Sasseur REIT Shows Strong Growth Momentum Ahead of Anniversary Sales October 6, 2026

Brief Overview

Phillip Securities Research visited Sasseur REIT’s outlet malls in Chongqing Liangjiang and Chongqing Bishan ahead of the Anniversary Sales. Both Chongqing outlets delivered steady sales growth in 2Q26, with the 1H26 Portfolio Sales reaching a record high since listing. The REIT’s VIP membership base has continued expanding, exceeding 5.2 million members as of 1H26.

Investment Positives

Sasseur REIT demonstrates robust operational performance across its key properties. The Chongqing outlets maintained steady sales momentum, with Liangjiang achieving 3.7% year-on-year growth and Bishan recording 3.5% year-on-year growth in 2Q26. This contributed to the portfolio achieving record 1H26 sales, representing a 7.4% year-on-year increase and marking the highest first-half performance since the REIT’s listing.

The tenant composition presents a compelling diversification story across multiple retail categories. The portfolio features a well-balanced mix spanning domestic fashion brands including Bosideng, PoloWalk, and Biemlofen. International brands such as +39Space, Coach, and Navigare, and prominent sports brands including Nike, Adidas, and Fila. This diversification extends to tenant concentration risk management, with the top 10 tenants accounting for only 17% of gross revenue and no single tenant contributing more than 5% of total revenue.

The VIP membership programme serves as a significant growth driver, with the member base expanding 17% year-on-year to exceed 5.2 million members as of 1H26. These VIP members contribute more than 60% of total sales, demonstrating their crucial role in driving portfolio performance. The growing membership base, supported by recurring promotional campaigns and member engagement initiatives, is expected to strengthen customer retention and support more resilient shoppers spending over time.

Challenges

The report does not explicitly outline specific investment challenges or risks facing Sasseur REIT.

Outlook

The research suggests a positive outlook supported by the expanding VIP membership base and ongoing promotional activities. The growing member engagement initiatives are expected to enhance customer retention and provide more resilient spending patterns, positioning the REIT for continued operational strength.

Recommendation & Target Price

The report does not specify Phillip Securities Research’s investment recommendation or target price for Sasseur REIT.

Frequently Asked Questions

Q: What was Sasseur REIT's sales performance in 1H26?

A: The 1H26 Portfolio Sales reached a record high since listing, growing 7.4% year-on-year. Both Chongqing outlets showed steady growth, with Liangjiang up 3.7% and Bishan up 3.5% in 2Q26.

Q: How diversified is Sasseur REIT's tenant base? A: The portfolio is well-diversified with the top 10 t

A: The portfolio is well-diversified with the top 10 tenants accounting for only 17% of gross revenue and no single tenant contributing more than 5% of total revenue.

Q: What types of brands operate in Sasseur REIT's outlets?

A: The tenant mix includes domestic fashion brands like Bosideng, PoloWalk, and Biemlofen; international brands such as +39Space, Coach, and Navigare; and sports brands including Nike, Adidas, and Fila.

Q: ow important are VIP members to Sasseur REIT's business?

A: VIP members are crucial, contributing more than 60% of total sales. The membership base has grown 17% year-on-year to exceed 5.2 million members as of 1H26.

Q: What supports the growth of VIP membership?

A: The expanding membership base is supported by recurring promotional campaigns and member engagement initiatives, which are expected to strengthen customer retention.

Q: Which properties did the research team visit?

A: The research team visited the outlet malls in Chongqing Liangjiang and Chongqing Bishan before Sasseur REIT's Anniversary Sales.

Q: What is expected from the VIP membership programme going forward?

A: The growing membership base, supported by promotional campaigns and engagement initiatives, is expected to strengthen customer retention and support more resilient shoppers spending over time.

This article has been auto-generated using PhillipGPT. It is based on a report by a Phillip Securities Research analyst.

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