| Research House | Analyst | Email Address |
|---|---|---|
| CGS International | Lock Mun Yee Natalie Ong |
munyee.lock@cgsi.com natalie.ong@cgsi.com |
| DBS | Derek Tan Geraldine Wong |
derektan@dbs.com geraldinew@dbs.com |
| KGI | Alyssa Tee | alyssa.tee@kgi.com |
| PhillipCapital | Liu Miao Miao | liumm@phillip.com.sg |
| Soochow CSSD Capital Markets |
Ilvin Cornelis | ilvin.cornelis@sccmasia.com |
| UOB Kay Hian | Jonathan Koh | jonathankoh@uobkayhian.com |
| Research House | Analyst | Date | Recommendation | Target Price | Report |
|---|---|---|---|---|---|
| KGI | Alyssa Tee | 06 Sep 2024 | Outperform | 0.90 |  REIT-liable portfolio |
| DBS | Geraldine Wong | 13 Aug 2024 | Buy | 0.95 | Strong stewardship amidst rough seas |
| PhillipCapital | Liu Miao Miao | 12 Aug 2024 | Buy (Maintained) | 0.87 | Muted sales |
| Soochow CSSD Capital Markets | Ilvin Cornelis | 08 Aug 2024 | Buy | 0.89 | Inline 1H24 results |
| CGS International | Lock Mun Yee | 08 Aug 2024 | Buy | 0.93 | Occupancy high, but tenant sales slowed |
| PhillipCapital | Liu Miao Miao | 07 Aug 2024 | Buy | 0.87 | Muted sales |
| Soochow CSSD Capital Markets | Ilvin Cornelis | 15 May 2024 | Buy | 0.90 | Expecting steady performance |
| PhillipCapital | Liu Miao Miao | 15 May 2024 | Buy | 0.87 | FY24e sales will be driven by promotional events |
| UOB KayHian | Jonathan Koh | 15 May 2024 | Buy | 0.98 | 1Q24 results |
| CGS International | Lock Mun Yee | 14 May 2024 | Add | 0.93 | Resilient operations |
| KGI | Alyssa Tee | 29 Feb 2024 | Outperform | 1.01 | REIT-laxing consumption |
| PhillipCapital | Liu Miao Miao | 27 Feb 2024 | Buy | 0.87 | Resilient balance sheet and low onshore rate |
| UOB Kay Hian | Jonathan Koh | 26 Feb 2024 | Buy | 1.01 | 4Q23: Benefiting From Consumption Downgrade |
| Soochow CSSD Capital Markets |
Ilvin Cornelis | 22 Feb 2024 | Buy | 0.90 | Tenant sales recovery remains intact |
| DBS | Geraldine Wong | 22 Feb 2024 | Buy | 1.00 | Spending wariness promising for outlet malls |
| CGS International | Lock Mun Yee | 21 Feb 2024 | Add | 0.95 | Revving all engines |
| CGS-CIMB | LOCK Mun Yee | 29 Nov 2023 | Add | 0.95 | Riding on growth tailwinds |
| KGI | Alyssa Tee | 21 Nov 2023 | Outperform | 1.05 | REITail recovery |
| CGS-CIMB | LOCK Mun Yee | 13 Nov 2023 | Add | 0.95 | Sustained tenant sales recovery |
| PhillipCapital | Liu Miao Miao | 13 Nov 2023 | BUY | 0.90 | Record occupancy and robust outlet sales |
| Soochow CSSD Capital Markets |
Ilvin Cornelis | 10 Nov 2023 | BUY | 0.90 | Resilient tenant sales |
| DBS | Geraldine Wong | 10 Nov 2023 | BUY | S$1.05 | 3Q23 Operational Update - Right place, right time |
| KGI | Alyssa Tee | 20 Oct 2023 | Outperform | 0.95 | Site visit to Sasseur REIT's outlet malls in Chongqing and Xi'an |
| PhillipCapital | Liu Miao Miao | 05 Oct 2023 | Buy | 0.90 | Growth drivers intact - Site visit note |
| DBS | Derek Tan Geraldine Wong |
28 Aug 2023 | Buy | 1.05 | Capturing the shift in China's consumption patterns - Site visit note |
| KGI | Alyssa Tee | 21 Aug 2023 | Outperform | 0.95 | Recovery REITsilience |
| PhillipCapital | Liu Miao Miao | 18 Aug 2023 | Buy | 0.90 | Stronger than expected sales but FX hit |
| CGS-CIMB | LOCK Mun Yee | 14 Aug 2023 | Add | 0.95 | Recovery gains traction but forex a drag |
| UOB KayHian | Jonathan Koh, CFA | 14 Aug 2023 | Buy | 0.96 | 2Q23 Results |
| Soochow CSSD Capital Markets |
