Analyst RecommendationAnalyst recommendation includes a lower DDM TP due to a fading recovery tailwind and weaker-for-longer exchange rate.
Dividend PerformanceDPU declined by 4.6% due to RMB depreciation and higher finance costs and tax.
RisksDownside risks: high cost of capital that will erode SASSR’s positive accretion yield gap, slower-than-expected sales at its outlet malls, and a slowdown in discretionary consumption in China that could lead to declining tenant sales at its outlets.