砂之船房地产投资信托(CRPU.SG)：穿越周期的韧性，被低估的奥莱REIT明珠

Core Viewpoint - The consumer sector is gaining attention as the market experiences a bullish trend, with a focus on the potential for recovery in domestic demand and the impact of government policies aimed at boosting consumption [1] Group 1: Company Performance - Sands China REIT reported a total revenue of RMB 336 million for the first half of 2025, reflecting a year-on-year growth of 2.2% [2][3] - The fixed income component of the REIT's revenue was RMB 237 million, showing a growth of 3% year-on-year, which provides a stable income base [2][4] - The variable income component increased slightly by 0.3% to RMB 9.88 million, indicating resilience in sales despite external pressures [4] Group 2: Business Model and Strategy - The REIT's EMA model combines fixed income with sales commissions, ensuring over 70% of revenue is stable and contractually guaranteed to grow by 3% annually [11][12] - Sands China REIT has successfully integrated traditional shopping with experiential consumption, enhancing customer engagement and sales [5][6] - The company has expanded its experiential offerings, such as children's play areas and dining options, which have increased foot traffic and sales [6] Group 3: Market Position and Growth Potential - The REIT has a substantial VIP membership base of 4.458 million, contributing 60% of store sales in Q2 2025, showcasing effective customer relationship management [7] - The REIT's flagship asset, the Chongqing Liangjiang project, has not been fully recognized in terms of its high efficiency and sales potential, indicating room for value appreciation [12][16] - The government’s focus on boosting consumption is expected to benefit the REIT, providing opportunities for value re-evaluation in the context of a recovering market [14][16] Group 4: Investment Appeal - The REIT's dynamic dividend yield stands at 8.7%, making it an attractive investment option in a low-interest-rate environment [16] - Despite the overall market performance, Sands China REIT's stock has underperformed, suggesting potential for future value recognition as market conditions improve [11][12] - The combination of stable cash flow, quality assets, and a unique business model positions Sands China REIT favorably for future growth [17]