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. 

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.

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

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<p>Smartkarma hosted the Sasseur REIT management team and Insight Provider, <a href="https://www.smartkarma.com/profiles/garreth-elston-a6ea37dd-f490-4307-8a92-697849e0a23c/research" target="_blank" rel="noopener">Garreth Elston</a>, in an exclusive Corporate Webinar on 25 June '25. They dove deep into how the company is navigating the market in China, and charting their path to future growth.</p>
<p>Catch the full discussion below: </p>
<div style="display: flex; justify-content: center; align-items: center;"><iframe src="https://www.youtube.com/embed/gptxG5j9By4?si=OgBBVa7oLwF1UJ3Y" width="560" height="315" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="allowfullscreen"></iframe></div>
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<p>For our next Corporate Webinar we are glad to welcome Sasseur REIT’s CFO, Mr. Xie Jianfeng, COO, Mr. Cheng Hsing Yuen, and Head of Investor Relations &amp; Capital Markets, Ms. Helen Qiu.</p>
<p>In the upcoming webinar, the Sasseur REIT team will share a short company presentation after which, they will engage in a fireside chat with Smartkarma Insight Provider, <a href="https://www.smartkarma.com/profiles/garreth-elston-a6ea37dd-f490-4307-8a92-697849e0a23c/research" target="_blank" rel="noopener">Garreth Elston</a>. The Corporate Webinar will include a live Q&amp;A session.</p>
<h3>The Corporate Webinar will be hosted on Wednesday, 25 June 2025, 16:30 SGT.</h3>
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<h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=86052600179" target="_blank" rel="noopener">Register for the Webinar here</a></h2>
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<h3>About Sasseur REIT</h3>
<p>Sasseur REIT is the first retail outlet mall REIT listed in Asia. Sasseur REIT offers investors<br>the unique opportunity to invest in the fast-growing retail outlet mall sector in China through<br>its initial portfolio of four quality retail outlet mall assets strategically located in fast-growing<br>Chinese cities such as Chongqing, Kunming and Hefei, with a combined net lettable area of<br>310,241 square metres.</p>
<p>Sasseur REIT was established with the investment strategy to invest principally, directly or<br>indirectly, in a diversified portfolio of income-producing real estate which is used primarily for<br>retail outlet mall purposes, as well as real estate-related assets in relation to the foregoing,<br>with an initial focus on Asia.</p>
<p>You can view their latest factsheet <a href="https://investor.sasseurreit.com/misc/Factsheet_1Q2025%20.pdf" target="_blank" rel="noopener">here</a>.</p>
<p>For more information on Sasseur REIT, please visit <a href="http://www.sasseurreit.com/" target="_blank" rel="noopener">http://www.sasseurreit.com/</a></p>

Smartkarma hosted the Sasseur REIT management team and Insight Provider, Garreth Elston, in an exclusive Corporate Webinar on 25 June '25. They dove deep into how the company is navigating the market in China, and charting their path to future growth.
Catch the full discussion below: 


For our next Corporate Webinar we are glad to welcome Sasseur REIT’s CFO, Mr. Xie Jianfeng, COO, Mr. Cheng Hsing Yuen, and Head of Investor Relations &amp; Capital Markets, Ms. Helen Qiu.
In the upcoming webinar, the Sasseur REIT team will share a short company presentation after which, they will engage in a fireside chat with Smartkarma Insight Provider, Garreth Elston. The Corporate Webinar will include a live Q&amp;A session.
The Corporate Webinar will be hosted on Wednesday, 25 June 2025, 16:30 SGT.












