StockTalk(7.10): DASIN Retail Trust reports widened net loss for H2 2022
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DASIN Retail Trust's net loss for H2 2022 widens to S$221.5 million, largely due to changes in fair value of investment properties. Revenue declined 24.8% to S$37.6 million, while NPI fell 33.5% to S$20.6 million. Full-year revenue was down 15.8% to S$85.3 million, with NPI at S$47.2 million. DRT's trustee-manager warned of material uncertainties over the trust's ability to remit funds out of China and cautioned on the impact on asset and liability classifications if it can't continue as a going concern. As at end-2022, DRT's total liabilities at the group level stood at S$1.3 billion. Units of DRT closed flat at S$0.122.
What do you think of DASIN Retail Trust's latest financial results and outlook?
Do you believe the trust can overcome its challenges and continue as a going concern?
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Moogoorooloo : Dasin Retail Trust's financial results are not surprising. The reit had reported yearly losses since FY2018. For investors who are still holding on to the units, maybe it's better to cut losses and use the funds to invest in a better company or reit. There are defintely better-managed reits out there.
No_Horse_Run_4896 : Not a good sign and definitely will not be easy for them to become positive
ZnWC : I did some research on Dasin Retail Trust (DRT) and found that net loss was reported in previous financial report. Although there were revenue growth, negative news appeared one after another since the beginning of the years.
It looks like the fundamental of the company is in question. Market sentiment is on not the DRT's side and will be reflected in share price. No one can tell if the company can overcome the challenge at this moment.
TLim77 : Stock price has already been affected for quite some time. Buying into this REIT at this point is just pure gambling in my opinion. They have already stopped their dividend distribution. Unless a white knight comes along, I am doubtful of a price recovery.
Kopikarp : Despite a high yield of 40+%, which could attract investors, DRT is grappling with significant issues. The trust defaulted on about $910 million worth of loans, which raises concerns about its financial health. In addition, there are challenges associated with reliability of statistics and transferring money across borders, particularly out of China. The trust's trustee-manager has mentioned material uncertainties about this crucial aspect of operation. Additionally, DRT is considering selling its retail malls as a part of debt restructuring efforts. This strategy signals potential operational difficulties, and adds to the concerns of stakeholders and investors. While the company is in the process of renegotiating the terms of its debt restructuring, the Securities Investors Association (Singapore) or Sias has asked for an update on the proposed sale of certain assets and the responsibilities of its management team. Therefore, while the high yield might seem appealing, there are substantial risks attached due to DRT's challenging financial and operational situation.