 Steady performance. FY20’s results were rather resilient, with a total distributable income of 6.5 Sing Cents per unit, flat compared to FY19. Outlet sales dipped in 1Q20 but rebounded in the second-half of the year as pent-up
demand from shoppers lifted full-year results. Robust shopping trend spilled over to the first-half of 2021, boosted by Chinese New Year sales and gradual recovery from the pandemic, which led to an 18.5% YoY increase in DPU.
 We expect a slower 2H; downgrade to Neutral. While we raise our TP to S$0.97, we downgrade our rating to Neutral. We believe Sasseur’s 14% YTD unit price appreciation has largely priced in the recovery from the COVID-19 lows. We also turn more cautious of China’s economic growth in 2H2021 given the regulatory-induced slowdown and the spread of the delta strain.