not vested
Sasseur REIT (SASSR SP)
Growth Underpinned By Consumption Upgrade For Middle-income Households
Sasseur REIT provides exposure to fast-growing outlet malls in tier-2 cities in China, where demand is driven by aspirational consumption and expansion of middle income households.
Leases are structured with 70% fixed rent with built-in 3% annual rental escalation, and 30% variable rent pegged to tenant sales.
The unique lease structure provides a balance between stability and growth.
Initiate with BUY.
Our target price of S$0.97 is based on DDM
Source: UOBKH
https://research.uobkayhian.com/content ... 383a9986a5