As at 2020 Second Quarter Financial Results (13 Aug 2020)
Dasin Retail Trust is the first and only China retail property trust providing direct exposure to the Guangdong-HongKong-Macau Greater Bay Area, listed on 20 Jan 2017. It has ownership/interest in 5 properties worth S$1.8 billion (RMB 9.05 billion) as at 30 Jun 2020.
The Trust completed the acquisition of 2 additional malls — Shunde Metro Mall and Tanbei Metro Mall in Jul 2020. This brings the total ownership/interest to 7 properties worth S$2.3 billion (RMB 11.7 billion).
| Gross rental income (by sector) | Percentage |
| Food & Beverage outlets / Food courts | 19.5% |
| Department store | 14.9% |
| General Retail | 14.5% |
| Fashion | 14.2% |
| IT & Electronics | 8.2% |
| Home Furnishings | 7.1% |
| Supermarket / hypermarket | 6.4% |
| Others | 6.2% |
| Leisure & Entertainment | 5.0% |
| Services | 2.6% |
| Sports & Fitness | 1.4% |
| Gross rental income (by geographical location) | Percentage |
| China | 100% |
| Metrics | 2Q 2020 | 1Q 2020 |
| Gearing Ratio (Aggregate Leverage) | 37.9% | 36.2% |
| Weighted Average Debt to Maturity (Average Term to Maturity) | 5.3 years (Onshore Facility) 0.9 year (Offshore Facility) | 5.5 years (Onshore Facility) 1.1 year (Offshore Facility) |
| Average Cost of Debt (p.a.) | Unknown | Unknown |
| Occupancy Rate | 97.0% | 96.8% |
| Weighted Average Lease Expiry (by GRI) | 4.0 years | 4.5 years |
| Top 10 tenants (gross rental income) | 40.9% | (as at 31 Dec 19) |
| Top tenant (gross rental income) | 10.6% | (as at 31 Dec 19) |
| 2Q 2020 | 2Q 2019 | 1H 2020 | 1H 2019 | |
| Metrics | S$ mil | S$ mil | S$ mil | S$ mil |
| Gross Revenue | 23.4 | 17.8 | 37.1 | 35.2 |
| Property operating expenses | (3.5) | (4.3) | (6.8) | (6.7) |
| Net Property Income | 19.9 | 13.5 | 30.3 | 28.5 |
| Distributable Income | 5.5 | 5.4 | 8.8 | 10.7 |
| DPU | 1.21c | 1.69c | 1.92c | 3.39c |
PORTFOLIO
CHINA
| Property | NPI (%) | Occupancy 2Q 2020 | Occupancy 1Q 2020 |
| Shiqi Metro Mall | 27.6 | 97.6 | 97.9 |
| Xiaolan Metro Mall | 31.4 | 96.4 | 97.9 |
| Ocean Metro Mall | 14.7 | 97.5 | 95.0 |
| Dasin E-Colour | 3.3 | 90.7 | 91.9 |
| Doumen Metro Mall | 23.1 | 97.3 | 97.1 |
| Property | Valuation (RMB m) Jun-20 | Valuation (RMB m) Dec-19 | Leasehold expiry |
| Shiqi Metro Mall | 2,852.5 | 2,994.0 | 27 Jul 2041 |
| Xiaolan Metro Mall | 2,160.0 | 2,273.5 | 1 Apr 2043 |
| Ocean Metro Mall | 1,715.5 | 1,805.0 | 21 Feb 2046 |
| Dasin E-Colour | 292.0 | 309.5 | 28 Jul 2045 |
| Doumen Metro Mall | 2,030.0 | 2,100.0 | 12 Oct 2052 |
Potential pipeline projects from Sponsor
Acquisition pipeline of 18 properties under Right of first refusal with Sponsor. These assets comprise 12 completed properties and six properties under development, located across Zhongshan, Shunde and Macau of the Greater Bay Area.
Theory of Constraints 
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