Not since Eagle Hospitality Trust in the closing months of FY2019 has a property trust fallen so sharply in such a short time. Dasin Retail Trust — styled as a business trust rather than a REIT — is down 16.7% since June 16, 2020. At its last done price of 60 cents, the trust is trading at just 0.42 times its latest reported net asset value of $1.41.

A quick glance through Dasin’s business updates for 1QFY2021 dated May 17 shows a recovery from the Covid-19 slump a year ago. Gearing at a reasonable 37.2%, weighted average lease expiry (WALE) is 5.9 years by net lettable area, shorter based on gross rental income, 1Q2021 revenue is up 87% y-o-y, and is at 94% of 1QFY2019 pre-pandemic levels.

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