Daily Brief Equity Bottom-Up: Smartkarma Corporate Webinar | Sasseur REIT: Unlocking Value in China’s Retail Outlet Industry and more

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

The Corporate Webinar will be hosted on Wednesday, 25 June 2025, 16:30 SGT.

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 is 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/

• Mazda leaped upward with other Auto companies following a Court of International Trade ruling that nullified Trump’s reciprocal tariffs but left auto tariffs at 25%.
• The CIT has historically given presidents much more leeway on rules that the auto tariffs fall under, so challenges to these tariffs are less likely to succeed.
• The tariff threat to Mazda is existential, and in our view, consensus forecasts have not even begun to appreciate this.

• NVIDIA reported Q1FY26 revenues of $44.1 billion, up 69% YoY and up 12% QoQ
• NVIDIA forecasted current quarter revenues of $45.0 billion, marginally up QoQ and weighed down by the loss of around $8 billion in previously anticipated H20 revenues
• Does China really wish to remain reliant on US infrastructure/platforms for its AI build out indefinitely? I think not. Gradually losing China market was inevitable, even without US restrictions.

• MNSO reported 1Q25 rev. in line with cons. but non-GAAP op. profit 17% below and GAAP net income 33% below cons, 
• We view MNSO’s store expansion as being below its bar of quality. Downside risks were not fully priced in. Our 2025 revenue/net profit forecasts are 7.0%/8.2% below consensus;
• We cut the TP from US$16 to US$13.5/ADS and keep the SELL rating.

Mammoth Energy (Tusk) has undergone a transformation and is a potentially undervalued small cap stock with limited downside

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• Nippon Steel targets over 100 Mt capacity by 2030, focusing on global growth as Japan’s domestic demand shrinks.
• It plans to acquire U.S. Steel for $14.9B and expand in India via AMNS joint ventures.
• FY24 profit rose 36%, but export reliance, ESG lag, and U.S. deal hurdles pose risks.

• The Industrial Bank Of Korea (024110 KS)/ Woori Financial Group (316140 KS) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• The relative value opportunity can be implemented through stocks, derivatives, or as relative over-/underweights in a long only context.
• This Insight discusses trade setup, statistical properties, factor exposure, and risk management strategies.

• Occidental Petroleum’s recent earnings call for the first quarter of 2025 presented a mixed but detailed view of the company’s operational and financial performance, showcasing both strengths and challenges.
• The management highlighted a solid execution across its diversified portfolio, despite facing some market headwinds and external uncertainties.
• On the positive side, Occidental generated $3 billion in operating cash flow before working capital adjustments, maintaining oil and gas production at just over 1.39 million barrels of oil equivalent per day, which aligns with their guidance.

• Sarda’s near-term growth will be driven by the full-year contribution from SKS Power, boosting earnings visibility.
• The business mix is shifting structurally from steel to power, which now contributes over 60% of EBIT. Low leverage at <1x EV/EBITDA is a positive.
• The recent weakness in spot power prices is seen as temporary; at 15x FY27 EV/EBITDA, the stock offers strong upside.

• Globus Spirits continues its strategic pivot towards high-margin consumer business, with P&A revenue up 186% in FY25 and Regular & Others up 17%.
• The manufacturing segment’s margins are stabilising due to favourable government ethanol policies and raw material availability, enhancing overall profitability.
• This shift, coupled with significant investments in the key Uttar Pradesh market and near completion of major capex, positions the company for continued profitable growth, reinforcing a positive view.