Despite the ongoing restrictions in China, Maybank Securities is keeping its “buy” recommendation with an unchanged target price of $1.08.
Analysts are positive on Sasseur REIT following its recent 1HFY2022 ended June results announcement, which saw distribution per unit (DPU) grow by 1.1% y-o-y to 3.410 cents from 3.373 cents a year ago. This is the REIT’s highest 1H period DPU in four years.
While 2QFY2022’s DPU was 1.6% lower y-o-y at 1.588 cents, due to the impact of widespread Covid-19 lockdowns in a few major Chinese cities from mid-March to end-May, as well as restrictions on intercity travels weighing on consumer sentiments, leading to lower y-o-y shopper traffic and sales in 2QYF2022 at most of the REIT’s outlets.
