Dasin Retail Trust

[Shiyi]

The trust has paused dividends. Occupancy rate has fallen. In addition, it has obtained a further 6 months extension for some loans.

Given that a large proportion of Dasin's borrowings are offshore floating rate in SGD at 1.31-1.82% as of end 2021. However, in the latest report as of end June 2022, it has risen to 1.53-2.53% indicating a 75-100 basis points increase. (see page 21 and 22). I can confidently say that at present moment as the loan is pegged to a floating rate, it should be running up another 75-100 basis points. This means higher interest expense and hence cutting dividends to conserve cash. They will not switch to a china loan as China's interest rates is still two times higher than Singapore's

This is likely the end of the trust dividends and it has to start using all its cash to repay debts. Good luck to those invested. It is now a $0 stock

https://links.sgx.com/FileOpen/DASINRT-U...eID=728594

Its NTA is $1.25. It might be better for the trust to liquidate and distribute the money to shareholders.