR Record High FY21 DPU

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)

Sasseur REIT: DPU Recovery Gains Traction as Financing Costs Fall

Sasseur REIT owns four outlet malls in China through an Entrusted Management Agreement structure that combines fixed income with sales-linked...

uSMART Securities

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

ASEAN Builder's Scoop (12Aug22) - ECWREIT Steady Top-Line Due to Master Leases

SASSR hit by weak variable income; CERT weakness in I&L reversions; IREIT low gearing opportunities; UHU occupancies trending up; PWON reached 44%...

SCCM Asia Research

ASEAN Builder's Scoop (12May22) - CLI Flat FUM but Lodging Picking Up

SASSR weathering the storm; BHGREIT robust occupancy; CERT office remains weak; IREIT active leasing ongoing; PRIME slowing reversions; DHLT steady...

SCCM Asia Research

ASEAN Builder's Scoop (18Feb22) - SASSR Record High FY21 DPU

RWS commences S$400m expansion; Interest rates risk highest among RE players; New hotel formed in former Lee Rubber building in KL; BSP keeps...

SCCM Asia Research

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