PhillipCapital’s research team has maintained its “accumulate” call on Dasin Retail Trust with an unchanged target price of 91 cents following the Trust’s results.

On August 13, Dasin Retail Trust declared 1H20 distribution per unit (DPU) of 1.92 cents, 43.4% lower than the 3.39 cents posted in 1H19. The lower DPU was attributable to lower earnings and an enlarged share base from the Trust’s preferential offering and fewer units with distribution waiver.

Revenue for the period grew 5.2% y-o-y to $37.1 million mainly driven by contribution from Doumen Metro Mall, which was acquired in September 2019. Net property income (NPI) rose 6.4% y-o-y to $30.3 million.

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