Ilvin Cornelis | 11 Aug 2023 | Buy | 0.90 | Robust operational performance |
| DBS | Derek Tan Geraldine Wong |
11 Aug 2023 | Buy | 1.05 | Tenant sales leaps to record high since listing |
| KGI | Alyssa Tee | 10 Jul 2023 | Outperform | 0.95 | Retail therapy at a REITsonable price |
| Soochow CSSD Capital Markets |
Ilvin Cornelis | 15 Jun 2023 | Buy | 0.90 | Discount shoppers' paradise |
| PhillipCapital | Liu Miao Miao | 04 Jun 2023 | Buy | 0.90 | Riding on robust consumption |
| UOB KayHian | Jonathan Koh, CFA | 12 May 2023 | Buy | 0.96 | 1Q23 Results |
| DBS Group Research | Geraldine Wong Derek Tan | 10 May 2023 | Buy | 1.10 | Highest 1Q tenant sales recorded since listing |
| CGS-CIMB | LOCK Mun Yee | 10 May 2023 | Buy | 1.00 | A strong start |
| UOB KayHian | Jonathan Koh, CFA | 20 Feb 2023 | Buy | 0.96 | 4Q22: Darkest before the dawn |
| DBS Group Research | Geraldine Wong Derek Tan | 20 Feb 2023 | Buy | 1.05 | Recovery on track as China reopens |
| CGS-CIMB | LOCK Mun Yee | 17 Feb 2023 | Add | 1.00 | Better outlook on post-Covid normalisation |
| CGS-CIMB | LOCK Mun Yee | 11 Nov 2022 | Add | S$1.06 | Hurt by operational disruptions |
| CGS-CIMB | LOCK Mun Yee | 13 Aug 2022 | Add | S$1.06 | Hitting the mark |
| Maybank Kim Eng | Chua Su Tye | 12 Aug 2022 | Buy | S$1.10 | Easing China Headwinds |
| DBS Group Research | Geraldine Wong Derek Tan | 12 Aug 2022 | Buy | S$1.10 | Strength in EMA structure shines again |
| CGS-CIMB | LOCK Mun Yee | 12 May 2022 | Add | S$1.06 | Performance in line |
| DBS Group Research | Geraldine Wong Derek Tan |
12 May 2022 | Buy | S$1.15 | 1Q22 Operational Update - EMA structure proves its worth once again |
| UOB KayHian | Jonathan Koh, CFA | 23 Feb 2022 | Buy | S$1.12 | Sustainable Growth With Lowest Gearing in 4Q21 |
| DBS Group Research | Geraldine Wong Derek Tan |
21 Feb 2022 | Buy | S$1.15 | A new Titan (Xi'an Mall) to join the portfolio? |
| CGS-CIMB | LOCK Mun Yee EING Kar Mei, CFA |
18 Feb 2022 | Add | S$1.06 | Well positioned for inorganic growth |
| Maybank Kim Eng | Chua Su Tye | 18 Feb 2022 | Buy | S$1.10 | A strong finish |
| Maybank Kim Eng | Chua Su Tye | 15 Nov 2021 | Buy | S$1.05 | Slow quarter, better fundamentals in FY22E |
| CGS-CIMB | LOCK Mun Yee EING Kar Mei, CFA |
12 Nov 2021 | Add | S$1.03 | Resilient Outlook |
| KGI | Joel Ng Megan Choo |
19 Aug 2021 | Neutral | S$0.97 | Slower growth outlook in 2H |
| Maybank Kim Eng | Chua Su Tye | 13 Aug 2021 | Buy | S$1.05 | In line, set for a stronger 2H |
| CGS-CIMB | LOCK Mun Yee EING Kar Mei, CFA |
13 Aug 2021 | Add | S$1.03 | Sustained growth |
| DBS Group Research | Geraldine Wong Derek Tan |
13 Jun 2021 | Buy | S$1.10 | Don't lose sight of the big picture in China luxury |
| CGS-CIMB | Lock Mun Yee EING Kar Mei, CFA |
12 May 2021 | Add | S$0.952 | Strong sustained sales recovery |
| Maybank Kim Eng | Chua Su Tye | 12 May 2021 | Buy | S$1.05 | Recovery Gains Traction |
| UOB KayHian | Jonathan Koh, CFA | 01 Mar 2021 | Buy | S$1.05 | 4Q20: Steady Growth From Normalisation Of Consumption And Strength Of RMB |
| Maybank Kim Eng | Chua Su Tye | 28 Feb 2021 | Buy | S$1.05 | Back On Growth Trajectory |
| CGS-CIMB | Lock Mun Yee Eing Kar Mei, CFA |
26 Feb 2021 | Add | S$0.909 | Still going strong |
| DBS Group Research | Geraldine Wong Derek Tan |
16 Nov 2020 | Buy | S$0.90 | Up, up and away |
| Maybank Kim Eng | Chua Su Tye | 15 Nov 2020 | Buy | S$1.00 | China Retail Recovery Play |