Register for the Webinar here












About Sasseur REIT
Sasseur REIT is the first retail outlet mall REIT listed in Asia. Sasseur REIT offers investors the unique opportunity to invest in the fast-growing retail outlet mall sector in China through its initial portfolio of four quality retail outlet mall assets strategically located in fast-growing Chinese cities such as Chongqing, Kunming and Hefei, with a combined net lettable area of 310,241 square metres.
Sasseur REIT was established with the investment strategy to invest principally, directly or indirectly, in a diversified portfolio of income-producing real estate which is used primarily for retail outlet mall purposes, as well as real estate-related assets in relation to the foregoing, with an initial focus on Asia.
You can view their latest factsheet here.
For more information on Sasseur REIT, please visit http://www.sasseurreit.com/

Smartkarma Corporate Webinar | Sasseur REIT: Unlocking Value in China's Retail Outlet Industry

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>For the better part of two decades, Singaporean real estate investment trusts (REITs) have provided an efficient and popular exposure to quality large-scale commercial properties. </li>
<li>Yet as global central banks hike interest rates to address inflationary pressures, can REITs retain their attractiveness?</li>
<li>SREITs have corrected as Singaporean interest rates have increased. The question is whether higher interest rates are baked in, and which SREITs will hold up; and which ones will not?</li>
</ul>


For the better part of two decades, Singaporean real estate investment trusts (REITs) have provided an efficient and popular exposure to quality large-scale commercial properties. 
Yet as global central banks hike interest rates to address inflationary pressures, can REITs retain their attractiveness?
SREITs have corrected as Singaporean interest rates have increased. The question is whether higher interest rates are baked in, and which SREITs will hold up; and which ones will not?


S-REITs: Investing In An Inflationary Environment

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.

<ul><li>S-REITs with retail assets in China show mixed 2024 performance with stable occupancies but negative rental reversions amid cautious consumer sentiment.</li><li>CapitaLand China Trust's retail NPI increased 1.9% y-o-y in FY2024, with stable occupancy at 98.2% and negative rental reversion.</li><li>Sasseur REIT's portfolio occupancy reached 98.9% by end 2024, with double-digit sales growth during Lunar New Year 2025.</li></ul>

S-REITs with retail assets in China show mixed 2024 performance with stable occupancies but negative rental reversions amid cautious consumer sentiment.CapitaLand China Trust's retail NPI increased 1.9% y-o-y in FY2024, with stable occupancy at 98.2% and negative rental reversion.Sasseur REIT's portfolio occupancy reached 98.9% by end 2024, with double-digit sales growth during Lunar New Year 2025.

REIT Watch - S-REITs with China retail assets log mixed 2024 performance; may benefit from consumption push

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.

Thematic (Sector/Industry)

<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

Singapore

Sasseur Real Estate Investment Trust (“Sasseur REIT”) is the first outlet REIT listed in Asia. Sasseur REIT’s property portfolio comprises four outlets with an estimated appraised value of RMB 8.5 billion and net lettable area of 310,241 square metres. The outlets are strategically located in the high-growth cities of Chongqing, Hefei and Kunming in China and well-positioned to ride on the growth of the rising spending power of the Chinese middle class.

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Sasseur REIT (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

Smartkarma Corporate Webinar | Sasseur REIT: Unlocking Value in China's Retail Outlet Industry

For our next Corporate Webinar we are glad to welcome Sasseur REIT’s CFO, Xie Jianfeng, Head of Asset Management, Cheng Hsing Yuen, and Head of...

Smartkarma Research

S-REITs: Investing In An Inflationary Environment

Suntec, with one of the highest gearings in the office subsector, may need to go to the market cap in hand. That or divest some assets - in what is...

David Blennerhassett

REIT Watch - S-REITs with China retail assets log mixed 2024 performance; may benefit from consumption push

S-REITs with retail assets in China show mixed 2024 performance with stable occupancies but negative rental reversions amid cautious consumer...

Singapore Exchange Ltd (SGX)

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

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

Smartkarma Corporate Webinar | Sasseur REIT: Unlocking Value in China's Retail Outlet Industry

For our next Corporate Webinar we are glad to welcome Sasseur REIT’s CFO, Xie Jianfeng, Head of Asset Management, Cheng Hsing Yuen, and Head of...

Smartkarma Research

S-REITs: Investing In An Inflationary Environment

Suntec, with one of the highest gearings in the office subsector, may need to go to the market cap in hand. That or divest some assets - in what is...

David Blennerhassett

REIT Watch - S-REITs with China retail assets log mixed 2024 performance; may benefit from consumption push

S-REITs with retail assets in China show mixed 2024 performance with stable occupancies but negative rental reversions amid cautious consumer...

Singapore Exchange Ltd (SGX)

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

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