Dasin Retail Trust (CEDU)

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 store14.9%
General Retail14.5%
Fashion14.2%
IT & Electronics8.2%
Home Furnishings7.1%
Supermarket /
hypermarket
6.4%
Others6.2%
Leisure & Entertainment5.0%
Services2.6%
Sports & Fitness1.4%
Gross rental income
(by geographical location)
Percentage
China100%

Metrics2Q 20201Q 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.)UnknownUnknown
Occupancy Rate97.0%96.8%
Weighted Average Lease Expiry
(by GRI)
4.0 years4.5 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 20202Q 20191H 20201H 2019
MetricsS$ milS$ milS$ milS$ mil
Gross Revenue23.417.837.135.2
Property operating
expenses
(3.5)(4.3)(6.8)(6.7)
Net Property Income19.913.530.328.5
Distributable Income5.55.48.810.7
DPU1.21c1.69c1.92c3.39c

PORTFOLIO

CHINA

PropertyNPI (%)Occupancy
2Q 2020
Occupancy
1Q 2020
Shiqi
Metro Mall
27.697.697.9
Xiaolan
Metro Mall
31.496.497.9
Ocean
Metro Mall
14.797.595.0
Dasin E-Colour3.390.791.9
Doumen
Metro Mall
23.197.397.1

PropertyValuation
(RMB m)

Jun-20
Valuation
(RMB m)

Dec-19
Leasehold
expiry
Shiqi
Metro Mall
2,852.52,994.027 Jul 2041
Xiaolan
Metro Mall
2,160.02,273.51 Apr 2043
Ocean
Metro Mall
1,715.51,805.021 Feb 2046
Dasin E-Colour292.0309.528 Jul 2045
Doumen
Metro Mall
2,030.02,100.012 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.

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