Broker Name: KGI Securities (Singapore) Pte. Ltd.
Date of Report: November 28, 2025

Excerpt from KGI Securities report.

• Report Summary:
  • Sasseur REIT continues to show operational strength, with resilient outlet sales growth, high occupancy (98.5%), and robust tenant retention. Asset enhancements and successful campaigns have stabilized performance, especially at Hefei, while Chongqing and Kunming outlets remain strong.
  • The REIT benefits from a fully RMB-denominated, LPR-linked debt structure, resulting in lower borrowing costs, reduced FX risk, and no refinancing needs until 2028. Low gearing (25.5%) allows for accretive acquisitions, supporting future NAV and income growth. Despite macro headwinds and currency drag, outlook remains positive due to structural tailwinds in China’s consumption policy, outlet format resilience, and disciplined management.

Above is an excerpt from a report by KGI Securities. Clients of KGI Securities can be the first to access the full report from the KGI Securities website: https://www.kgi.com.sg