SINGAPORE (June 11): KGI Securities is initiating coverage on Sasseur REIT with an “outperform” recommendation and a target price of 89 cents.

In a Thursday report, analyst Joel Ng says, “While Sasseur's 1Q20 DPU declined 19% y-o-y due to the lockdown measures in China, the REIT's long-term growth is underpinned by growing middle income spend, and in fact, may surprise on the upside going into 2H20 as government policies spur spending.”

See also: Sasseur REIT posts 19.4% drop in 1Q20 DPU to 1.334 cents

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