• 2H25/FY25 DPU came in at 2.30/4.39 US cents, up 12.2%/8.1% YoY. This was in line with expectations, forming 54%/103% of our FY25e forecast. Growth was driven by new lease commencements, contributions from Dover Marketplace (acquired August 2025), rental escalations on existing leases, and lower finance costs.
• Occupancy for grocery & necessity properties remained high at 97.7% (3Q25: 97%), while self-storage properties saw occupancy decline to 88.7% (3Q25: 94.9%) due to seasonality and tenant turnover. Portfolio valuations increased 3.8% YoY on a same-store basis, driven by stronger operating performance.
• We maintain BUY with an unchanged DDM-based TP of US$0.69. Our estimates remain unchanged. The portfolio’s stability is underpinned by strong grocery & necessity occupancy of 97.7%, a long WALE of 7.7 years, a 90% tenant retention rate, and minimal leasing risk in 2026, with only 2.9% of grocery & necessity leases expiring. This provides strong income visibility and supports long-term growth. UHREIT currently trades at an attractive FY26e dividend yield of 8.4% and P/NAV of 0.76x.

Overview The company is committed to building a clean energy-centric business portfolio, spanning four key sectors: Energy Development, Energy Equipment, Energy Services, and Energy Applications. In Energy Development, the company focuses on in-depth localized clean energy resource development and management. This empowers regional energy structure optimization and delivers efficient, secure energy asset management services. In Energy Equipment, adhering to stringent intelligent manufacturing quality control standards and a green supply chain management system, the company provides smarter, more reliable, and cost-effective...
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Updates Net Profit Attributable to Shareholders Surpassed 20 billion Yuan Mark for First Time CMOC Group has released its 2025 performance forecast. The company expects to achieve a net profit attributable to shareholders of the parent company in the range of 20.0 billion to 20.8 billion yuan (RMB, same below) for the full year, representing a year-on-year increase of 47.80% to 53.71%. After deducting non-recurring gains and losses, the net profit attributable to shareholders is projected to be between 20.4...
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