| Research House | Analyst | Email Address |
|---|---|---|
| CGS International | Lock Mun Yee Li Jialin |
munyee.lock@cgsi.com jialin.li@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 |
|---|---|---|---|---|---|
| DBS | Geraldine Wong | 13 Nov 2025 | Buy | 0.90 |
 3Q25 Operational Update - Geared for the next phase of growth
|
| DBS | Geraldine Wong | 20 Aug 2025 | Buy | 0.90 |
New captain onboard
|
| PhillipCapital | Liu Miao Miao | 15 Aug 2025 | Buy (Maintained) | 0.78 |
FX headwind partially offset by lower finance expense
|
| CGS International | Lock Mun Yee | 15 Aug 2025 | Add | 0.85 |
Well positioned for growth
|
| PhillipCapital | Liu Miao Miao | 16 May 2025 | Buy (Maintained) | 0.78 |
FX headwind to weigh on performance
|
| CGS International | Lock Mun Yee | 15 May 2025 | Add | 0.85 |
Benefiting from robust EMA structure
|
| KGI | Alyssa Tee | 24 Mar 2025 | Outperform - Maintained | 0.90 |
REIT-vitalisation of China's economy
|
| DBS | Geraldine Wong | 21 Feb 2025 | Buy | 0.90 |
Defensive growth amidst all odds
|
| PhillipCapital | Liu Miao Miao | 21 Feb 2025 | Buy (Maintained) | 0.81 |
FY25e sales to grow by low-single-digit
|
| CGS International | Lock Mun Yee | 20 Feb 2025 | Add | 0.85 |
Ending FY24 on a stable note
|
| PhillipCapital | Liu Miao Miao | 11 Nov 2024 | Buy (Maintained) | 0.85 |
Sales disrupted by natural disasters
|
| 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
|
| 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
|
| UOB KayHian | Jonathan Koh | 15 May 2024 | Buy | 0.98 |
1Q24 results
|
| PhillipCapital | Liu Miao Miao | 15 May 2024 | Buy | 0.87 |
FY24e sales will be driven by promotional events
|
| 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
|
| 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
|
| 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
|
| 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
|
| 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
|