| CGS-CIMB | Lock Mun Yee Eing Kar Mei, CFA |
13 Nov 2020 | Add | S$0.845 | Tenant sales continue to improve |
| KGI | Joey Ng | 13 Nov 2020 | Outperform | S$0.89 | First In First Out as China's recovery firms up |
| KGI | Joel Ng | 17 Aug 2020 | Outperform | S$0.89 | Outperformance compared to peers |
| UOB KayHian | Nicola Ho Jonathan Koh, CFA |
17 Aug 2020 | Buy | S$0.99 | 2Q20: Rapid Recovery In Outlet Sales |
| CGS-CIMB | Lock Mun Yee Eing Kar Mei, CFA |
14 Aug 2020 | Add | S$0.84 | Rapid tenant sales recovery in 2Q |
| Maybank Kim Eng | Chua Su Tye | 14 Aug 2020 | Buy | S$0.95 | Recovery Underway |
| KGI | Joel Ng | 11 Jun 2020 | Outperform - Initiation | S$0.89 | Not your average retail REIT |
| UOB KayHian | Nicola Ho Jonathan Koh, CFA |
15 May 2020 | Buy | S$0.96 | 1Q20: Recovery In Sales From Pent-up Demand |
| Maybank Kim Eng | Chua Su Tye | 14 May 2020 | Buy | S$0.95 | Ready For Recovery |
| CGS-CIMB | Lock Mun Yee Eing Kar Mei, CFA |
14 May 2020 | Add | S$0.80 | Picking up post reopening |
| DBS Group Research | Derek Tan | 14 Apr 2020 | Buy | S$0.80 | Pent-up demand seen |
| UOB KayHian | Nicola Ho Jonathan Koh, CFA |
10 Mar 2020 | Buy | S$0.92 | Staying Vigilant Amid COVID-19 Outbreak |
| DBS Group Research | Derek Tan | 21 Feb 2020 | Buy | S$0.93 | Down but not out |
| Maybank Kim Eng | Chua Su Tye | 20 Feb 2020 | Buy | S$0.95 | Eyeing A 2H Rebound |
| CGS-CIMB | Lock Mun Yee Eing Kar Mei, CFA |
20 Feb 2020 | Add | S$0.85 | Hitting a speed bump |
| UOB KayHian | Nicola Ho Jonathan Koh, CFA |
18 Nov 2019 | Buy | S$0.97 | 3Q19: Benefitting From Strong Growth At Bishan, Hefei And Kunming Outlet Malls |
| Maybank Kim Eng | Chua Su Tye | 18 Nov 2019 | Buy | S$1.00 | Seasonal Lift |
| CGSCIMB | Lock Mun Yee Eing Kar Mei, CFA |
15 Nov 2019 | Add | S$0.94 | Strong performance at newer outlets |
| DBS Group Research | Derek Tan | 15 Nov 2019 | Buy | S$0.84 | 9M19 outlet sales increase by 20.9% (y-o-y) |
| UOB KayHian | Nicola Ho Jonathan Koh, CFA |
31 Oct 2019 | Buy (Initiate Coverage) | S$0.97 | Growth Underpinned By Consumption Upgrade For Middle-income Households |
| DBS Group Research | Carmen Tay Derek Tan |
08 Aug 2019 | Buy | S$0.97 | All aboard China's consumption growth train |
| Maybank Kim Eng | Chua Su Tye | 06 Aug 2019 | Buy | S$0.95 | Growth Momentum Into 2H |
| CGS-CIMB | Lock Mun Yee Eing Kar Mei, CFA |
06 Aug 2019 | Add | S$0.94 | Still going strong |
| Maybank Kim Eng | Chua Su Tye | 14 May 2019 | Buy | S$0.90 | Strong Start |
| UOB KayHian | Lucas Teng John Cheong |
02 Apr 2019 | Not Rated | n.a. | Differentiated Concept To Attract Its Target Shoppers |
| CGS-CIMB | Lock Mun Yee EING Kar Mei, CFA |
02 Apr 2019 | Add | S$0.92 | Brand experts |
| KGI | Geraldine Wong | 29 Mar 2019 | Not Rated | - | Site visit to Sasseur REIT's outlet malls in Chongqing and Hefei |
| DBS Group Research | Derek Tan Mervin Song Carmen Tay |
20 Feb 2019 | Buy | S$0.97 | One of a kind |
| Maybank Kim Eng | Chua Su Tye | 13 Nov 2018 | Buy | S$0.90 | Another strong quarter; 4Q18 should be even better |
| DBS Group Research | Derek Tan Mervin Song Carmen Tay |
17 Sep 2018 | Buy | S$0.91 | Up up and away |
| Maybank Kim Eng | Chua Su Tye | 07 Jun 2018 | Buy | SGD 0.90 | Premium Buy in China's Discount Malls |
| KGI | Research Team | 04 Jun 2018 | Not Rated | - | Visit to Sasseur REIT's outlet in Chongqing, Hefei & Xi'an |