SINGAPORE (May 27): Phillip Capital is maintaining its “buy” or “accumulate” call on Dasin Retail Trust with a 91 cent price target even though its 1Q20 revenue and net property income (NPI) came in below its forecasts.

Dasin Retail Trust’s 1Q20 revenue fell 21.0% y-o-y from 1Q19 due to lower turnover rent, and $6.0 million in rental rebates offered to tenants in February and March. The delayed acquisition of Shunde and Tanbei Metro Mall, which is estimated to be completed in 3Q20, did not contribute to the earnings as expected. The trust’s distribution per unit plunged 58.3% to 0.71 cents for 1Q20, compared to 1.70 cents the year before.

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