Sasseur Real Estate Investment Trust

CRPU.SI

REIT - Retail · Real Estate

Price

S$0.69

+0.01 (+0.74%)

Market Cap

S$866.3M

Exchange

Stock Exchange of Singapore

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Sep 4, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Weak

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Strong

Dividends

Exceptional

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Share count rising — dilution

+3.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 1.21B (2021) → 1.26B (2025)

Winston Score History

The full picture

Sasseur Real Estate Investment Trust (REIT) allocates its capital to a diverse collection of property holdings and related assets. The entity manages its operations through four distinct divisions: the Chongqing Liangjiang Outlets, Chongqing Bishan Outlets, Hefei Outlets, and Kunming Outlets. These four retail outlet malls constitute its core real estate portfolio, collectively covering a substantial gross floor area of 377,737 square meters, all located within the People's Republic of China. Based in Singapore, the REIT operates as a subsidiary under the Sasseur Cayman Holding II group.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+4.7% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-22.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

S$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Cash Position

Cash flow positive

S$149M cash & investments

Quarterly Free Cash Flow

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Sasseur Real Estate Investment Trust is growing revenue at 5% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

92.4%

Premium pricing power — 92.4% gross margin

Profit after running costs

Operating Margin

91.2%

Excellent — 91.2% operating margin

Return on the money invested

ROCE

7.5%

Weak — 7.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+1.9%

Nearly flat sales (+1.9% YoY)

Profit growth

EPS YoY

-15.1%

Earnings shrinking (-15.1% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

193%

Turns 193% of profit into real cash

Spare cash per sale

FCF Margin

84.3%

Converts sales into free cash efficiently (84.3%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.43

Conservative — low debt load (0.43)

Covers its interest

Interest Cover

100.00x

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

16.0x

Fair value — P/E 16.0

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+4.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (16.0 → 11.3)

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Dividends

Dividend

Dividend Yield

9.83%

Healthy income — 9.83% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+67.5%

Dividend growing fast (67.5% YoY)

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