Dasin Retail Trust posts slight beat to Q4 DPU

DASIN Retail Trust, which holds four malls in Zhongshan city in China's Guangdong province, on Sunday posted its distribution per unit (DPU) for its fourth quarter that slightly beat its forecast for the quarter by 0.9 per cent.

DPU for the three months ended Dec 31, 2018 stood at 1.83 Singapore cents, up from a projected 1.81 Singapore cents. This DPU takes into account a "distribution waiver", through which major unitholders - Aqua Wealth Holdings Limited and Bounty Way - have waived a portion of their entitlement to distributions from Dasin Retail Trust. The total amount of the waived distribution has been distributed to the rest of the unitholders.

The distribution brings its distribution yield based on its offering price to 9.09 per cent, more than meeting its forecast yield of 8.99 per cent for the fourth quarter. The trust was listed on the mainboard on Jan 2017 at S$0.80 per unit. Its units closed on Friday at S$0.88, down half a cent.

The results come amid a 18 per cent fall in net property income for the fourth quarter to S$11.6 million, due lower net revenue due mainly to asset enhancement of Xiaolan Metro Mall, and overall higher property operating expenses.