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Sasseur REIT's 7.8% Yield Seems Attractive

Key Highlights:

  • Sasseur REIT (SGX: CRPU)'s 3Q19 grew 6.4%

  • The annualised yield and price to book ratio are 7.8% and 0.98 respectively

1. Dividends

Net property income grew 5.2% to $30.6m. This was contributed by the annual sales promotional events at all its four outlet malls. The outlets beat its last year record on the first-day sales by 8.9%.

The annualised yield is 7.8%.

2. Portfolio

The portfolio leverage is currently at the healthy side of 29%. The interest cost is at 4.43%, with 50% of its loan under fixed rate.

It is currently trading at a price to book ratio of 0.98.

3. Growth Catalyst

Moving forward, the REIT is looking to

  1. reduce the impact of foreign currency fluctuations through hedging its distributable income

  2. line up brands and product renewals to suit the consumers' preferences

  3. schedule the year-end holidays and sales events with stronger sales

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